On July 13, Iluvatar CoreX (09903.HK) rose 3.61% in regular trading, trading at HK$508.5/share, with turnover of HK$393 million. The rebound follows Bank of America Securities initiating coverage on the company with a Buy rating and a target price of HK$1013, implying nearly 100% upside from the current level.

Bank of America highlighted Iluvatar CoreX as a leading domestic general-purpose GPU company in China, positioned to benefit from robust market growth driven by localization trends, new product launches, customer expansion improving market share, and a diversified supply chain strategy supporting revenue scale-up. The brokerage projects the domestic AI accelerator chip market to grow from US$32 billion in 2025 to approximately US$90 billion by 2028, representing a 41% CAGR.

The stock had recently been under pressure following a HK$7.03 billion share placement at HK$476 per share announced on July 9, representing a 15% discount, which triggered dilution concerns. The fresh institutional endorsement appears to be offsetting that overhang. Notably, Macquarie also recently initiated coverage with an Outperform rating and a HK$1240 target.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)