Shanghai Iluvatar CoreX Semi

Shanghai Iluvatar CoreX Semi (Ticker: 9903 HK) designs general-purpose graphics processing units and computing solutions for artificial-intelligence workloads. Its products include cloud-training chips and driver software designed to work with mainstream graphics-processing ecosystems. A significant portion of the IPO proceeds was planned for research and development and expanding product capacity. The remaining 20% was to be divided between brand promotion and working capital.

The scheduled listing date on Hong Kong Stock Exchange was January 8, 2026. The proposed offering comprises 25,430,000 shares at an indicative price of HKD 144.60 per share. The base offering would represent HKD 3.68 billion, approximately $468.56 million in gross proceeds, excluding any unexercised over-allotment. The indicated IPO market capitalization is HKD 36.77 billion, approximately $4.69 billion.

Huatai Financial Holdings was the sponsor, while Bowlea Securities and CMB International were underwriters.