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.
Why investors are piling in
Founded in December 2015, Iluvatar CoreX develops general-purpose GPUs designed for AI workloads. Its product lineup includes the TG series, built for training AI models, and the ZK series, optimized for inference, which is the process of running trained models to generate outputs.
The company is backed by Centurium Capital and is reportedly in advanced discussions with ByteDance, the parent company of TikTok, for the procurement of at least 50,000 inference chips. Landing a client of ByteDance’s scale would be a significant validation of Iluvatar’s technology and manufacturing capacity.
What this means for the broader market
The fact that a Chinese GPU maker can raise $475 million in January and come back for $850 million in July tells you something about where institutional capital is flowing. US export controls have progressively restricted Chinese companies’ access to cutting-edge chips from Nvidia and other American suppliers, creating demand for domestic alternatives.
Iluvatar went public at a $4.6 billion valuation and has seen that number expand dramatically on the back of its 428% stock run. A secondary offering at these elevated levels raises new shares entering circulation, which dilutes existing holders.
The size of the raise, nearly double the IPO haul, suggests Iluvatar has significant capital needs ahead. Building out GPU manufacturing capacity is extraordinarily expensive, and the company will need to invest heavily in R&D to keep pace with both Chinese competitors like Huawei’s Ascend line and the technological frontier set by Nvidia.