Shanghai Iluvatar CoreX Semiconductor Co., Ltd. (Shanghai Iluvatar CoreX Semiconductor Co., Ltd., 9903.HK) has launched its Hong Kong initial public offering. The subscription period runs from December 30, 2025 to January 5, 2026. The company plans to offer a total of 25,431,800 H shares globally, subject to a clawback mechanism. The offer price is set at HK$144.60 per share, with a board lot of 100 shares and an entry cost of approximately HK$14,605.83. Trading is expected to commence on the Main Board of the Hong Kong Stock Exchange on January 8, 2026. Huatai Financial Holdings (Hong Kong) Limited is acting as the sole sponsor and overall coordinator.

Iluvatar CoreX: Pioneer of China’s First Mass-Produced General-Purpose GPU

Offering Structure: Hong Kong public offering accounts for approximately 10% (2,543,200 shares, subject to reallocation), while the international placing represents approximately 90% (22,888,600 shares, subject to reallocation).

Offer Price: HK$144.60 per share; board lot of 100 shares; entry fee of approximately HK$14,605.83.

Offer Period: December 30, 2025 to January 5, 2026 (expected pricing date: January 5, 2026).

Listing Date: January 8, 2026.

IPO Sponsor: Huatai Financial Holdings (Hong Kong) Limited (HUATAI INTERNATIONAL).

Company Overview

Iluvatar CoreX focuses on general-purpose GPU products and AI computing solutions tailored to different industries. Its product portfolio includes general-purpose GPU chips, accelerator cards, and customized AI computing solutions, including servers and clusters. The company is the developer of China’s first mass-produced general-purpose GPU product series, the “Tiangai” series, and also offers the “Zhikai” series designed specifically for inference workloads. As of June 30, 2025, the company had delivered more than 52,000 units to over 290 customers and completed more than 900 deployments across key sectors such as finance, healthcare, and transportation.

Financial Information

According to the prospectus, Iluvatar CoreX recorded revenues of approximately RMB 189 million, RMB 289 million, and RMB 540 million in 2022, 2023, and 2024, respectively, while net losses for the same periods were approximately RMB 554 million, RMB 817 million, and RMB 892 million. For the six months ended June 30, 2025, revenue amounted to approximately RMB 324 million, with a net loss of approximately RMB 609 million. Based on the offer price of HK$144.60 per share, the company expects net proceeds of approximately HK$3.479 billion, which are intended to be used primarily for research and development of products and solutions (approximately 80%), sales and marketing expansion (approximately 10%), and working capital and general corporate purposes (approximately 10%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for Iluvatar CoreX via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select Iluvatar CoreX , tap "Public Offer," enter your subscription quantity, and submit your order.

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