Iluvatar CoreX, a Chinese AI chipmaker, is reportedly considering an initial public offering in Hong Kong. The company, formally known as Shanghai Tianshu Zhixin Semiconductor Co, is working with advisors for a potential share sale. The IPO could raise between $300 million and $400 million.
Founded in 2015, Iluvatar CoreX produces graphics processing units (GPUs) crucial for AI services. The company has raised significant funding, including 1.2 billion yuan in 2021 and another 1 billion yuan in 2022. Iluvatar CoreX is among several Chinese AI firms exploring public listings in Hong Kong, driven by investor interest and Beijing's push for domestic alternatives to Nvidia chips. Other companies planning Hong Kong IPOs include MiniMax, Zhipu, and Shanghai Biren Intelligent Technology.
This trend reflects a broader effort to bolster China's semiconductor capabilities and reduce reliance on foreign technology. The Hong Kong market has seen increased activity, with the Hang Seng Index experiencing a rally.
