Moore Threads Technology Co., a leading Chinese artificial intelligence chipmaker, surged in its Shanghai trading debut after raising 8 billion yuan ($1.13 billion) in the year’s second-largest onshore IPO.

The firm’s stock soared as much as 502% after being sold at 114.28 yuan a piece during the initial public offering. If gains hold, the debut would mark the biggest first-day pop for an IPO over $1 billion since China’s 2019 IPO reforms, according to data compiled by Bloomberg.

The listing comes as optimism over China’s drive for tech self-sufficiency intensifies, fueled by trade tensions and fears of US technology curbs. Moore Threads’ share frenzy stands out in an otherwise sluggish market, signaling strong investor appetite in specific sectors like this year’s AI winners.

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