Iluvatar CoreX (09903.HK) successfully listed on the Main Board of the Hong Kong Stock Exchange on January 8, 2026.The company offered 25,431,800 H shares globally at an issue price of HK$144.60 per share, raising approximately HK$3.677 billion. The deal ranks among the top ten largest direct Hong Kong IPOs by proceeds since 2025.

Jingtian & Gongcheng acted as PRC counsel and Hong Kong legal adviser to the issuer, while Hogan Lovells advised the company on U.S. outbound investment rules and export control matters.

Huatai Financial Holdings (Hong Kong) Limited served as the sole sponsor. Kirkland & Ellis and Global Law Office advised the sponsor and underwriters on Hong Kong/U.S. law and PRC law, respectively.

Iluvatar CoreX is recognised as a leading provider of general-purpose GPU products and AI computing power solutions in China. Its portfolio comprises general-purpose GPU chips and accelerator cards, as well as customised AI computing solutions integrating proprietary software stacks with hardware to support both training and inference workloads.

The company is the latest in a wave of Chinese GPU players to reach the capital markets, following recent listings by Moore Threads (688795.SH), Muxi Shares (688802.SH), and Biren Technology (06082.HK).

Proceeds from the IPO will be allocated over the next five years to the R&D and commercialisation of general-purpose GPUs and AI computing solutions, sales and marketing expansion, and general working capital.