Iluvatar CoreX's stock price soared 6.78% intraday on Tuesday. The significant upward movement followed positive developments that boosted investor sentiment towards the company.

The surge was primarily driven by Haitong International initiating coverage on Iluvatar CoreX with an Outperform rating and a target price of 596.7 HKD, implying substantial upside potential from current levels. The broker highlighted the company as a pioneer in China's dual-line GPU space and noted its DeepSpark ecosystem as a core competitive advantage.

Additionally, the company received confirmation of its inclusion in the Hang Seng Composite Index effective June 8, which will make it eligible for Stock Connect. This serves as a near-term re-rating catalyst. Haitong International also noted the company's strong financial performance, with revenue doubling year-over-year to 1.034 billion RMB and projected growth of 126% and 133% over the next two years.