On September 7, Moortec, a domestic GPU manufacturer, hit a 20% daily trading limit down during early trading on the STAR Market, marking its first 20% limit down since listing on the STAR Market in December 2025.
At the midday close, the company's stock price stood at RMB 415.48, down RMB 103.87 from the previous trading day, a decline of 20.00%. The total market capitalization fell below the RMB 200 billion mark, standing at approximately RMB 195.3 billion.
The direct cause of this stock price fluctuation is the large-scale release of restricted shares: According to the company’s previous announcement, on September 7, a total of 25.7745 million restricted shares allocated to offline investors in the initial public offering became eligible for circulation, accounting for 5.48% of the company’s total share capital, with a lock-up period of nine months from the listing date. Based on the closing price of RMB 519.35 per share on September 4, the market value of these released shares is approximately RMB 13.386 billion.
Prior to this lock-up expiration, Morax's floating shares amounted to only 30.2255 million, but after the lock-up release, the floating shares will increase to 56 million—nearly doubling the float. For a relatively small-float sci-tech board new listing, such a large-scale release of floating shares has created significant selling pressure in the secondary market in the short term, serving as the primary driver behind the stock's rapid decline to the daily trading limit.
According to Wind data, on September 7, a total of 16 listed companies had restricted shares unlocked, amounting to 521 million shares with a combined market value of approximately RMB 27.785 billion. Moore Threads' unlocked market value ranked among the highest among all stocks with restricted share releases that day.
In response to the stock hitting its daily price limit, Moore Threads quickly issued an official statement.
The company’s securities representative, in an interview with the media, stated that today marked a significant lock-up expiration of privately placed shares, which is a normal capital market milestone following the listing. The released shares primarily originated from public fund institutions and offline investors who participated in the initial offering. Staff also emphasized that the company’s production and operations are proceeding normally, with no material changes to its fundamentals, and urged investors to view the recent price fluctuations caused by the lock-up expiration rationally and make investment decisions accordingly.
Company personnel also told the media that this lock-up release is a normal expiration of initial public offering restricted shares, and the market need not overinterpret it.
From an operational perspective, the company’s latest semi-annual report data supports the assessment of stable fundamentals.
In the first half of 2026, Moore Threads achieved revenue of RMB 1.736 billion, a substantial year-over-year increase of 147.42%, surpassing its full-year 2025 revenue; gross profit reached RMB 989 million, up 103.78% year-over-year, with profitability improving accordingly. On the profit front, the company’s net profit attributable to shareholders and net profit attributable to shareholders after deducting non-recurring items narrowed their losses by 95.73% and 52.37% respectively compared to the same period last year, demonstrating significant loss reduction and sustained improvement in profitability.
As a core player in the domestic GPU sector, Moore Threads continues to advance its product lineup, including desktop GPUs and data center GPUs, with the industry logic of domestic substitution remaining a long-term focus for the market.
It is worth noting that this unlock is not the largest unlock since Moore Threads' listing.
According to the prospectus, on December 7, 2026, the company will experience a larger wave of lock-up expirations, with 185.9064 million restricted shares becoming freely tradable, accounting for 39.55% of the total shares outstanding, significantly expanding the float.
Market analysis indicates that short-term price fluctuations caused by the release of restricted shares are a normal market phenomenon; in the medium to long term, individual stock performance will ultimately revert to the company’s fundamentals and industry growth dynamics. Subsequent advancements in domestic GPU technology iteration and commercialization will be the key variables influencing the company’s valuation.
Source: Star River Business Insights
This article is from "ZAKER Finance"