Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Shanghai Iluvatar CoreX Semiconductor is getting ready to complete its IPO in Hong Kong on 8 January 2026. </li>
<li>Iluvatar CoreX is a domestic leader in China's general-purpose GPU sector and was the first Chinese chip designer to mass-produce both training and inference GPGPU chips using 7nm process technology.</li>
<li>The company is offering 25.43 million shares at HK$144.6 per share to raise around HK$3.7 billion (US$475 million). At this IPO price, it values the company at about US$4.6 billion. </li>
</ul>


Shanghai Iluvatar CoreX Semiconductor is getting ready to complete its IPO in Hong Kong on 8 January 2026. 
Iluvatar CoreX is a domestic leader in China's general-purpose GPU sector and was the first Chinese chip designer to mass-produce both training and inference GPGPU chips using 7nm process technology.
The company is offering 25.43 million shares at HK$144.6 per share to raise around HK$3.7 billion (US$475 million). At this IPO price, it values the company at about US$4.6 billion. 


Shanghai Iluvatar CoreX Semiconductor Hong Kong IPO Preview

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Beijing ESWIN Computing Technology / Equity Capital Markets

Beijing ESWIN Computing Technology (ESWIN HK)

<ul>
<li>ESWIN Computing, a RISC-V oriented chip product provider, raised HKD 2,386m (USD 304m) from its global offering and will list on HKEX on Friday, October 9, 2026.</li>
<li>In our previous note, we looked at the deal terms and the company's valuation.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


ESWIN Computing, a RISC-V oriented chip product provider, raised HKD 2,386m (USD 304m) from its global offering and will list on HKEX on Friday, October 9, 2026.
In our previous note, we looked at the deal terms and the company's valuation.
In this note, we provide an update for the IPO before its trading debut.


ESWIN Computing (奕斯伟计算) IPO Trading

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Chinese technology IPOs continue to outperform US tech sector IPOs in 2026.  China has instituted supportive policies to help its tech companies list on both the A- and H-share markets.</li>
<li>The CSI Information and Technology index has outperformed Nasdaq this year, even though China's largest chip makers have only a small fraction of the market capitalization of their global peers.</li>
<li>China's self-reliance policies, AI breakthroughs, USD weakness, and Hong Kong's international role continue to support the strong performance of China's tech IPOs this year.</li>
</ul>


Chinese technology IPOs continue to outperform US tech sector IPOs in 2026.  China has instituted supportive policies to help its tech companies list on both the A- and H-share markets.
The CSI Information and Technology index has outperformed Nasdaq this year, even though China's largest chip makers have only a small fraction of the market capitalization of their global peers.
China's self-reliance policies, AI breakthroughs, USD weakness, and Hong Kong's international role continue to support the strong performance of China's tech IPOs this year.


CHINA Vs U.S. TECH IPOs: WHY CHINA IS OUTPERFORMING (June 2026)

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The collapse of the US markets on Friday, following better-than-expected nonfarm payrolls in May, is expected to send the Asian markets into panic on Monday.</li>
<li>The IPOs in Hong Kong this year are vulnerable, especially those that performed well, like <a href="https://www.smartkarma.com/entities/knowledge-atlas-technology-joint-stock-company-limited-class-h" target="_blank" data-smartkarma-citation="entities:44500:1" rel="noopener">Knowledge Atlas Technology (2513 HK)</a> and Beijing Deepzero Technology (2723 HK).</li>
<li>
<a href="https://www.smartkarma.com/entities/giga-device-semiconductor-inc-class-h" target="_blank" data-smartkarma-citation="entities:46238:1" rel="noopener">GigaDevice Semiconductor (3986 HK)</a>, <a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener">Montage Technology (6809 HK)</a>, and <a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (100 HK)</a> are also riskier names in the current market environment. </li>
</ul>


The collapse of the US markets on Friday, following better-than-expected nonfarm payrolls in May, is expected to send the Asian markets into panic on Monday.
The IPOs in Hong Kong this year are vulnerable, especially those that performed well, like Knowledge Atlas Technology (2513 HK) and Beijing Deepzero Technology (2723 HK).

GigaDevice Semiconductor (3986 HK), Montage Technology (6809 HK), and MiniMax (100 HK) are also riskier names in the current market environment. 


HK Strategy: The Imminent Sell-Off - What IPOs Are More Vulnerable?

<ul>
<li>The Hong Kong Alpha portfolio gained 9.7% in May, outperforming its benchmark by 10.57%.  The portfolio has outperformed Hong Kong indexes by 57% to 75% since its inception in 10/2024.</li>
<li>The portfolio has a Sharpe ratio of 1.37 since its inception, with a mean excess annualized return of 21% and a beta of 1.2.  </li>
<li>At the end of May, we sold our remaining positions in the mining and materials sectors and added positions in the power, consumer and property sectors.</li>
</ul>


The Hong Kong Alpha portfolio gained 9.7% in May, outperforming its benchmark by 10.57%.  The portfolio has outperformed Hong Kong indexes by 57% to 75% since its inception in 10/2024.
The portfolio has a Sharpe ratio of 1.37 since its inception, with a mean excess annualized return of 21% and a beta of 1.2.  
At the end of May, we sold our remaining positions in the mining and materials sectors and added positions in the power, consumer and property sectors.


China

Iluvatar CoreX designs high-performance semiconductor chips, specifically general-purpose computing on graphics processing units (GPGPUs), and provides AI computing solutions. Its product portfolio includes GPGPU chips and accelerators for both training and inference scenarios, along with customized AI computing solutions such as GPGPU servers and clusters. The company was founded in December 2015 and is headquartered in Shanghai, China.

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Iluvatar CoreX (9903 HK)

Shanghai Iluvatar CoreX Semiconductor Hong Kong IPO Preview

Iluvatar CoreX is getting ready to complete its IPO in Hong Kong on 8 January 2026. The company is offering 25.43 million shares at HK$144.6 per...

Douglas Kim

ESWIN Computing (奕斯伟计算) IPO Trading

ESWIN Computing raised USD 304m to list on HKEX on Friday, October 9. We are cautious on debut performance given the weak subscription and the rich...

Ke Yan, CFA, FRM

CHINA Vs U.S. TECH IPOs: WHY CHINA IS OUTPERFORMING (June 2026)

Chinese technology IPOs continue to outperform US tech sector IPOs in 2026. China has instituted supportive policies to help its tech companies...

David Mudd

HK Strategy: The Imminent Sell-Off - What IPOs Are More Vulnerable?

The US market collapse on Friday will trigger panic in Asian markets. HK IPOs like Knowledge Atlas, Beijing Deepzero, GigaDevice Semiconductor,...

Osbert Tang, CFA

HONG KONG ALPHA PORTFOLIO: (May 2026)

The Hong Kong Alpha portfolio gained 9.7% in May, outperforming its benchmark by 10.57%. The portfolio has outperformed Hong Kong indexes by 57%...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shanghai Iluvatar CoreX Semiconductor Hong Kong IPO Preview

Iluvatar CoreX is getting ready to complete its IPO in Hong Kong on 8 January 2026. The company is offering 25.43 million shares at HK$144.6 per...

Douglas Kim

ESWIN Computing (奕斯伟计算) IPO Trading

ESWIN Computing raised USD 304m to list on HKEX on Friday, October 9. We are cautious on debut performance given the weak subscription and the rich...

Ke Yan, CFA, FRM

CHINA Vs U.S. TECH IPOs: WHY CHINA IS OUTPERFORMING (June 2026)

Chinese technology IPOs continue to outperform US tech sector IPOs in 2026. China has instituted supportive policies to help its tech companies...

David Mudd

HK Strategy: The Imminent Sell-Off - What IPOs Are More Vulnerable?

​The US market collapse on Friday will trigger panic in Asian markets. HK IPOs like Knowledge Atlas, Beijing Deepzero, GigaDevice Semiconductor,...

Osbert Tang, CFA

HONG KONG ALPHA PORTFOLIO: (May 2026)

The Hong Kong Alpha portfolio gained 9.7% in May, outperforming its benchmark by 10.57%. The portfolio has outperformed Hong Kong indexes by 57%...

David Mudd

The US market collapse on Friday will trigger panic in Asian markets. HK IPOs like Knowledge Atlas, Beijing Deepzero, GigaDevice Semiconductor,...