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

Date of Prospectus: December 30, 2025

Shanghai Iluvatar CoreX Semiconductor Co., Ltd. IPO: A Deep Dive into the Hottest Semiconductor Listing of 2026

Shanghai Iluvatar CoreX Semiconductor Co., Ltd. (Stock Code: 9903) launches one of the most anticipated IPOs in the Asian semiconductor space, offering investors exposure to a high-growth, AI-driven chipmaker at the forefront of China’s technology landscape. With strong institutional demand, robust cornerstone participation, and a tightly-held share structure, this IPO is set to ignite market interest and potentially deliver dynamic first-day trading performance.

IPO Snapshot: Key Terms and Offer Structure

Shanghai Iluvatar CoreX Semiconductor Co., Ltd. (Symbol: 9903) is offering H Shares at an offer price of HK\$144.60 per share. The IPO comprises 25,431,800 Offer Shares, with a post-IPO outstanding share count of 254,317,736. The total gross proceeds stand at HK\$3,677.4 million, and net proceeds after estimated listing expenses are HK\$3,509.3 million [[1]].

Use of Proceeds: Fueling Innovation and Expansion

Net proceeds of HK\$3,509.3 million are targeted towards future plans and growth initiatives. According to the disclosed details, the funds will be allocated for research and development, capital expenditure/expansion, and general corporate purposes. This allocation strongly suggests a **growth-driven strategy**, as the company focuses on scaling its semiconductor capabilities rather than deleveraging [[1]].

Oversubscription Metrics: Robust Investor Demand

The Hong Kong Public Offering was oversubscribed by 414.24 times with 180,802 valid applications, while the International Offering attracted a subscription level of 10.68 times. This overwhelming demand signals a high-quality book and heightened investor interest [[2][3]].

Dividend Policy

No explicit dividend policy, payout ratio targets, or timetable are disclosed in the prospectus. Investors should focus on capital appreciation and growth at this stage.

Placement and Issuance Breakdown

• Hong Kong Public Offering: 2,543,200 shares (10% of total offer)
• International Offering: 22,888,600 shares (90% of total offer)
• Cornerstone Investors: 10,940,300 shares allocated, representing 43.02% of the International Offering and 4.46% of total issued shares [[4][16]].
• No employee allocation explicitly disclosed.

Investor Participation and Book Quality

Cornerstone and Institutional Investors:

• ZTE (H.K.) LIMITED
• XN Mountain International Limited
• Wind Sabre Fund SPC
• UBS Asset Management (Singapore) Ltd.
• Teamsun Technology (HK) Limited
• Qin Wan Investment Limited
• OCM Limited
• Ocean Fine Industrial Limited
• Huatai Capital Investment Limited
• Fourth Paradigm International Limited
• Duckling Fund, L.P.
• DeepRoot Alpha Ltd
• China Universal Asset Management (Hong Kong) Company Limited
• China Orient International Asset Management Limited
• China Asset Management (Hong Kong) Limited
• CFIG Holdings Limited
• Alphahill Capital Limited

Allocation Quality: Cornerstones received a significant allocation, and the top 25 placees together hold 71.78% of the International Offering, highlighting a concentrated, yet institutionally-driven book. The quality and scale of anchor investment suggest strong confidence in the company and imply the potential for a robust first-day performance [[18][19]].

Deal Parties and Structure

Investment Banks, Coordinators, Bookrunners, and Sponsors:

• Sole Sponsor: Huatai Financial Holdings (Hong Kong) Limited
• Sponsor-Overall Coordinator: Huatai Financial Holdings (Hong Kong) Limited
• Joint Global Coordinators & Joint Bookrunners: Noted as part of underwriting syndicate (names disclosed in the document)

Stabilization/Over-Allotment (Greenshoe): No explicit greenshoe or over-allotment mechanism disclosed.

Support for Listing-Day Performance: The presence of major investment banks and global coordinators is indicative of strong market support for the listing, which may help anchor price stability and trading liquidity [[22][23]].

Company Overview: Business Model and Market Position

Shanghai Iluvatar CoreX Semiconductor Co., Ltd. is a leading Chinese semiconductor design and manufacturing firm specializing in AI-centric chips and advanced processing units.
Key business highlights:

• Primary Revenue Streams: Sale of proprietary AI processors, chipsets for data centers, edge computing, and enterprise applications.
• Key Products/Services: AI acceleration chips, general-purpose GPUs, and specialized hardware for cloud providers and enterprise clients.
• Monetization: Direct sales to enterprise customers, OEMs, and system integrators.
• Customer Segments: Cloud service providers, large enterprise IT departments, and technology integrators.
• Geographies: Primarily China, with expanding international reach.

Industry/Sector: Semiconductor, AI Hardware, Data Center Solutions [[1]].

Financial Health

Note: Specific period numbers are not disclosed in the document.

Market Position and Competitive Advantages

Shanghai Iluvatar CoreX Semiconductor Co., Ltd. is positioned as a top-tier AI chip provider in China, leveraging proprietary architectures and advanced manufacturing techniques to secure contracts with leading cloud and enterprise customers.

• Brand Strength: Strong recognition in AI hardware and data center segments.
• Market Share & Ranking: Not quantified in the document, but implied leadership in niche AI acceleration markets.

Management Team

Chairman of the Board: 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 [[29]].
Relevant experience and backgrounds are referenced, highlighting a blend of technical and strategic expertise.

Sector Trends, Timing, and Market Environment

Sector Trends: High demand for AI hardware, growth in cloud and data center investment, and increasing localization of semiconductor supply chains in China.
Offer Period: Closing announcement dated January 7, 2026
Listing Date: Dealings commence on January 8, 2026
Economic Environment: Robust demand for AI and data center chips, with macro tailwinds from digital transformation and government support for semiconductor innovation [[29]].
Recent Company Developments: Successful allocation to high-profile cornerstone investors and strong oversubscription metrics. No mention of recent sector IPOs in the document.

Conclusion: Based on disclosed sector dynamics and investor demand, market conditions appear highly favorable for this IPO.

Prospectus Deep Dive: Risks, Growth, Ownership

Risk Factors

• High concentration of shareholding among a small number of shareholders, which may lead to significant price volatility even on low trading volumes [[1]].
• Regulatory and compliance risk: Multiple waivers and consents required for allocations to cornerstone investors and connected clients [[22][23][24]].
• Customer and supplier concentration: Large allocations to institutional investors may imply dependency.
• FX and market risk: Mechanisms for hedging and total return swaps for PRC investors illustrate exposure to currency and market volatility [[25][26][27]].
• No explicit mention of legal, commodity, or geographic risks in the document.

Growth Strategy

Growth is driven by:

• Significant R&D investment
• Expansion of production capacity
• Targeting new customer segments and geographies
• Building strategic relationships with large cloud and enterprise clients

Concrete numbers and timelines are referenced in the use of proceeds section, indicating a clear pipeline for future expansion and innovation [[1]].

Ownership and Lock-Ups

Total shares under lock-up: 228,885,936 (existing shareholders and pre-IPO investors) and 10,940,300 (cornerstone investors), representing 89.62% and 4.46% of issued shares, respectively [[15][16]]. Lock-ups expire January 7, 2027 for pre-IPO holders and July 7, 2026 for cornerstone investors.

Valuation and Peer Comparison

No peer company financial metrics (P/E, P/B, EV/EBITDA, ROE, etc.) are disclosed in the document, so a comparative table is omitted. No mention of sector performance or comparable IPOs in the same period.

Research and Opinions

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

IPO Allotment Result

• Hong Kong Public Offering: 180,802 valid applications, 22,451 successful, 414.24x oversubscription.
• International Offering: 121 placees, 10.68x oversubscription.
• Final allocation: No claw-back; 10% to Hong Kong public, 90% to international investors [[2][3]].
• Implication: Intense demand and tightly-held structure suggest strong listing day momentum.

Listing Outlook

Given the overwhelming oversubscription rates (414.24x public, 10.68x institutional), high-quality anchor participation, and a tightly-held shareholder base, Shanghai Iluvatar CoreX Semiconductor Co., Ltd. is likely to experience a strong debut. The offer price of HK\$144.60 is expected to be well-supported, with the potential for a substantial first-day premium.
Estimated first-day trading range: Inferred to be above the offer price, possibly with significant volatility due to concentrated holdings (as warned in the announcement).

Prospectus Access

The official website to obtain further details and the full prospectus: www.eipo.com.hk/eIPOAllotment

How to Apply

Applications could be made via brokers, banks, and the eIPO platform at www.eipo.com.hk/eIPOAllotment. Investors should contact relevant brokers for application procedures. The application period closed prior to the listing date of January 8, 2026 [[22]].

Conclusion

Shanghai Iluvatar CoreX Semiconductor Co., Ltd. stands out as a high-demand, growth-oriented IPO in the AI semiconductor sector, backed by substantial institutional and cornerstone interest, robust oversubscription, and a focused use of proceeds for innovation and expansion. With favorable sector trends and strong deal party support, the IPO appears highly attractive for investors seeking exposure to China’s next-generation technology leaders.