Moore Threads Plans to Use Most IPO Proceeds to Buy Bank Products
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Moore Threads Technology Co., a leading Chinese artificial intelligence chipmaker, plans to put most of the funds raised through its recent listing into banking products. The company plans to invest 7.5 billion yuan ($1.1 billion) of “idled funds,” equal to about 90% of the proceeds from its initial public offering, to purchase a few principal-guaranteed deposit products such as timed deposits and certificates of deposit, it said in a Shanghai stock exchange filingBloomberg Terminal on Friday.