Shanghai Iluvatar CoreX Semi Shares Surge After Unveiling $900 Million Placement
By Megan Cheah
Shares of Shanghai Iluvatar CoreX Semiconductor climbed after the company disclosed plans to raise US$901.9 million to augment its supply-chain resilience and enhance its products.
The stock rose as much as 11% to 621.00 Hong Kong dollars, equivalent to US$79.22, in afternoon trade.
The Hong Kong-listed chip company said Thursday it had agreed to place 14.85 million new shares at HK$476.00 each. That was about a 15% discount to its stock's closing price on Wednesday.
The proceeds will mostly be used to boost its supply-chain resilience, and scale up commercial deployment of its products and artificial-intelligence computing solutions.
Goldman Sachs and Morgan Stanley are among coordinators for Iluvatar's share placement.
Chinese AI-related companies have been raising funds to scale their computing infrastructure and model development amid intensifying competition in the sector globally.
Write to Megan Cheah at megan.cheah@wsj.com
(END) Dow Jones Newswires
July 09, 2026 03:29 ET (07:29 GMT)
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