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Iluvatar CoreX, a Chinese artificial intelligence (AI) chipmaker, is reportedly considering an initial public offering (IPO) in Hong Kong. This move comes amidst growing investor interest in Chinese AI chipmakers, fueled by Beijing's encouragement to avoid using Nvidia Corp. processors. According to sources familiar with the matter, Iluvatar CoreX is in preliminary discussions with advisers regarding a potential IPO that could raise between $300 million to $400 million [1].

Iluvatar CoreX, formerly known as Shanghai Tianshu Zhixin Semiconductor Co., is a key player in the AI chip market, producing graphics processing units essential for running AI services. The company has previously raised significant funds, including a $1.2 billion funding round in 2021 and a $1 billion round in 2022 [1]. This IPO could provide a significant boost to the company's financial position and visibility in the global AI chip market.

The timing of this potential IPO coincides with China's urging of companies to shun Nvidia's H20 processors, which has driven interest in domestic alternatives like Iluvatar CoreX. The Hong Kong market has seen increased activity in Chinese stocks, with the Hang Seng Index rallying by nearly 28% this year, driven in part by the emergence of companies like DeepSeek [1].

Other Chinese AI companies, such as MiniMax and Zhipu, are also planning IPOs in Hong Kong, adding to the pipeline of Chinese AI companies seeking to tap into investor interest. Shanghai Biren Intelligent Technology Co., another chipmaker, has recently filed confidentially for an IPO [1].

The Hong Kong Monetary Authority (HKMA) has also announced a tender for 2-year Exchange Fund Notes on August 22, 2025, which could provide additional liquidity and support for the financial market [2]. This tender, worth HK$1,200 million, includes a non-competitive tender portion for retail investors.

Meanwhile, China Evergrande Group, one of China's largest property developers, is set to be delisted from the Hong Kong Stock Exchange on August 25, 2025, following a liquidation order due to its debt collapse [3]. The delisting of Evergrande, once a prestige company, adds to the ongoing challenges faced by the Chinese property market, which has been in a multi-year downturn despite government efforts to revive consumer demand.

In conclusion, the potential IPO of Iluvatar CoreX and the ongoing market activity in Hong Kong reflect the growing interest in Chinese AI technology and the broader financial landscape. Investors and financial professionals should closely monitor these developments for potential investment opportunities and market impacts.

References:
[1] https://www.bloomberg.com/news/articles/2025-08-13/ai-chipmaker-iluvatar-corex-is-said-to-mull-hong-kong-ipo
[2] https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/08/20250813-3/
[3] https://economictimes.indiatimes.com/news/international/us/china-evergrande-group-worlds-most-indebted-property-developer-to-delist-from-hong-kong-stock-exchange-after-largest-debt-collapse/articleshow/123258461.cms?from=mdr