Without Big Pu, Moore Threads soared 425% on its first day of listing, with each share rising 486 yuan, and its market value shooting up to 282.3 billion yuan.

A loss-making company with annual revenue of just over one billion, claiming to benchmark against Nvidia and to be the next Cambricon, has reached the peak of market capitalization right after going public.

Founder Zhang Jianzhong, leveraging his background as former General Manager of Nvidia China, started the business five years ago and easily secured investments, hitting the jackpot thanks to the AI chip boom.

While most entrepreneurs face a life-or-death struggle, Zhang Jianzhong’s net worth has surpassed 30 billion yuan in just five years. Who knows how impressive the product actually is, but the founder and the capital behind him have already made a fortune.

Retail investors who got allotments in the IPO could make 250,000 yuan per lot—truly a blockbuster IPO.

On the listing day, the turnover rate reached 85%. Almost all those who won the lottery have already sold. With a stock price this high, few retail investors dare to buy in; most of the buyers are funds chasing the surge.

This is yet another time when the buyers and the sellers call each other fools.

Congratulations to the retail investors who got in on the IPO, and my sympathies to those who bought in through the funds.

The money retail investors made from the IPO is exactly what those fund investors will lose in the future. This is a zero-sum game—a game of wealth transfer, nothing more!