Shanghai Iluvatar CoreX Semiconductor Co., Ltd.

Date of Prospectus: December 30, 2025

Shanghai Iluvatar CoreX IPO: Ambitious AI Chipmaker Targets Hong Kong Listing to Power Next-Gen Growth

Shanghai Iluvatar CoreX Semiconductor Co., Ltd. launches its highly anticipated initial public offering (IPO) on the Hong Kong Stock Exchange, marking a milestone for China’s advanced semiconductor and artificial intelligence (AI) hardware sector. This deep-dive examines every disclosed detail—from offer structure, cornerstone participation, and financials, to market trends, risk factors, and growth outlook—equipping investors with the actionable intelligence needed for a decisive view on this landmark listing.

IPO Snapshot: Key Details for Investors

IPO Symbol: Not explicitly disclosed.
Offer Price: HK\$144.60 per H Share.
Total Number of Offer Shares: 25,431,800 (representing approximately 10% of enlarged share capital post-IPO).
Post-IPO Outstanding Shares: 254,317,736 Shares (in issue and outstanding after the Global Offering).
Anticipated Market Capitalization at Listing: HK\$36,774.34 million.
Offer Period: Application opens 9:00 a.m. Tuesday, December 30, 2025; closes 12:00 noon, Monday, January 5, 2026.
Expected Listing Date: Thursday, January 8, 2026.
Application Channels: White Form eIPO at www.eipo.com.hk, HKSCC EIPO via brokers/custodians (no physical applications accepted).
Prospectus & Company Website: www.iluvatar.com, www.hkexnews.hk

Use of Proceeds: Fueling Aggressive R&D and Expansion

The IPO is fundamentally a growth capital raise. Proceeds are earmarked for strategic investments, new business and product development, technology infrastructure, personnel recruitment, sales and marketing, and general corporate purposes. Substantial investments in R&D are explicitly highlighted, with ongoing prioritization of innovation and commercialization of next-generation AI chips and solutions. The company indicates that nearly all previous pre-IPO capital (across multiple rounds) has been fully deployed, except for the most recent Series D+ round, underscoring an aggressive expansion and reinvestment cycle.

Placement & Allotment Structure

Public Tranche: 2,543,200 H Shares (10% of offer; subject to reallocation up to 15% if oversubscribed).
International Offering: 22,888,600 H Shares (90% of offer; subject to reallocation).
Cornerstone Investors: Several unnamed, but described as renowned institutional investors, with explicit allocations that will be included in the public float. No single cornerstone will become a substantial shareholder or gain Board representation.
Pre-IPO Investors: All pre-IPO investors are subject to a 12-month lock-up from listing date.
Employee Participation: Robust employee incentive platform exists, but does not impact post-IPO dilution.
Greenshoe/Over-allotment: Not explicitly detailed.

Investor Participation & Book Quality

Cornerstone and Pre-IPO Investors: The company boasts a broad, diversified base of cornerstone and pre-IPO investors, including professional and strategic institutions. These early backers contributed substantial capital at progressively higher valuations, with the last rounds (Series D & D+) priced at HK\$64.38 and HK\$67.71 per share, representing material discounts to the IPO price (implying strong mark-to-market gains for these investors).
No pre-listing sales or disposals by insiders are disclosed.
Lock-ups: All pre-IPO investors are locked up for 12 months from the listing date.
Book Quality Inference: The presence of high-quality anchor investors, full allocation of employee incentive shares, and the lack of pre-listing disposals signal robust institutional support and confidence in the offer.

Deal Structure & Key Parties

Joint Global Coordinators, Bookrunners, Lead Managers: Multiple global and local investment banks are involved.
Sole Sponsor: Huatai Financial Holdings (Hong Kong) Limited.
Legal Advisors: Jingtian & Gongcheng (PRC), Hogan Lovells International LLP (U.S. legal, export control).
Reporting Accountants & Auditors: Ernst & Young.
Underwriting: Fully underwritten Hong Kong Public Offering and International Offering.
Underwriting Commission: 3.0% fixed, plus up to 1.0% discretionary, with a fee split ratio of 57:43 if the discretionary is fully paid.

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

Business Model: Shanghai Iluvatar CoreX is a leading Chinese semiconductor designer specializing in general-purpose graphics processing units (GPGPU) and AI computing solutions. The company’s revenue streams are derived from the design, development, and sale of high-performance computing chips, with a focus on AI training and inference, and from integrated AI computing platforms and solutions.
Key Products & Services: Proprietary GPGPU chips and systems, AI computing solutions for diverse verticals including autonomous vehicles, financial services, healthcare, and industrial automation.
Customer Base: Primarily enterprise and institutional clients; geographic emphasis on China.

Industry Definition and Market Position

Sector: Artificial Intelligence semiconductors/hardware.
Industry Size & Trends: China’s AI chip market is rapidly growing, driven by surges in data, breakthroughs in deep learning, and the proliferation of large language models and advanced computer vision. Mass-market adoption of AI across industries is catalyzing exponential hardware demand.
Market Position: The company is positioned as a technology leader and one of the few domestic players capable of competing in advanced GPGPU and AI hardware.

Key Financials: Multi-Year Performance Snapshot

Financial health is characterized by rapid revenue growth, ongoing losses, and a substantial asset base expansion (notably after the Series D+ pre-IPO raise and pending IPO proceeds). The company is investing heavily in R&D and workforce expansion to maintain leadership in a highly competitive field.

Management and Governance

Board of Directors: Full list and backgrounds included in the prospectus.
Corporate Governance: Enhanced by the presence of institutional and strategic investors, with ongoing improvements in reporting and internal controls.
Employee Incentive Plan: Robust platforms for staff retention; no new option or share grants post-IPO.

Sector Trends, IPO Timing, and Market Environment

Industry Trends: China’s AI hardware sector is experiencing explosive growth, driven by deep learning breakthroughs, mass adoption of AI, and government support for domestic semiconductor innovation.
Recent Company Developments: As of September 2025, the company reported record shipments—9,700 AI training units and 13,800 inference units in the first nine months of the year—plus 13 major AI solution projects.
IPO Timing: The offer period runs December 30, 2025 to January 5, 2026, with trading expected to commence January 8, 2026.
Economic Conditions: The prospectus notes no material adverse change in business or financial position through the end of June 2025; business momentum and sector tailwinds are highlighted.

Key Risk Factors Investors Must Watch

• Highly Competitive Industry: Market dominated by global and domestic technology leaders; failure to compete may materially impact performance.
• Product Development & Obsolescence: Inability to commercialize new/improved products could threaten competitive position.
• Technology Transitions: Failure to anticipate/adapt to AI hardware and software shifts could render offerings obsolete.
• R&D Investment Risk: Heavy ongoing R&D spend may not deliver expected returns, pressuring profitability and cash flow.
• Third-Party Manufacturing Dependence: Outsourced manufacturing exposes the company to supply chain interruptions and loss of process control.
• Financial Losses: Net losses have increased, with further loss escalation expected in 2025 due to share-based payments, R&D, and listing expenses.
• Pre-IPO Investor Rights: All redemption/liquidation preference rights have been irrevocably terminated in advance of the IPO to ensure clean equity treatment.

Growth Strategy and Expansion Plans

The company is executing an aggressive growth strategy driven by:

• Continued investment in R&D for next-generation AI and GPGPU products.
• Expansion of technology infrastructure and talent base.
• New product and business development, including major projects in AI training and inference.
• Targeted increases in sales and marketing to capture market share.
• Strategic investments and possible future M&A (as disclosed in use of proceeds and recent funding rounds).

Ownership Structure and Lock-ups

Pre-IPO Shareholders: All major pre-IPO investors are locked up for 12 months post-listing.
Employee Shareholding Platforms: Over 500 grantees; no new share issuance post-listing for ESOP.
Public Float: At least 25% of shares will be held by the public at listing, in full compliance with Hong Kong listing rules.
Cornerstone Investors: Will not become substantial shareholders or gain any Board representation.

Listing Outlook: Investor Takeaways and Valuation Considerations

Based on robust institutional and cornerstone participation, sustained sector momentum, and strong historical revenue growth, the IPO appears well supported by market fundamentals. The offer price of HK\$144.60 represents a significant markup versus late-stage pre-IPO rounds (Series D+ at HK\$67.71), but the company’s growth trajectory, pipeline, and market positioning justify this premium for many investors.
Short-term listing performance is likely to be strong, particularly given the lock-up arrangements, high-quality book, and absence of pre-listing insider sales. However, investors should be mindful of the company’s ongoing net losses, heavy R&D spend, and the competitive nature of the AI hardware sector. First-day trading is expected to be robust, with a likely premium to the offer price barring adverse market shocks.

How to Access the Prospectus and Apply

Prospectus Access: The full prospectus and related documents are available at www.iluvatar.com and www.hkexnews.hk.
Application Channels: White Form eIPO at www.eipo.com.hk; HKSCC EIPO channel via brokers or custodians who are HKSCC participants.
Application Window: 9:00 a.m. December 30, 2025 – 12:00 noon January 5, 2026.
Listing Date: Expected to commence trading on January 8, 2026.
Eligibility: Applicants must be 18 or older and have a Hong Kong address (for White Form eIPO).

Summary for Investors

Shanghai Iluvatar CoreX’s IPO offers a rare opportunity to gain exposure to China’s high-growth AI hardware sector via a well-capitalized, R&D-driven innovator. The deal is anchored by top-tier institutional support, a clear expansion roadmap, and compliance with all Hong Kong listing requirements. While near-term losses and sector competition remain, the company’s execution, lock-up structure, and sector momentum point to a potentially strong debut and long-term value for committed investors.