국내 GPU 제조사 무어 스레드는 주식 해금 후 첫 20% 제한하락으로 약 500억 위안 시가총액을 증발시켰다.

When trading opened today, domestic GPU giant Moore Threads, carrying a market capitalization of roughly 200 billion yuan, delivered a textbook 20 percent limit-down, wiping out 48.8 billion yuan in value in moments.

Moore Threads’ volatility quickly spilled over to peers, dragging MetaX down by 10 percent. MetaX was explicit about the correlation: “We were simply dragged down by Moore Threads.”

Yet the broader environment told a different story. Twenty-one chip-related stocks hit their daily limit-up, and the STAR 50 Index rebounded 2.4 percent. With the sector performing strongly and the wider market stable, Moore Threads’ decline stood out sharply.

The primary driver is the scheduled share unlock. As stipulated, 25.7745 million shares entered circulation today, representing 5.48 percent of total share capital.

While the absolute number appears manageable, the impact on liquidity is severe. Having been listed for only nine months, Moore Threads’ actual tradable float consisted of slightly over 30 million shares. Today’s unlock instantly expanded the circulating supply by 85 percent.

What makes this event particularly concerning is not merely the volume, but the exceptionally low cost basis. These newly released shares belong to institutional investors who participated in the IPO and served the standard nine-month lock-up period. Their acquisition cost was the issue price of approximately 114 yuan per share. Although Moore Threads’ stock has already fallen by half from its peak of 941 yuan, these holders retain multi-fold unrealized gains. Any sale would guarantee a profit.

Why do some companies navigate unlocks smoothly while Moore Threads’ valuation proves so fragile?

For profitable enterprises, earnings provide a fundamental safety cushion. Moore Threads, however, reported first-half revenue of 1.7 billion yuan, up 147 percent year-over-year, alongside a net loss attributable to shareholders of 11.56 million yuan—a 96 percent narrowing of losses. While top-line growth and improving margins represent meaningful progress, the company remains unprofitable.

Facing an unprofitable core business, negative operating cash flow, elevated inventory levels, and high customer concentration, the stock’s premium valuation has been sustained almost entirely by market sentiment. Once a substantial block of low-cost shares enters the market, capital’s instinctive reaction is to exit ahead of potential insider selling.

Even more significant is that today’s unlock is merely a prelude. When Moore Threads completes its first full year of listing later this year, an additional 186 million shares held by investors and employees will become tradable. This represents nearly 40 percent of total share capital—more than seven times today’s volume. That release will impose the true structural pressure on shareholders.

Moore Threads is hardly an outlier. Across both the A-share and Hong Kong markets, numerous technology companies listed during this recent tech rally share identical characteristics: minuscule initial floats that enabled wildly inflated opening valuations, followed by unlock events that inevitably expose underlying fundamentals.