ChainCatcher report: On September 8, Moore Threads, a leading domestic GPU manufacturer, opened lower and quickly declined, falling more than 10% intraday to a new low of RMB 371.17 per share. As of reporting, the stock was down over 8% at RMB 380.76, with a latest market capitalization of RMB 179 billion. Moore Threads fell by its daily 20% limit the previous day, pushing its market cap below RMB 200 billion. According to the announcement, on September 7, 25.7745 million shares of Moore Threads’ initial public offering offline allocation restricted shares became eligible for release. When contacted by a Caixin journalist posing as an investor, a representative from Moore Threads’ securities affairs department stated that the daily decline was due to the large-scale release of offline allocation restricted shares and urged investors to view the situation rationally, noting that the company’s fundamentals remain stable.
Moore Threads stock hits new low, drops over 10% intraday
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Summary
Moore Threads' stock plunged sharply on September 8, falling more than 10% intraday to a new low of 371.17 yuan. On-chain analysis shows the stock later rebounded slightly to 380.76 yuan, down over 8%, with a market cap of 179 billion yuan. The stock had already declined 20% the previous day, pushing its market cap below 200 billion yuan. On-chain data indicates that 25.7745 million shares from the IPO were released on September 7. A company representative told reporters the drop was due to the large-scale release of restricted shares, with fundamentals remaining stable.
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