Iluvatar CoreX, a Shanghai-based AI chipmaker, is considering an IPO in Hong Kong that could raise between US$300 million and US$400 million, according to sources cited by Bloomberg.

The company is working with advisers on the potential listing, but the process is still at an early stage and details may change.

Iluvatar CoreX manufactures graphics processing units used in AI applications.

The company was founded in 2015 and has raised funding from investors including Centurium, Cedarlake Capital, Beijing Financial Street Capital, and Hopu.

Several Chinese AI firms are preparing to go public in Hong Kong as Beijing encourages domestic companies to reduce reliance on Nvidia chips.

Other companies planning IPOs in Hong Kong include MiniMax, Zhipu, and Shanghai Biren Intelligent Technology.

🔗 Source: Bloomberg