Chart of the day: CHN.cash (05.12.2025)

Chinese equities saw a modest rebound on Friday, gaining between 0.60 and 1.30%. The HSCEI index in Hong Kong is recording the strongest gains. The broader market picture remains mixed, however — property stocks continue to lose value, while tech stocks remain in consolidation, though this may change after the exciting IPO of China’s Nvidia counterpart — Moore Threads.

J.P. Morgan also recently issued a positive recommendation for Chinese assets. The bank highlighted AI growth, improving margins, higher capital returns, and the shift of domestic liquidity toward investment assets. J.P. Morgan forecasts that the MSCI China Index will rebound by roughly 19% by 2026.

Among Chinese tech companies, sentiment was supported by strong domestic chipmaking momentum, driven by geopolitical pressure and Beijing’s accelerated push for self-sufficiency. Moore Threads — a leading AI GPU designer often compared to Nvidia and heavily backed by China’s strategic semiconductor policy — delivered a spectacular market debut in Shanghai, soaring nearly 500% from its IPO price after raising about 1.1 billion USD (8 billion yuan).

The explosive surge reflects strong investor enthusiasm, and the prolonged U.S.–China chip trade war makes the company an interesting investment alternative. Moore Threads’ performance — rapid revenue growth, narrowing losses, and regulatory support — positions the firm among the most visible beneficiaries of Beijing’s renewed tech-industrial initiative, alongside companies such as Cambricon, Huawei, Enflame, Biren, Yangtze Memory, and ChangXin, all competing for market share after NVIDIA’s forced scaling-down in China.