天数智芯，通过港交所IPO聆讯，或很快香港上市，华泰国际独家保荐

Core Insights - Shanghai Iluvatar CoreX Semiconductor Co., Ltd. (referred to as "the Company") is preparing for an IPO on the Hong Kong Stock Exchange, having disclosed its post-hearing prospectus on December 19, 2025 [2] - The Company specializes in general GPU products and AI computing solutions, with a focus on hardware and proprietary software integration to meet specific customer needs in training and inference scenarios [2][3] - The Company is the first in China to achieve mass production of inference and training general GPU chips, utilizing advanced 7nm process technology [2] Business Overview - The Company was established in 2015 and offers a range of products including general GPU chips, acceleration cards, and customized AI computing solutions [2] - The product lines include the Tianwei series for AI model training and the Zhikai series for inference applications, collectively covering the AI computing field [4] - As of June 30, 2025, the Company has delivered over 52,000 general GPU products to more than 290 customers across various industries, with over 900 deployments in key sectors such as financial services, healthcare, and transportation [4] Financial Performance - The Company's revenue has shown significant growth, with reported figures of RMB 189.369 million in 2022, RMB 289.041 million in 2023, and projected RMB 539.511 million in 2024 [15][16] - Despite revenue growth, the Company has incurred net losses of RMB 5.54 billion in 2022, RMB 8.17 billion in 2023, and RMB 6.09 billion in the first half of 2025 [15][16] Shareholder Structure - The largest shareholder group, holding 23.61% of the shares, consists of employees through various entities and passive financial investors, with voting decisions made by the management committee [8][9] - Other significant shareholders include Dazheng Capital (22.92%) and Hainan Shuxin (7.51%) [9] Board of Directors - The Company's board consists of 9 members, including 4 executive directors and 3 independent non-executive directors, with a diverse background in technology and finance [12][14] Underwriting Team - The IPO underwriting team includes Huatai International as the sole sponsor, Ernst & Young as the auditor, and various legal advisors for both Chinese and Hong Kong jurisdictions [17]