Iluvatar CoreX (09903.HK): to Raise Net Proceeds of HK$7.034 Billion, 60% for Supply Chain Resilience

Shanghai Iluvatar CoreX Semiconductor Co., Ltd. (Stock Code: 9903) announced that on 9 July 2026 (before trading hours), the company entered into a placing agreement with the placing agents, pursuant to which the placing agents conditionally and severally agreed to use their best efforts to procure not fewer than six placees to purchase 14,857,000 new H shares at a placing price of HK$476.00 per H share.

The placing shares represent approximately 6.06% of the H shares and approximately 5.84% of the total shares in issue (excluding any treasury shares) as at the date of this announcement, and approximately 5.72% and 5.52% respectively of the enlarged issued H shares and total shares in issue. Assuming all placing shares are fully placed, the gross proceeds and net proceeds (after deducting commissions and estimated expenses) are expected to be approximately HK$7,071.9 million and approximately HK$7,033.5 million respectively. The net issue price per placing share will be approximately HK$473.41.

The placing shares will be issued under the general mandate, under which the board is authorized to issue, allot and deal with up to 50,863,547 shares, representing 20% of the shares in issue on the annual general meeting date. As at the date of this announcement, the company has not utilized the general mandate, and the placing shares represent approximately 29.21% of the general mandate. The board has approved the placing under the general mandate, and no further shareholders' approval is required. Subject to all conditions being satisfied, the placing will be completed on the settlement date, being 13 July 2026.

The company intends to apply the net proceeds primarily as follows: approximately 60% for strategic supply chain resilience and procurement planning for key materials and components; approximately 15% for accelerating product iteration and engineering verification of existing products, and expediting R&D and commercialization of next-generation products; approximately 10% for enhancing full-stack software platforms, model adaptation and developer ecosystems, and expanding scenario-based AI computing solutions in key industries; approximately 10% for selective strategic investments and acquisitions; and approximately 5% for working capital and general corporate purposes. The company expects the net proceeds to be fully utilized by the end of 2027.

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