IPO Timeline
Broker Deadline
2026-01-05
Morning deadline
HKEX Deadline
2026-01-05
Noon deadline
Broker Results (T-2)
2026-01-06
Some brokers release in afternoon
Grey Market (T-1)
2026-01-07
Afternoon
HKEX Allotment (T-1)
2026-01-07
Evening
Registrar Allotment (T-1)
2026-01-07
Evening
Listing Day (T)
2026-01-08
First day of trading
Company Overview
| Stock Name | 天数智芯 |
|---|---|
| Stock Code | 09903 |
| Company Full Name | 天数智芯 |
| Industry | Robotics |
| Principal Activities | 提供針對不同行業的通用GPU產品及AI算力解決方案，包括通用GPU芯片及加速卡，以及定制AI算力解決方案（包括通用GPU服務器及集群），將硬件與專有的軟件棧結合，以滿足客戶在訓練及推理場景中的特定需求。 |
| Listing Date | 2026-01-08 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | No. 2168 Chenhang Road Minhang District Shanghai, China |
| Business Address (Hong Kong) | 香港灣仔皇后大道東248號大新金融中心40樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.iluvatar.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | Computershare Hong Kong Investor Services Limited |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 144.60 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 14,460 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-12-30 to 2026-01-05 |
| Global Offering Shares | 90 shares |
| HK Public Offer Shares (Initial) | 2,543,200 shares (2825777.8%) |
| Public Offer Lots (Initial) | 25,432lots (12,716lots, 12,716lots) |
| International Placing Shares (Initial) | 22,888,600 shares (-2825677.8%) |
| Offer Ratio | ~2825777.8% |
| Total Shares Post-IPO | 254,317,736 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 0% |
| Clawback Tiers | 机制B：无回补机制 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 13,014 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 14,460 |
| 2 lots | 200 | HK$ 28,920 |
| 3 lots | 300 | HK$ 43,380 |
| 4 lots | 400 | HK$ 57,840 |
| 5 lots | 500 | HK$ 72,300 |
| 6 lots | 600 | HK$ 86,760 |
| 7 lots | 700 | HK$ 101,220 |
| 8 lots | 800 | HK$ 115,680 |
| 9 lots | 900 | HK$ 130,140 |
| 10 lots | 1,000 | HK$ 144,600 |
| 15 lots | 1,500 | HK$ 216,900 |
| 20 lots | 2,000 | HK$ 289,200 |
| 25 lots | 2,500 | HK$ 361,500 |
| 30 lots | 3,000 | HK$ 433,800 |
| 35 lots | 3,500 | HK$ 506,100 |
| 40 lots | 4,000 | HK$ 578,400 |
| 45 lots | 4,500 | HK$ 650,700 |
| 50 lots | 5,000 | HK$ 723,000 |
| 60 lots | 6,000 | HK$ 867,600 |
| 70 lots | 7,000 | HK$ 1,012,200 |
| 80 lots | 8,000 | HK$ 1,156,800 |
| 90 lots | 9,000 | HK$ 1,301,400 |
| 100 lots | 10,000 | HK$ 1,446,000 |
| 200 lots | 20,000 | HK$ 2,892,000 |
| 300 lots | 30,000 | HK$ 4,338,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 400 lots | 40,000 | HK$ 5,784,000 |
| 500 lots | 50,000 | HK$ 7,230,000 |
| 600 lots | 60,000 | HK$ 8,676,000 |
| 700 lots | 70,000 | HK$ 10,122,000 |
| 800 lots | 80,000 | HK$ 11,568,000 |
| 900 lots | 90,000 | HK$ 13,014,000 |
| 1,000 lots | 100,000 | HK$ 14,460,000 |
| 2,000 lots | 200,000 | HK$ 28,920,000 |
| 3,000 lots | 300,000 | HK$ 43,380,000 |
| 4,000 lots | 400,000 | HK$ 57,840,000 |
| 5,000 lots | 500,000 | HK$ 72,300,000 |
| 6,000 lots | 600,000 | HK$ 86,760,000 |
| 7,000 lots | 700,000 | HK$ 101,220,000 |
| 8,000 lots | 800,000 | HK$ 115,680,000 |
| 9,000 lots | 900,000 | HK$ 130,140,000 |
| 10,000 lots | 1,000,000 | HK$ 144,600,000 |
| 11,000 lots | 1,100,000 | HK$ 159,060,000 |
| 12,716 lots | 1,271,600 | HK$ 183,873,360 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 36,774,344,625 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不適用（公司處於虧損狀態） |
| Profit/Loss Status | 虧損人民幣892.4百萬元（2024年） |
| Period-End Cash Balance | 人民币511,800,000元 |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | ~5.4% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 156.8 |
|---|---|
| First Day Open | HK$ 190.2 |
| First Day Change | 8.44% |
| First Day Volume | 8228200.0 |
| First Day Turnover | 1404440000.0 |
Use of Proceeds
| Use of Proceeds | 1、約80.0%或2,782.9百萬港元將用于研發我們的產品及解決方案； 2、約10.0%或347.9百萬港元將于未來五年內用于銷售及市場推廣； 3、約10.0%或347.9百萬港元將用于營運資金及一般企業用途。 |
|---|
Underwriting Syndicate
Sole Sponsor (1)
华泰金融控股（香港）有限公司 CE AOK809(sole)
Sponsor cum Overall Coordinator (1)
华泰金融控股（香港）有限公司 CE AOK809(sole)
Overall Coordinators (2)
华泰金融控股（香港）有限公司 CE AOK809
招银国际融资有限公司 CE AVM940
Joint Global Coordinators (4)
华泰金融控股（香港）有限公司 CE AOK809
招银国际融资有限公司 CE AVM940
国信证券（香港）经纪有限公司 CE AUI491
中泰国际证券有限公司 CE BAA855
Joint Bookrunners (7)
华泰金融控股（香港）有限公司 CE AOK809
招银国际融资有限公司 CE AVM940
国信证券（香港）经纪有限公司 CE AUI491
中泰国际证券有限公司 CE BAA855
保利证券有限公司 CE BTJ616
衡山证券资产管理有限公司 CE BFT408
星河证券有限公司 CE BJG526
Joint Lead Managers (7)
华泰金融控股（香港）有限公司 CE AOK809
招银国际融资有限公司 CE AVM940
国信证券（香港）经纪有限公司 CE AUI491
中泰国际证券有限公司 CE BAA855
保利证券有限公司 CE BTJ616
衡山证券资产管理有限公司 CE BFT408
星河证券有限公司 CE BJG526
Capital Market Intermediaries (7)
华泰金融控股（香港）有限公司 CE AOK809
招银国际融资有限公司 CE AVM940
国信证券（香港）经纪有限公司 CE AUI491
中泰国际证券有限公司 CE BAA855
保利证券有限公司 CE BTJ616
衡山证券资产管理有限公司 CE BFT408
星河证券有限公司 CE BJG526
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
竞天公诚律师事务所有限法律责任合伙 竞天公诚律师事务所 霍金路伟律师行 |
| Legal Advisor to Sponsors/Underwriters |
凯易律师事务所 环球律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Receiving Banks | 招商永隆银行有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 京华胜天成科技股份有限公司 | — | — | — | — | 6 months | 2026-07-08 |
| 2 | Qin Wan Investment Limited | — | — | — | — | 6 months | 2026-07-08 |
| 3 | OCM Limited | — | — | — | — | 6 months | 2026-07-08 |
| 4 | Ocean Fine Industrial Limited | — | — | — | — | 6 months | 2026-07-08 |
| 5 | 第四范式国际有限公司 | — | — | — | — | 6 months | 2026-07-08 |
| 6 | 安擎国际有限公司 | — | — | — | — | 6 months | 2026-07-08 |
| 7 | DeepRoot Alpha Ltd | — | — | — | — | 6 months | 2026-07-08 |
| 8 | 中国东方国际资产管理有限公司 | — | — | — | — | 6 months | 2026-07-08 |
| 9 | 公司为华夏基金管理有限公司 | — | — | — | — | 6 months | 2026-07-08 |
| 10 | 芯鑫控股有限公司 | — | — | — | — | 6 months | 2026-07-08 |
| 11 | 资租赁有限责任公司 | — | — | — | — | 6 months | 2026-07-08 |
| 12 | 明山资本有限公司 | — | — | — | — | 6 months | 2026-07-08 |
Directors & Management
| Chairman | 蓋魯江 |
|---|---|
| Company Secretary | Mr. Yang Lei |
執行董事 (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 盖鲁江 | — | 執行董事 |
| 2 | 孙怡乐 | — | 執行董事 |
| 3 | 刘峥 | — | 執行董事 |
| 4 | 杨磊 | — | 執行董事 |
非執行董事 (2)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 王晨 | — | 非執行董事 |
| 2 | 寇潇潇 | — | 非執行董事 |
獨立非執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 滕勇 | — | 獨立非執行董事 |
| 2 | 任今涛 | — | 獨立非執行董事 |
| 3 | 王燕 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | SUBSTANTIAL SHAREHOLDERS So far as our Directors are aware, immediately upon Listing, the following persons will have interests and/or short positions in the Shares or underlying shares of our Company which wouldfalltobedisclosedpursuanttotheprovisionsofDivisions2and3ofPart |
|---|
AI
AI Analysis
Market Sentiment
天数智芯超额认购10.68倍，中签率12.42%，反映市场对半导体行业有一定热情但未过度狂热。最终发售价144.6港元，入场门槛约1.45万港元，在同类新股中不算低，整体申购情绪属温和偏暖。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）
Tier Analysis
甲尾（30,000股）期望中签0.0859手，而乙头（40,000股）期望中签达0.3001手，乙头以仅多33%的申购量获得约3.5倍的中签手数，呈现显著的优势。这一差距远超正常比例，显示乙组分配机制对大户明显更慷慨，甲尾资金效率相对低效。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不同券商手续费结构各异，实际成本可能不同。不构成投资建议。）
Demographics
本次申购数据中内地及香港持有人占比均显示为零，可能源于统计窗口未完整收录或数据源缺失，无法判断实际地域分布。年龄与性别画像同样不可得，不建议据此推断人群偏好。（以上为AI基于历史数据生成的评论。数据可能不完整，请以港交所官方文件为准。不构成投资建议。）
Offering Structure
Subscription Tiers
IPO Timeline
