China's first chip company that has achieved mass production of general-purpose GPUs, the Iluvatar CoreX, saw its share price surge by more than 30 percent at its trading debut Thursday at the Main Board of the Hong Kong Exchanges and Clearing Limited (HKEX).

The stock price reached 190.2 Hong Kong dollars (about 24.40 U.S. dollars) at the opening bell, a 31.54-percent surge from its issue price of 144.6 Hong Kong dollars.

"Today, we embark on a new journey. With Hong Kong as our window to the world, we embrace global capital to accelerate breakthroughs in core technologies. In the future, we will continue to uphold our fundamental mission of serving national strategies, and deepen our commitment to the general-purpose GPU track," said Gai Lujiang, chairman of the Board and Executive Director of Shanghai Iluvatar CoreX Semiconductor Co., Ltd.

Founded in 2015, the Iluvatar CoreX raised approximately 3.7 billion Hong Kong dollars in its IPO. As of Friday's closing, the company's market capitalization totaled 44.25 billion Hong Kong dollars.

"Because Hong Kong stock valuations are more rational, I think the company's performance reflects its core technological attributes and distinctive characteristics. The capital market's increased support for new quality productive forces accelerates the development of industries and enterprises alike. In practice, this represents a mutually reinforcing relationship that benefits investors as well," said Qian Qimin, executive general manager of Shenwan Hongyuan Securities.

Data showed that the Iluvatar CoreX's general-purpose GPU products shipment volume has grown steadily from 7,800 units in 2022 to 16,800 units in 2024, reaching 15,700 units in the first half of 2025.

As of June 30, 2025, the company has delivered more than 52,000 units of general-purpose GPU products to 290 clients across diverse industries.