IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Company Overview
| Stock Name | Iluvatar Corex |
|---|---|
| Stock Code | 09903 |
| Company Full Name | Shanghai Iluvatar Corex |
| Industry | Robotics |
| Principal Activities | Provides general-purpose GPU products and AI computing power solutions for different industries, including general-purpose GPU chips and accelerator cards, as well as customized AI computing power solutions (including general-purpose GPU servers and clusters), combining hardware with a proprietary software stack to meet customers' specific needs in training and inference scenarios. |
| Listing Date | 2026-01-08 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | No. 2168 Chenhang Road Minhang District Shanghai, China |
| Business Address (Hong Kong) | 香港灣仔皇后大道東248號大新金融中心40樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.iluvatar.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | Computershare Hong Kong Investor Services Limited |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 144.60 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 14,460 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-12-30 to 2026-01-05 |
| Global Offering Shares | 25,431,800 shares |
| HK Public Offer Shares (Initial) | 2,543,200 shares (10.0%) |
| Public Offer Lots (Initial) | 25,432lots (Pool A12,716lots，Pool B12,716lots) |
| International Placing Shares (Initial) | 22,888,600 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 254,317,736 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 43.0% |
| Clawback Tiers | Mechanism B: no clawback mechanism |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 3,677,438,280 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 14,460 |
| 2 lots | 200 | HK$ 28,920 |
| 3 lots | 300 | HK$ 43,380 |
| 4 lots | 400 | HK$ 57,840 |
| 5 lots | 500 | HK$ 72,300 |
| 6 lots | 600 | HK$ 86,760 |
| 7 lots | 700 | HK$ 101,220 |
| 8 lots | 800 | HK$ 115,680 |
| 9 lots | 900 | HK$ 130,140 |
| 10 lots | 1,000 | HK$ 144,600 |
| 15 lots | 1,500 | HK$ 216,900 |
| 20 lots | 2,000 | HK$ 289,200 |
| 25 lots | 2,500 | HK$ 361,500 |
| 30 lots | 3,000 | HK$ 433,800 |
| 35 lots | 3,500 | HK$ 506,100 |
| 40 lots | 4,000 | HK$ 578,400 |
| 45 lots | 4,500 | HK$ 650,700 |
| 50 lots | 5,000 | HK$ 723,000 |
| 60 lots | 6,000 | HK$ 867,600 |
| 70 lots | 7,000 | HK$ 1,012,200 |
| 80 lots | 8,000 | HK$ 1,156,800 |
| 90 lots | 9,000 | HK$ 1,301,400 |
| 100 lots | 10,000 | HK$ 1,446,000 |
| 200 lots | 20,000 | HK$ 2,892,000 |
| 300 lots | 30,000 | HK$ 4,338,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 400 lots | 40,000 | HK$ 5,784,000 |
| 500 lots | 50,000 | HK$ 7,230,000 |
| 600 lots | 60,000 | HK$ 8,676,000 |
| 700 lots | 70,000 | HK$ 10,122,000 |
| 800 lots | 80,000 | HK$ 11,568,000 |
| 900 lots | 90,000 | HK$ 13,014,000 |
| 1,000 lots | 100,000 | HK$ 14,460,000 |
| 2,000 lots | 200,000 | HK$ 28,920,000 |
| 3,000 lots | 300,000 | HK$ 43,380,000 |
| 4,000 lots | 400,000 | HK$ 57,840,000 |
| 5,000 lots | 500,000 | HK$ 72,300,000 |
| 6,000 lots | 600,000 | HK$ 86,760,000 |
| 7,000 lots | 700,000 | HK$ 101,220,000 |
| 8,000 lots | 800,000 | HK$ 115,680,000 |
| 9,000 lots | 900,000 | HK$ 130,140,000 |
| 10,000 lots | 1,000,000 | HK$ 144,600,000 |
| 11,000 lots | 1,100,000 | HK$ 159,060,000 |
| 12,716 lots | 1,271,600 | HK$ 183,873,360 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 228.03B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 36,774,344,625 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 35,441,744,139 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 892.4 million (2024) |
| Period-End Cash Balance | RMB 308.1 million |
| Listing Expenses | ~HK$ 198,800,000 |
| Listing Expenses / Funds Raised | ~5.4% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 156.8 |
|---|---|
| First Day Open | HK$ 190.2 |
| First Day Change | 8.44% |
| First Day Volume | 8228200.0 |
| First Day Turnover | 1404440000.0 |
| Use of Proceeds | 1、約80.0%或2,782.9百萬港元將用于研發我們的產品及解決方案；
2、約10.0%或347.9百萬港元將于未來五年內用于銷售及市場推廣；
3、約10.0%或347.9百萬港元將用于營運資金及一般企業用途。 |
Underwriting Syndicate
Sole Sponsor (1)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809(sole)
Sponsor cum Overall Coordinator (1)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809(sole)
Overall Coordinators (2)
Joint Global Coordinators (4)
Joint Bookrunners (7)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
CMB International Capital Limited CE AVM940
Guosen Securities (HK) Brokerage Company, Limited CE AUI491
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
BOWLEA SECURITIES LIMITED CE BTJ616
Carnegie Hill Capital Partners Limited CE BFT408
STAR RIVER SECURITIES LIMITED CE BJG526
Joint Lead Managers (7)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
CMB International Capital Limited CE AVM940
Guosen Securities (HK) Brokerage Company, Limited CE AUI491
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
BOWLEA SECURITIES LIMITED CE BTJ616
Carnegie Hill Capital Partners Limited CE BFT408
STAR RIVER SECURITIES LIMITED CE BJG526
Capital Market Intermediaries (7)
HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809
CMB International Capital Limited CE AVM940
Guosen Securities (HK) Brokerage Company, Limited CE AUI491
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
BOWLEA SECURITIES LIMITED CE BTJ616
Carnegie Hill Capital Partners Limited CE BFT408
STAR RIVER SECURITIES LIMITED CE BJG526
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
竞天公诚律师事务所有限法律责任合伙 竞天公诚律师事务所 霍金路伟律师行 |
| Legal Advisor to Sponsors/Underwriters |
凯易律师事务所 环球律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Receiving Banks | 招商永隆银行有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 中兴通讯（香港） | 20,000,000 CNY | 151,000 | 0.59% | 0.06% | 6 months | 2026-07-08 |
| 2 | XN Mountain | 17,000,000 USD | 914,700 | 3.60% | 0.36% | 6 months | 2026-07-08 |
| 3 | Wind Sabre | 20,000,000 USD | 1,076,100 | 4.23% | 0.42% | 6 months | 2026-07-08 |
| 4 | UBS AM Singapore | 10,000,000 USD | 538,000 | 2.12% | 0.21% | 6 months | 2026-07-08 |
| 5 | 华胜天成（香港） | 33,000,000 HKD | 228,200 | 0.90% | 0.09% | 6 months | 2026-07-08 |
| 6 | Qin Wan | 100,000,000 CNY | 762,600 | 3.00% | 0.30% | 6 months | 2026-07-08 |
| 7 | OCM | 10,000,000 USD | 532,700 | 2.09% | 0.21% | 6 months | 2026-07-08 |
| 8 | Ocean Fine Industrial | 10,000,000 USD | 537,100 | 2.11% | 0.21% | 6 months | 2026-07-08 |
| 9 | 华泰场外掉期—衡信基金管理 | 21,000,000 USD | 1,129,900 | 4.44% | 0.44% | 6 months | 2026-07-08 |
| 10 | 第四范式 | 100,000,000 HKD | 691,500 | 2.72% | 0.27% | 6 months | 2026-07-08 |
| 11 | 安擎国际 | 30,000,000 CNY | 228,800 | 0.90% | 0.09% | 6 months | 2026-07-08 |
| 12 | Duckling Fund | 20,000,000 USD | 1,076,100 | 4.23% | 0.42% | 6 months | 2026-07-08 |
| 13 | DeepRoot Alpha | 4,000,000 USD | 215,200 | 0.85% | 0.08% | 6 months | 2026-07-08 |
| 14 | 汇添富（香港） | 20,000,000 USD | 1,076,100 | 4.23% | 0.42% | 6 months | 2026-07-08 |
| 15 | China Orient EIF | 7,000,000 USD | 376,600 | 1.48% | 0.15% | 6 months | 2026-07-08 |
| 16 | China Orient MSMF | 3,000,000 USD | 161,400 | 0.63% | 0.06% | 6 months | 2026-07-08 |
| 17 | 华夏基金（香港） | 6,000,000 USD | 322,800 | 1.27% | 0.13% | 6 months | 2026-07-08 |
| 18 | 芯鑫控股 | 15,000,000 CNY | 114,400 | 0.45% | 0.04% | 6 months | 2026-07-08 |
| 19 | 明山资本 | 15,000,000 USD | 807,100 | 3.17% | 0.32% | 6 months | 2026-07-08 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 蓋魯江 | — |
| Company Secretary | Mr. Yang Lei | Mr. Yang Lei |
| Executive Director | 盖鲁江 | Gai Lujiang |
| Non-Executive Director | 王晨 | Wang Chen |
| Independent Non-Executive Director | 滕勇 | Teng Yong |
| Executive Director | 孙怡乐 | Sun Yile |
| Non-Executive Director | 寇潇潇 | Kou Xiaoxiao |
| Independent Non-Executive Director | 任今涛 | Ren Jintao |
| Executive Director | 刘峥 | Liu Zheng |
| Independent Non-Executive Director | 王燕 | Wang Yan |
| Executive Director | 杨磊 | Yang Lei |
Major Shareholders
| Major Shareholders & Holdings | Immediately after the completion of the Global Offering, Shanghai Shuqi (controlled by Mr. Gai Lujiang) will hold approximately 21.25% of the interests, Mr. Li Hui (through Dazheng Capital entities) will hold approximately 24.12% of the interests, Mr. Sha Wangyang will hold approximately 19.51% of the interests, Industrial and Commercial Bank of China will hold approximately 17.17% of the interests, Mr. Li Ronghui will hold approximately 8.89% of the interests, and Mr. Zhu Xiangkai will hold approximately 6.76% of the interests. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-flash-ga-260731 · AI-generated
Market Sentiment
The public offer was oversubscribed 414.24 times, a strong retail heat signal, while the international placing was oversubscribed a more modest 10.68 times. 12.42% of valid applications were allotted, and the offer price was HK$144.60, with source data showing identical lower and upper price limits so no range-based discount or premium can be inferred. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
The tier data shows a sharp discontinuity: applicants at the A-tier tail (30,000 shares) were expected to receive 0.0859 lot, while B-tier head applicants (40,000 shares) were expected to receive 0.3001 lot, so the 33% increase in application size roughly triples expected allocation. This suggests an inefficient tier boundary at the 甲尾/乙头 cutoff, but broker fee efficiency across tiers cannot be compared because fee data is not provided in the source data and broker fee structures vary. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
The source data reports a mainland China participation rate of 0% and a Hong Kong participation rate of 0%, while total holders is also 0, which suggests the demographic fields were not populated rather than indicating real zero participation. No gender, age, or provincial breakdown is provided, and this is a single IPO with CCASS coverage caveats. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
