Chinese GPU maker Moore Threads plunged 20% on Sept. 7 to a record low, pushing its market value below 200B RMB (29.8B USD.) The sell-off came as 25.77M restricted shares—5.48% of the company—became tradable.

The stock had surged 468.78% at its Dec. 5, 2025 STAR Market debut.

First-half 2026 revenue jumped 147.42% to 1.736B RMB ($258.7M USD,) exceeding full-year 2025 sales, while its attributable net loss narrowed 95.73%. Stronger operations have yet to offset valuation pressure.