Moore Threads Technology Co., a leading Chinese artificial intelligence chipmaker, jumped 425% in its Shanghai trading debut after raising 8 billion yuan ($1.13 billion), marking the biggest first-day pop for a major IPO since China’s 2019 reforms.

Moore Threads raised more than $1bn following its initial listing and is now valued at $40bn

Analysts note that Chinese AI chips and models still trail foreign platforms in important areas, but the combination of policy support, engineering investment, and soaring investor enthusiasm could he...