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Chinese designer of general-purpose GPU chips (GPGPU) for AI training and inference workloads.
Chinese designer of general-purpose GPU chips (GPGPU) for AI training and inference workloads.
Sells GPU cards and full servers to Chinese cloud and AI customers, with its software kit sold alongside because buyers need working training and inference tools. It has yet to turn a profit and relied on funding rounds before listing in Hong Kong.
In one line: A small Chinese Nvidia challenger.
Moat: narrow (IP / patents, process know-how). One of few Chinese firms with a working GPGPU-plus-software stack, aided by Nvidia export limits, but far behind Nvidia technically.
Headquarters: Shanghai, China · Founded: 2015 · Employees: 759
Size Shanghai Iluvatar CoreX Semiconductor (9903.HK) is a Hong Kong Information Technology company (Semiconductors) with a market value of $6.06B, the 231st largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$318.80 on 6 Nov 2026.
Performance Over six months the shares fell 5.7%, against -22.1% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue grew 157.8% over the last twelve months (peer median +22.3%); the operating margin is -64.6% (peer median 16.9%).
Valuation It trades at 24.9× enterprise value to sales against a peer median of 5.6× (2nd most expensive of 21).
Capital Return on invested capital runs 24.1 points below its cost of capital (5.3% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$1.85B | HK$1.12B | HK$585M | HK$319M | HK$220M |
| Revenue growth | — | +92% | +83% | +45% | — |
| Gross profit | HK$631M | HK$647M | HK$120M | HK$27.9M | HK$25.9M |
| EBITDA | -HK$980M | -HK$906M | -HK$829M | -HK$781M | -HK$567M |
| Net income | -HK$311M | -HK$1.09B | -HK$968M | -HK$874M | -HK$609M |
| Free cash flow | -HK$4.12B | -HK$1.39B | -HK$780M | -HK$973M | -HK$755M |
| Capital expenditure | HK$557M | HK$217M | HK$192M | HK$142M | HK$181M |
| Total debt | n/a | HK$1.19B | HK$731M | HK$564M | HK$227M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Shanghai Iluvatar CoreX Semiconductor 9903.HK | $6.06B | -6% | +158% | -65% | 24.9× | n/a |
| Shanghai Biren Technology 6082.HK | $6.03B | -67% | +542% | -47% | 16.4× | n/a |
| Cambricon Technologies 688256.SS | $75.7B | -30% | +104% | 33% | 44.3× | n/a |
| Nvidia NVDA | $4.50T | -13% | +83% | 65% | 14.7× | 26.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9903.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.7% | -20.0% | 9th lowest of 21 |
| 6-month return | -5.7% | -22.1% | 7th highest of 20 |
| Distance from 52-week high | -64.1% | -51.5% | 3rd lowest of 21 |
| Revenue growth (TTM) | +157.8% | +22.3% | 2nd highest of 21 |
| Operating margin | -64.6% | 16.9% | 2nd lowest of 21 |
| EV / Sales | 24.9× | 5.6× | 2nd most expensive of 21 |
| ROIC minus cost of capital | -24.1 pp | -3.2 pp | 2nd lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanghai Iluvatar CoreX Semiconductor 9903.HK | Hong Kong | $6.06B | -6% | +158% | -65% | 24.9× | n/a | n/a |
| Shanghai Biren Technology 6082.HK | Hong Kong | $6.03B | -67% | +542% | -47% | 16.4× | n/a | n/a |
| Yangzhou Yangjie Electronic Technology 300373.SZ | China | $5.99B | -3% | +29% | 18% | 4.4× | 18.1% | +22.3% |
| Hangzhou Silan Microelectronics 600460.SS | China | $5.93B | -18% | +12% | 2% | 3.2× | n/a | n/a |
| Beijing YanDong MicroElectronic 688172.SS | China | $5.86B | -26% | +22% | -89% | 24.2× | n/a | n/a |
| Amlogic (Shanghai) 688099.SS | China | $5.84B | -13% | +39% | 17% | 4.2× | n/a | n/a |
| GRINM Semiconductor Materials 688432.SS | China | $6.34B | +131% | +36% | 19% | 30.8× | n/a | n/a |
| SG Micro 3661.HK | Hong Kong | $5.78B | n/a | +54% | 17% | 6.1× | 3.4% | +25.8% |
| FormFactor FORM | United States | $6.36B | -45% | +29% | 21% | 6.1× | 22.4% | +2.5% |
| Unigroup Guoxin Microelectronics 002049.SZ | China | $6.37B | -35% | -1% | 18% | 6.9× | 24.4% | +13.5% |
| Henan Shijia Photons Technology 688313.SS | China | $5.72B | -36% | +73% | 22% | 11.8× | n/a | n/a |
| Cirrus Logic CRUS | United States | $5.69B | -34% | +6% | 23% | 2.4× | 1.5% | +7.8% |
| TCL Zhonghuan Renewable Energy Technology 002129.SZ | China | $5.68B | +9% | +13% | -27% | 3.6× | n/a | n/a |
| Espressif Systems (Shanghai) 688018.SS | China | $5.61B | +30% | +23% | 19% | 11.7× | 36.0% | +25.3% |
| Silicon Motion Technology Corporation Sponsored ADR SIMO | United States | $5.52B | -36% | +104% | 21% | 3.2× | n/a | n/a |
| Suzhou Maxwell Technologies 300751.SZ | China | $6.72B | -33% | -26% | 6% | 7.5× | 47.7% | +29.0% |
| Jinko Solar 688223.SS | China | $6.73B | -34% | -18% | -11% | 1.3× | n/a | n/a |
| Rohm 6963.T | Japan | $6.76B | -19% | +12% | 4% | 2.0× | n/a | n/a |
| Sigmastar Technology 301536.SZ | China | $5.41B | +4% | +99% | 31% | 6.7× | 19.6% | +20.0% |
| GalaxyCore 688728.SS | China | $5.41B | +1% | +16% | 3% | 5.2× | 28.8% | +3.8% |
| Vanguard International Semiconductor 5347.TWO | Taiwan | $6.82B | -22% | +10% | 17% | 4.8× | n/a | n/a |