Shanghai Iluvatar CoreX Semi (Ticker: 9903 HK, also trading as Shanghai Tianshu Zhixin Semiconductor Co. Ltd.) is a Chinese semiconductor company specializing in general-purpose graphics processing units (GPGPUs) and AI computing solutions. The company plans to list on the Hong Kong Stock Exchange on January 8, 2026. The company is offering 25.43 million shares at HKD 144.60 per share, aiming to raise HKD 3.68 billion (approximately USD 472.5 million). This offering values the company at approximately HKD 36.77 billion (USD 4.73 billion).

According to filings, the company plans to allocate a significant portion of the IPO proceeds to research and development and product capacity expansion, with the remaining 20% split between brand promotion and working capital. Iluvatar CoreX focuses on a "software-hardware co-design" philosophy and reportedly is the first Chinese chip designer to mass-produce both training and inference GPGPU chips using 7nm process technology. Its product line includes cloud training chips and driver software compatible with mainstream GPGPU ecosystems. The IPO is sponsored by Huatai Financial Holdings, with Bowlea Securities and CMB International among the underwriters.