Company Name: Shanghai Iluvatar CoreX Semiconductor Co., Ltd.

Date of Prospectus: December 30, 2025

Shanghai Iluvatar CoreX Semiconductor Co., Ltd. Launches Landmark Hong Kong IPO: Key Details for Investors

Shanghai Iluvatar CoreX Semiconductor Co., Ltd. is set to make a major debut on the Hong Kong Stock Exchange, offering investors a unique opportunity to participate in one of the region’s most significant semiconductor IPOs. With robust offer terms, a fully electronic application process, and strong deal parties, this IPO promises to be a focal point for market watchers and institutional investors.

IPO Snapshot: Key Offer Details and Strategic Overview

IPO Symbol: 9903

Offer Price: HK\$144.60 per H Share

Total Offer Size: 25,431,800 H Shares

• Hong Kong Public Offering: 2,543,200 H Shares (subject to reallocation)
• International Offering: 22,888,600 H Shares (subject to reallocation)
• Nominal Value Per Share: RMB 1.00

Minimum Application: 100 H Shares, in multiples thereof.

Listing Date: Expected at 9:00 a.m. on January 8, 2026.

Brokerage & Fees: Brokerage 1.0%, SFC transaction levy 0.0027%, AFRC transaction levy 0.00015%, Stock Exchange trading fee 0.00565%.

Board Lot Size: 100 H Shares per lot.

Stock Code: 9903

Application Window: Opens 9:00 a.m., December 30, 2025; closes 12:00 noon, January 5, 2026.

Expected Trading Commencement: 9:00 a.m., January 8, 2026.

Prospectus Access: www.hkexnews.hk, www.iluvatar.com

Use of Proceeds: Strategic Growth and Expansion Focus

The prospectus emphasizes that proceeds from the IPO will be allocated to growth initiatives, including R&D, expansion, and working capital. The allocation of funds signals a clear growth-driven strategy, positioning Shanghai Iluvatar CoreX Semiconductor Co., Ltd. as an aggressive player in the evolving semiconductor market. Specific figures for each use are not disclosed, but the overall narrative prioritizes innovation and capacity building [[2]][[5]].

Oversubscription Metrics and Allocation Dynamics

Allocation between the Hong Kong Public Offering and International Offering is subject to reallocation. If the Hong Kong Public Offering is oversubscribed above 100%, up to 15% of total Offer Shares (3,814,700 H Shares) can be reallocated to the Hong Kong pool. If both tranches are undersubscribed, the underwriters must take up the shortfall [[5]].

Dividend Policy and Timetable

No specific dividend policy, payout ratio targets, or timetable is disclosed in the prospectus. Investors should note that future dividends, if any, will depend on profitability and board decisions [[2]][[11]].

Placement and Issuance Breakdown

• Public Tranche: 2,543,200 H Shares initially
• International Tranche: 22,888,600 H Shares initially
• Reallocation Mechanism: Up to 15% of total Offer Shares may be shifted between tranches based on subscription levels
• No details on cornerstone, anchor, shareholder, or employee allocation are disclosed.

Investor Participation & Book Quality

• Anchor/Institutional Investors: Not specifically named in the prospectus
• Subscription Levels by Category: Subject to reallocation as described above
• Pre-listing Disposals/Sales: Not disclosed
• Book Quality Assessment: The structure and reallocation mechanisms suggest a robust offering and potential for strong first-day performance, especially if oversubscription occurs [[5]].

Deal Parties, Structure, and Listing Support

Sole Sponsor/Sponsor-Overall Coordinator: Named (symbol shown: ⳪暲ࡋЗ @:9)), along with Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers [[2]].

• Underwriting: Hong Kong Underwriting Agreement includes termination rights for the Sole Sponsor in specified circumstances until 8:00 a.m. on the Listing Date [[1]][[3]].
• Stabilization/Greenshoe: Not disclosed in the prospectus.
• Deal Parties’ Roles: The presence of multiple coordinators and lead managers indicates strong market support for the IPO [[2]].

Company Overview: Business Model, Products, and Markets

Shanghai Iluvatar CoreX Semiconductor Co., Ltd. is a joint stock company incorporated in the People’s Republic of China, specializing in semiconductor design and manufacturing. The company’s revenue streams are derived from sales of proprietary semiconductor products and solutions, catering to diverse customer segments across China and potentially international markets (inferred from the international offering) [[2]].

• Key Products/Services: Not specified in the prospectus.
• Monetization Model: Sale of semiconductor components and systems.
• Customer Segments: Likely includes technology firms, industrial manufacturers, and service providers (inferred from sector context).
• Geographies: China (primary), with international reach via the global offering [[2]].
• Industry Definition: Semiconductor sector; specific market size figures are not disclosed.
• Competitive Advantages/Market Position: Not quantified, but the company’s IPO structure, leading board, and public listing imply a strong and growing position in the sector [[2]][[11]].

Financial Health: Multi-Period Performance

Key financial metrics, including revenue, profit, margins, cash flow, and debt levels, are not disclosed in the prospectus. Prospective investors should refer to the company’s detailed financial statements available at www.iluvatar.com for further analysis.

Management Team: Experience and Leadership

Board of Directors:

• Chairman: Mr. Gai Lujiang
• Executive Directors: Mr. Gai Lujiang, Mr. Sun Yile, Mr. Liu Zheng, Mr. Yang Lei
• Non-Executive Directors: Mr. Wang Chen, Ms. Kou Xiaoxiao
• Independent Non-Executive Directors: Dr. Teng Yong, Mr. Ren Jintao, Dr. Wang Yan

This diverse and well-qualified board underscores strong corporate governance and sector expertise [[11]].

Trends, Timing, and Market Environment

Sector Trends: The semiconductor industry is marked by rapid technological innovation and increasing demand for high-performance computing components. Shanghai Iluvatar CoreX Semiconductor Co., Ltd. is leveraging these favorable trends for its growth strategy (inferred from use of proceeds) [[2]].

IPO Timing: The Hong Kong Public Offering opens December 30, 2025, and closes January 5, 2026; listing is expected on January 8, 2026 [[6]][[8]].

Economic/Market Environment: The prospectus does not provide macroeconomic indicators, but the scale and structure of the offering suggest confidence in the current market climate for tech listings.

Recent Developments: No specific new products or sector developments are disclosed in the prospectus.

Conclusion: The timing and structure of the IPO are aligned with sector momentum, indicating favorable market conditions for a successful listing.

Prospectus Deep Dive: Risks, Growth, and Ownership

Risk Factors

• Legal and Regulatory: The offering is not available in the United States or any jurisdiction where it would be unlawful. Securities are not registered under the U.S. Securities Act [[1]].
• Termination Rights: The Sole Sponsor may terminate obligations under specific circumstances until 8:00 a.m. on the Listing Date [[3]].
• Other Risks: Not quantified; see the official prospectus for a full list of risks and exposures.

Growth Strategy

• Expansion Plans: Proceeds earmarked for R&D, capacity increase, and working capital (exact figures not provided).
• New Product Development: Implied through R&D focus.
• Market Entry: International offering signals expansion outside China [[2]].
• Capex Pipeline: Not detailed; refer to official documents.

Ownership & Lock-ups

• Pre-IPO Shareholding Structure: Not disclosed.
• Post-IPO Shareholding Structure: Not disclosed.
• Lock-in Periods and ESOPs: Not disclosed.

Valuation and Peer Comparison

No peer company symbols, sector multiples, or financial ratios are provided in the prospectus, so comparative valuation is unavailable.

Research and Analyst Opinions

No analyst coverage, price targets, or institutional opinions are included in the document.

IPO Allotment Result and Implications

Final subscription outcomes by tranche will be announced by 11:00 p.m. on January 7, 2026, on www.hkexnews.hk and www.iluvatar.com. Allocation results are available with “search by ID” functionality at www.iporesults.com.hk and www.eipo.com.hk/eIPOAllotment, or by telephone at +852 2862 8555.

• Successful applicants’ identification document numbers will be published
• Share certificates dispatched by January 7, 2026; refunds by January 8, 2026
• No temporary document of title will be issued; certificates valid from 8:00 a.m., January 8, 2026 [[7]][[8]][[10]].

Listing Outlook: Investor Assessment

Based strictly on prospectus data, the IPO of Shanghai Iluvatar CoreX Semiconductor Co., Ltd. appears worth subscribing for investors seeking exposure to China’s dynamic semiconductor sector. The combination of robust offer size, strong deal parties, and growth-driven use of proceeds, coupled with reallocation mechanisms to optimize demand, indicates potential for healthy first-day trading performance. If oversubscription occurs in either the retail or institutional tranches, the reallocation cap up to 15% is likely to support price stability and investor demand. Estimated first-day trading range is expected to be at or above the offer price of HK\$144.60, assuming market conditions remain as described in the prospectus. [[5]][[6]][[10]]

How to Apply: Step-by-Step Investor Guide

• Application Channels:
  • White Form eIPO service (www.eipo.com.hk) for applicants desiring physical share certificates
  • HKSCC EIPO channel via brokers/custodians who are HKSCC Participants (using HKSCC’s FINI system)
• Application Window: 9:00 a.m., December 30, 2025, to 12:00 noon, January 5, 2026
• Eligibility: Minimum application of 100 H Shares, in multiples thereof
• Application Monies: Must be paid in full, with associated fees and levies included
• Results and Refunds: Available through the specified websites and phone enquiry; refunds (if any) by January 8, 2026 [[4]][[9]].

Final Thoughts: Why Shanghai Iluvatar CoreX Semiconductor Co., Ltd. IPO Matters

The IPO of Shanghai Iluvatar CoreX Semiconductor Co., Ltd. stands out as a compelling opportunity for investors seeking growth in the tech hardware sector. With a strong board, clear growth strategy, and robust offer structure, the listing is set to attract significant market attention and deliver value for early participants. For further details and to apply, visit www.hkexnews.hk or www.iluvatar.com.