HONG KONG, January 8, 2026 – (ACN Newswire) – Shanghai Iluvatar CoreX Semiconductor Co., Ltd. (“Iluvatar CoreX”, stock code: 9903.HK), a prominent Chinese GPGPU chip design company, officially began trading on the Main Board of the Hong Kong Stock Exchange on January 8. The stock opened with a remarkable surge of over 31.54%, elevating its market capitalization beyond the HK$ 48.37 billion mark.
This robust debut not only reflects the market’s optimistic outlook for domestic computing power substitution but also underscores Iluvatar CoreX’s significant investment potential. Positioned as the “computing power chip backbone” for major domestic models, Iluvatar CoreX stands out as a rare GPGPU stock in Hong Kong’s equity market, capturing investor interest amid the ongoing AI investment boom.
As the demand for AI large models surges from technical validation to wide-scale deployment, the reliability and supply consistency of GPGPU chips will play a critical role in industrial integration. Iluvatar CoreX has adopted a fully self-developed technological pathway and refined GPGPU architecture, establishing itself as a crucial player in breaking the international giants’ monopoly in high-end computing.
Recognized as China’s first entity to achieve mass production of GPGPU chips for both training and inference, Iluvatar CoreX has created a comprehensive product ecosystem. Its “TG” series training chips cater to extensive data processing and model training needs, while the “ZK” series inference chips are optimized for deployment, focusing on low latency and high throughput. With a commitment to a “hardware-software integration” strategy, the company has developed a compatible software stack, reducing customer migration costs significantly.
Through three generations of GPGPU architectural advancements and progressive software enhancements, Iluvatar CoreX has consistently improved its computing performance and ecosystem compatibility. This positions the company as a technology-driven enterprise rather than a “concept company” reliant on policy incentives. As large models transition into deeper industry integration, the need for a consistent, high-performance domestic computing backbone is expected to experience explosive growth.
Amid challenges within the AI chip sector, Iluvatar CoreX has established a promising trajectory characterized by “technology implementation – scaled monetization – sustained growth.” Unlike competitors dependent on government subsidies or single demonstration orders, the company has penetrated the market by leveraging its products’ efficiency and adaptability, catering to cloud service providers, large data centers, and key enterprise clients.
This strategic alignment with substantial demand sources ensures predictable bulk orders, positioning Iluvatar CoreX favorably within the infrastructure investment landscape. The company’s R&D investments are managed efficiently, with a “R&D expense/revenue” ratio ranging from 80% to 120%, the lowest among comparable peers. This disciplined approach contributes to continuous innovation while avoiding operational pressures from excessive spending.
As of June 2025, Iluvatar CoreX had shipped over 52,000 GPGPU units, serving more than 290 customers across sectors such as financial services, healthcare, and transportation. Revenue has surged from RMB 189 million in 2022 to RMB 540 million in 2024, reflecting a compound annual growth rate of 68.8%. The company further reported a revenue increase of 64.2% to RMB 324 million in the first half of 2025.
Notably, the gross margin for Iluvatar CoreX’s GPGPU products reached 56.6% in 2024, maintaining a high overall gross margin of 50.1% in the first half of 2025, indicating strong market recognition through technological premium pricing rather than low-price competition. This performance serves as a solid foundation for long-term sustainable growth.
The impressive first-day trading results reflect the market’s endorsement of Iluvatar CoreX’s strategic positioning within the AI computing landscape. The company is well-equipped to capitalize on the transitioning investment phase as AI moves from conceptualization to performance validation. With its substantial technical capabilities, commercial momentum, and financial stability, Iluvatar CoreX is poised to deliver significant growth value amidst the ongoing technological revolution and domestic substitution trends.
For more information on Iluvatar CoreX, visit their official site at Iluvatar CoreX, or check the Hong Kong Stock Exchange for updates on trading activities.
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