BRIEF: Iluvatar rises in Hong Kong trading debut
Shares of AI chipmaker Shanghai Iluvatar CoreX Semiconductor Co. Ltd. (9903.HK) opened up 31.5% at HK$190.20 in their Hong Kong trading debut on Thursday, before paring the gains to close up 11% at HK$160.70 by the midday break.
The company sold 25.4 million shares at HK$144.60 apiece, raising net proceeds of HK$3.5 billion ($450 million). The public portion for local Hong Kong investors was oversubscribed by 413 times, while the international placement was oversubscribed by 9.7 times.
Iluvatar makes general-purpose GPU chips and accelerator cards used in AI computing, alongside customized AI computing solutions like servers and clusters featuring its general-purpose GPUs.
The company has lost money each year since 2022, the first year covered in its prospectus, through the first half of 2025. Its revenue reached 324 million yuan in the first half of 2025, up 64% year-over-year. But its loss also widened 51% to 609 million yuan over that time.
By Lau Chi Hang
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