BEIJING -- Moore Threads Technology Co, Ltd, a leading Chinese graphics processing unit (GPU) developer, saw its share price surge more than 400 percent as it made its debut Friday on the Shanghai Stock Exchange's STAR Market, China's Nasdaq-style Science and Technology Innovation Board.

Offered at 114.28 yuan (about $16.15) per share in its initial public offering (IPO), Moore Threads Technology Co, Ltd opened at 650 yuan on Friday, surging 468.78 percent. As the market closed, its share price stood at 600.50 yuan, up 425.46 percent.

Founded five years ago, the company specializes in developing Universal GPU chips and related products that support combined workloads including AI computing acceleration, 3D graphics rendering, ultra-high-definition video encoding, physical simulation, and scientific computing.

The company had completed its entire IPO process in only 122 days, from having its application accepted on June 30 to completing registration on Oct 30.

This quick process followed China's new regulatory measures announced in mid-June to further reform the STAR market to better serve sci-tech innovation and promote the development of new quality productive forces. The measures include giving priority to the listing of enterprises making breakthroughs in new industries, new business patterns and new technologies.

The sci-tech innovation board, commonly known as the STAR Market, was inaugurated in June 2019 at the Shanghai Stock Exchange. It is designed to support companies in the high-tech and strategic emerging sectors.