TECH

Chinese GPU-Maker Iluvatar CoreX Climbs in Hong Kong Debut With $5.3 Billion Valuation

Published: Jan. 8, 2026 4:52 p.m. GMT+8

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Iluvatar CoreX debuts in Hong Kong on Thursday. Photo: Iluvatar CoreX

Shanghai Iluvatar CoreX Semiconductor Co. Ltd. surged in its Hong Kong trading debut on Thursday, becoming the second Chinese graphics chipmaker ever to list in the financial hub as investors flock to domestic alternatives to Nvidia Corp. products.

The stock opened 31.5% higher at HK$190.2 ($24.42) before paring gains to trade at HK$162.5 by the midday break, up 12.4% from its issue price. The debut gave the company a market capitalization of about HK$41.3 billion.

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Shanghai Iluvatar CoreX Semiconductor debuted in Hong Kong, opening 31.5% higher and reaching a HK$41.3 billion market cap, with its IPO oversubscribed 414 times, raising HK$3.5 billion.
Despite revenue growth from 189 million yuan (2022) to 540 million yuan (2024), net losses widened to 892 million yuan in 2024.
The firm faces supply chain risks due to reliance on foreign technology and U.S. sanctions, prompting moves toward alternative suppliers.

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Who’s Who

Shanghai Biren Technology Co. Ltd.: Shanghai Biren Technology Co. Ltd. listed in Hong Kong on January 2. Its shares have since surged 76%, giving it a market value of approximately HK$82.8 billion. This makes it a significant player in China's domestic chip market, highlighting investor interest in homegrown tech alternatives.

Innosilicon: The provided article does not mention Innosilicon (芯动科技). Therefore, no information about Innosilicon can be extracted from this content.

Shanghai Iluvatar CoreX Semiconductor Co. Ltd.: Shanghai Iluvatar CoreX Semiconductor Co. Ltd. recently debuted on the Hong Kong stock exchange. The Chinese graphics chipmaker's stock opened 31.5% higher, indicating strong investor interest in domestic alternatives to Nvidia. Despite rapid revenue growth, the company faces significant net losses and relies heavily on foreign technology for chip design and fabrication, posing risks due to U.S. tech restrictions.

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What Happened When

2021：: Diao Shijing, former official at the Ministry of Industry and Information Technology, became CEO of Iluvatar CoreX.

2022：: Iluvatar CoreX revenue was 189 million yuan, and net loss was 554 million yuan.

April 2023：: Diao Shijing stepped down as CEO and was succeeded by Gai Lujiang.

2024：: Iluvatar CoreX revenue grew to 540 million yuan, and net loss widened to 892 million yuan.

November 2024 - February 2025：: Iluvatar CoreX experienced a chip packaging supply disruption.

First half of 2025：: Iluvatar CoreX revenue rose 64% year-on-year to 324 million yuan, with a net loss of 609 million yuan.

May - July 2025：: Iluvatar CoreX faced uncertainty from main U.S.-based EDA suppliers amid a U.S. ban on such software sales that was later relaxed.