Kirkland Advises Iluvatar CoreX on its Hong Kong IPO

Kirkland & Ellis acted as counsel to the sole sponsor, Huatai Financial Holdings (Hong Kong) Limited, and the underwriters, and as lead counsel drafting the prospectus, in connection with the H-share listing of Shanghai Iluvatar CoreX Semiconductor Co., Ltd.  (Iluvatar CoreX) (HKEX: 9903) on the Main Board of The Stock Exchange of Hong Kong.

Since its inception, Iluvatar CoreX has garnered support from leading investment firms including Centurium Capital, Hainan Shuxin, Cedarlake Capital, Focustar Capital and HOPU Investments. This landmark IPO raised approximately HK$ 3.7 billion (equivalent to approximately US$476 million) , with the Hong Kong public offering tranche was oversubscribed by over 400 times. The significant interest from leading industry investors and top-tier investment funds reflects strong market confidence in Iluvatar CoreX’s leadership and growth potential.

As a leading player in China’s general-purpose GPU industry, Iluvatar CoreX is dedicated to providing core computing infrastructure for AI-driven digital transformation. With AI technologies advancing rapidly and being deployed across a wide range of applications, general-purpose GPUs have become a cornerstone for driving AI computing power. The successful listing of Iluvatar CoreX underscores the international capital market’s recognition of the rise of Chinese hard-tech innovators.

Throughout the transaction, Kirkland played a critical role, including drafting key sections of the prospectus, addressing complex legal issues related to sanctions and export controls and counseling on regulatory communications.

The Kirkland team included capital market lawyers Mengyu Lu, Brian Ho, Ryan Choi, Qingyu Wu, Jiawei Zhao, Yan Liang and Qianqian Yu.