Chinese GPU maker Moore Threads opened lower on September 8 and quickly fell more than 10% in early trade, reaching a new record low of 371.17 yuan. As of press time, the stock was still down over 8% at 380.76 yuan, giving the company a market cap of about 179 billion yuan. The previous day, the stock hit the 20% daily limit down, pushing its market cap below 200 billion yuan.
According to a company announcement, 25.7745 million shares locked up in the IPO's offline placement expired on September 7. When reached by Yicai Media, a company representative said the decline was due to the large lockup expiry and urged investors to view it rationally, adding that the company's fundamentals are normal.
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