# Shanghai Iluvatar CoreX Semiconductor plans $800M share sale in Hong Kong > Source: > Published: 2026-07-08 04:38:51+00:00 # Shanghai Iluvatar CoreX Semiconductor plans $800M share sale in Hong Kong The Chinese GPU maker is reportedly looking to raise fresh capital just months after its IPO, as demand for domestic AI chips surges amid US export controls Shanghai Iluvatar CoreX Semiconductor, one of China’s homegrown GPU champions, is considering a share sale that could raise at least $800 million in Hong Kong. The move would represent a significant capital raise for a company that only recently went public. For context, Iluvatar CoreX completed its Hong Kong IPO on January 8, 2026, raising approximately HK$3.7 billion, or about $475 million. An $800 million secondary offering would nearly double the total capital the company has pulled from public markets. ## A company riding the AI chip wave Iluvatar CoreX, founded in December 2015, develops general-purpose GPUs designed for both AI training and inference workloads. Its product lineup includes the TG series for training and the ZK series for inference. The company’s IPO priced shares at HK$144.60 each, giving it a valuation of roughly $4.6 billion at listing. As of mid-June 2026, ByteDance was in advanced discussions to purchase at least 50,000 of Iluvatar CoreX’s AI inference chips, which would make the company ByteDance’s third major supplier for AI hardware. ## What this means for investors The potential $800 million share sale would nearly double Iluvatar CoreX’s total public market fundraising, bringing cumulative capital raised to roughly $1.3 billion. Iluvatar CoreX trades on the Hong Kong Stock Exchange under ticker 9903.HK. Post-IPO lock-up expirations have created selling pressure as early investors and insiders gain the ability to offload shares. The ByteDance relationship creates concentration risk. If a single customer represents an outsized share of revenue, any disruption to that relationship could hit hard. Iluvatar CoreX isn’t the only Chinese company building GPUs for AI workloads. Firms like Huawei’s HiSilicon and Cambricon Technologies are competing for the same pool of domestic customers. For traders watching 9903.HK, the key variables are the final terms and pricing of any share sale, progress on the ByteDance deal, and whether the company can demonstrate meaningful revenue growth in its next earnings report. **Disclosure:** This article was edited by Editorial Team. For more information on how we create and review content, see our [Editorial Policy](https://cryptobriefing.com/editorial-policy/).