Shanghai Iluvatar CoreX Semiconductor, the Chinese GPU maker that has become one of Hong Kong’s hottest tech listings this year, is planning a secondary share sale that could raise roughly $850 million. That figure would nearly double the approximately $475 million the company pulled in during its IPO just six months ago.
The details behind the raise
Iluvatar CoreX, which trades on the Hong Kong Stock Exchange under ticker 9903.HK, first listed on January 8, 2026, pricing shares at HK$144.60 each. That IPO raised around HK$3.7 billion, giving the company an initial valuation of roughly $4.6 billion.
The timing of this secondary offering is not accidental. The company’s post-IPO lock-up period expired on July 7, 2026, essentially opening the window for exactly this kind of capital raise.
The planned raise of at least $800 million, potentially stretching to $850 million, would represent one of the larger secondary offerings by a Chinese semiconductor firm on the HKEX this year.
