DeepSeek founder Liang Wenfeng cleans up on chip firm Moore Threads’ Shanghai IPO

Liang’s quantitative hedge fund, High-Flyer, subscribes to more than 80,000 Moore Threads shares, which saw a stellar trading debut in Shanghai

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Liang Wenfeng, the founder and CEO of artificial intelligence start-up DeepSeek. Photo: Shutterstock

Published: 9:00pm, 8 Dec 2025

Chinese entrepreneur Liang Wenfeng, the founder and CEO of DeepSeek, appears to have made a big score from the initial public offering of chip designer Moore Threads Technology, whose shares surged more than fivefold in its trading debut in Shanghai.

High-Flyer Quantitative Fund, a hedge fund co-founded by Liang, had subscribed to a total of 82,244 shares of Moore Threads, at 114.28 yuan per share, via two entities: Zhejiang High-Flyer Asset Management and Ningbo High-Flyer Quant Investment Management Partnership. That made High-Flyer one of the stock’s top institutional investors, according to the subscription results reported by the Beijing-based firm, known as China’s answer to Nvidia.

Over the past two trading days, Moore Threads shares rose more than five times, resulting in a nearly 40 million yuan (US$5.6 million) profit for High-Flyer, according to the Post’s calculation based on the stock’s 594.25 yuan closing price on Monday.

The company raised about 8 billion yuan in its IPO, which was the mainland’s second-largest listing this year.

Investor interest in Moore Threads underscores China’s push for technology self-sufficiency, which forms part of the country’s 15th five-year plan through 2030.

The company had a quick path to the capital market, getting the green light from the China Securities Regulatory Commission in October, a mere four months after its application, compared with the average processing time of about 470 days for last year’s applicants on the Shanghai Stock Exchange Science and Technology Innovation Board, also known as the Star Market.

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