Chinese GPU-Maker Iluvatar CoreX Seeks $475 Million in Hong Kong Listing
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Chinese AI startup Shanghai Iluvatar CoreX Semiconductor Co. Ltd. launched its Hong Kong initial public offering on Tuesday, seeking to raise around HK$3.7 billion ($475 million) in a listing that tests investor appetite for Chinese chipmakers navigating U.S. sanctions.
The Shanghai-based graphics processing unit (GPU) manufacturer is offering 25.43 million H-shares at HK$144.60 each, granting the company a market capitalization of HK$35.44 billion. Trading is scheduled to begin on Jan. 8. Cornerstone investors, including ZTE Corp.’s Hong Kong unit, UBS Asset Management (Singapore) Ltd., and the investment arm of AI firm Beijing Fourth Paradigm Technology Co. Ltd., have committed to purchasing about 43% of the shares on offer.
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- Shanghai Iluvatar CoreX launched a Hong Kong IPO to raise about HK$3.7 billion ($475 million), valuing the company at HK$35.44 billion.
- The GPU maker plans to use 80% of proceeds for R&D and commercialization; it remains loss-making despite 64% revenue growth in H1 2025.
- U.S. sanctions, supply chain risks, and leadership changes challenge its ambitions; domestic chips still lag behind Nvidia in performance and ecosystem.
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Who’s Who
- Shanghai Iluvatar CoreX Semiconductor Co. Ltd.
- Shanghai Iluvatar CoreX Semiconductor Co. Ltd. is a Chinese AI GPU manufacturer that recently launched its Hong Kong IPO, aiming to raise $475 million to fund R&D for its chip and AI computing solutions. The company's products include the Tiangai series for AI training and the Zhikai series for inference. Despite revenue growth, it faces net losses due to heavy research spending and supply chain risks from U.S. sanctions.
- ZTE Corp.
- ZTE Corp.'s Hong Kong unit is one of the cornerstone investors in Shanghai Iluvatar CoreX Semiconductor Co. Ltd.'s Hong Kong IPO. They have committed to purchasing about 43% of the shares offered. This investment supports a Chinese chipmaker navigating U.S. sanctions and seeking to accelerate technological self-sufficiency.
- UBS Asset Management (Singapore) Ltd.
- UBS Asset Management (Singapore) Ltd. is an investment firm that has committed to purchasing approximately 43% of the shares offered in the Hong Kong IPO of Chinese AI startup Shanghai Iluvatar CoreX Semiconductor Co. Ltd. This makes them one of the cornerstone investors in the listing.
- Beijing Fourth Paradigm Technology Co. Ltd.
- Beijing Fourth Paradigm Technology Co. Ltd. is an AI firm. Its investment arm is a cornerstone investor in Shanghai Iluvatar CoreX Semiconductor Co. Ltd.'s Hong Kong IPO, committing to purchase approximately 43% of the shares on offer.
- Advanced Micro Devices Inc.
- Advanced Micro Devices Inc. (AMD) is mentioned in the article as the former employer of key technical leadership at Iluvatar CoreX Semiconductor Co. Ltd. These executives, who have significant influence over chip design and mass production, bring their expertise from AMD to the Chinese AI startup.
- Cambricon Technologies Corp. Ltd.
- Cambricon Technologies Corp. Ltd. is a Shanghai-listed Chinese chipmaker specializing in artificial intelligence technology. The company recently achieved its first profit, with its first-half revenue for an unspecified period surging over 43-fold. It operates in a competitive market as China aims for technological self-sufficiency amid U.S. sanctions.
- Moore Threads Technology Co. Ltd.
- Moore Threads Technology Co. Ltd. (688795.SH) is a Chinese chipmaker. It has recently seen its valuation soar following its listing on the Chinese mainland’s STAR Market. The company currently trades at a market capitalization of 286 billion yuan.
- MetaX Integrated Circuits (Shanghai) Co. Ltd.
- MetaX Integrated Circuits (Shanghai) Co. Ltd. (688802.SH) is a Chinese chipmaker. It has seen its valuation soar following a recent listing on the Chinese mainland's STAR Market, currently trading at a market capitalization of 244 billion yuan. Herry Han, founding partner at Soul Capital, is an early investor in MetaX.
- Nvidia
- Nvidia is mentioned as the industry leader whose domestic chips lag behind in performance for training large models and software ecosystem maturity. Chinese chipmakers are reportedly dependent on government and carrier contracts due to this gap.
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What Happened When
- 2021：
- Founder Li Yunpeng departed from Iluvatar CoreX.
- 2024：
- Iluvatar CoreX reported a net loss of 892 million yuan.
- Tuesday, December 31, 2024：
- Shanghai Iluvatar CoreX Semiconductor Co. Ltd. launched its Hong Kong IPO.
- November 2024 to February 2025：
- A disruption in chip packaging services occurred for Iluvatar CoreX.
- By January 8, 2025：
- Trading of Iluvatar CoreX's H-shares is scheduled to begin in Hong Kong.
- After February 2025：
- Iluvatar CoreX resumed packaging operations with an alternative foundry.
- May 2025：
- Former CEO Diao Shijing formally exited Iluvatar CoreX.
- May to July 2025：
- Iluvatar CoreX experienced uncertainty regarding access to U.S. EDA tools and decided to prioritize non-American vendors.
- First half of 2025：
- Iluvatar CoreX shipped 6,200 Tiangai units and 9,500 Zhikai units, generating revenue of approximately 277 million yuan.
- First half of 2025：
- Iluvatar CoreX reported revenue of 324 million yuan and a net loss of 609 million yuan.
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