--- title: "China's first 7nm GPU maker lists in Hong Kong after a ≈ US$474M raise" date: 2026-11-09 category: Capital & Markets site: NeuroAI canonical: https://neuroai.site/a/na-capital-iluvatar-hk-ipo language: en --- # China's first 7nm GPU maker lists in Hong Kong after a ≈ US$474M raise > Iluvatar CoreX (天数智芯), the first Chinese maker of mass-produced 7nm general-purpose GPUs, listed in Hong Kong (9903.HK) and raised ≈ HK$3.7B, capping a 2025 funding blitz. A Shanghai chip designer that few outside the industry had heard of sold shares to the public in Hong Kong. Its pitch: a general-purpose GPU built on a 7-nanometer process, made for China's AI training needs. The listing landed as Beijing pushes hard for chips it can call its own — and investors showed up. ## Key takeaways - Iluvatar CoreX (天数智芯) listed on the Hong Kong Stock Exchange on 8 January 2026 under ticker **9903.HK**, pricing at **HK$144.60** and raising about **HK$3.7 billion (≈ US$474M)**. - Its IPO market capitalization was about **HK$35.4 billion (≈ US$4.5B)**. - Before the listing it closed two 2025 private rounds: a **D round above RMB 1.4 billion (≈ US$197M / HK$1.5B)** and a **D+ round of RMB 2.05 billion (≈ US$289M / HK$2.26B)** at a ~RMB 12 billion (≈ US$1.69B / HK$13.2B) pre-money valuation. - Per its prospectus (citing Frost & Sullivan), it is the first Chinese firm to mass-produce both training- and inference-class general-purpose GPUs on a 7nm process. ## The listing, in numbers Iluvatar CoreX (上海天数智芯半导体) was founded in Shanghai in 2015 and builds general-purpose GPUs for AI training, inference and high-performance computing. Its product lines — the Tiangai (天垓) training series and Zhikai (智铠) inference series — are designed as domestically controllable alternatives to foreign GPUs. The verified IPO figures: - **Listing date:** 8 January 2026 on HKEX, ticker **9903.HK**. - **Issue price:** **HK$144.60** per H share. - **Shares issued:** about 25.43 million H shares. - **Amount raised:** about **HK$3.7 billion (≈ US$474M)**. - **IPO market cap:** about **HK$35.4 billion (≈ US$4.5B)**. - **Cornerstone investors:** 18 parties including ZTE (Hong Kong), UBS AM Singapore, Fourth Paradigm (第四范式), ChinaAMC (Hong Kong) and Hua Sheng Tian Cheng, taking roughly 43% of the offer. ## The funding blitz that preceded it The IPO capped a busy 2025 on the private market. According to the prospectus and listing documents: - **D round:** more than **RMB 1.4 billion (≈ US$197M / HK$1.5B)**, with backers including Sequoia China and Yuanhe Fund. - **D+ round:** **RMB 2.05 billion (≈ US$289M / HK$2.26B)**, at a pre-money valuation of about **RMB 12 billion (≈ US$1.69B / HK$13.2B)**, with investors such as Xingnahe Capital and Quzhou Zhizao. - **Cumulative private funding:** above **RMB 5.52 billion (≈ US$777M / HK$6.1B)** per Caixin, with a peak valuation of RMB 12 billion. That trajectory — a large late-stage round, then a public offer months later — is the standard script for a Chinese chip firm racing to fund fabs, tape-outs and software stacks before competitors do. ## Why a GPU matters here A general-purpose GPU is the workhorse behind every **large model (大模型)**. Training and serving models demands parallel compute (算力) at a scale few other chips provide. US export controls have restricted China's access to the most advanced foreign GPUs, which turned domestic alternatives from a nice-to-have into a strategic priority. Iluvatar's claim to distinction is process maturity. Per its prospectus (citing Frost & Sullivan), it is the first Chinese company to achieve mass production of both inference- and training-class general-purpose GPUs using an advanced 7nm process. Shipments rose from 7,800 units in 2022 to 16,800 in 2024, with 15,700 in the first half of 2025 alone. ## The financial reality check The growth is real but the losses are still substantial. Revenue climbed from **RMB 1.89 billion (2022)** to **RMB 2.89 billion (2023)** to **RMB 5.40 billion (2024)**, then **RMB 3.24 billion in H1 2025** (up 64% year on year), with gross margin improving to about 50%. Yet net losses were heavy — **RMB 554 million, RMB 817 million and RMB 892 million** across 2022–2024, and **RMB 609 million in H1 2025** — driven by relentless R&D. In other words, the market is pricing a future where China's AI compute (算力) is built on local silicon. The company is not yet profitable, and may not be for years. ## What readers can do now - **If you follow semiconductors:** track Iluvatar's shipment growth and gross margin — the path to profit runs through volume, not just design wins. - **If you invest in HK listings:** read the prospectus's loss trajectory before treating the 7nm story as a moat; peers Moore Threads and Biren listed around the same window. - **If you use Chinese AI services:** domestic GPUs are the reason many local models kept training through export curbs — a quieter form of supply security. ## Honest limitations Key figures — HKEX listing 8 Jan 2026, ticker 9903.HK, issue price HK$144.60, ~25.43M H shares, ~HK$3.7B raised, ~HK$35.4B market cap, 18 cornerstones (~43% of offer) including ZTE HK/UBS AM Singapore/Fourth Paradigm/ChinaAMC HK/Hua Sheng Tian Cheng; 2025 D round >RMB 1.4B (≈ US$197M / HK$1.5B) with Sequoia China/Yuanhe, D+ round RMB 2.05B (≈ US$289M / HK$2.26B) at ~RMB 12B pre-money with Xingnahe/Quzhou Zhizao; cumulative private funding >RMB 5.52B per Caixin; revenue RMB 1.89B/2.89B/5.40B (2022–24) and RMB 3.24B H1 2025 (+64% YoY), gross margin ~50%, net losses RMB 554M/817M/892M and RMB 609M H1 2025; shipments 7.8k/12.7k/16.8k (2022–24) and 15.7k H1 2025; "first China 7nm mass-produced GPU" per prospectus citing Frost & Sullivan — come from the company's listing documents / investor-relations site (ir.iluvatar.com), Eastmoney, Caixin and China Tech News. HK-dollar figures use ~HK$7.8 = US$1 for the USD equivalent; RMB figures use fixed rates RMB 7.1 = US$1, RMB 1 = HK$1.1 (e.g., 1.4/7.1 ≈ 197M; 2.05/7.1 ≈ 289M; 12/7.1 ≈ 1.69B). The "first 7nm" claim is the company's, sourced to Frost & Sullivan via the prospectus — not independently re-audited here. Not investment advice. Current to 9 November 2026. --- Published by NeuroAI (https://neuroai.site/) — https://neuroai.site/a/na-capital-iluvatar-hk-ipo Free to quote with attribution and a link to the original.