Shares of ILUVATAR COREX (ASX: 09903) have surged more than 9% in today's session, extending recent gains. At the time of writing, the stock is up 9.09% to HK$5.04, with a turnover of HK$585 million.
The rally follows a significant corporate development. On June 8, Hong Kong Exchange & Clearing Ltd. (ASX: 00388) announced that, under a fast-track inclusion mechanism, ILUVATAR COREX will be added to the HKEX Tech 100 Index. The inclusion is scheduled to take effect after the market close on June 12 and will be implemented from June 15.
In a related move, the company was also formally added to the list of eligible stocks for the Southbound Stock Connect scheme, effective from June 8. This dual inclusion is expected to enhance trading liquidity for the company's Hong Kong-listed shares, broaden its investor base among mainland Chinese institutions and individuals, and strengthen its connection with the mainland capital market.
ILUVATAR COREX is a leading domestic provider of general-purpose GPU products and AI computing power solutions. Its business focuses on AI training GPUs, AI inference GPUs, AI computing servers/clusters, and the supporting software ecosystem. The company reported strong revenue growth for 2025, with its general-purpose GPU products serving as the primary growth driver.
Analysts project continued robust growth. Guotai Haitong Securities forecasts the company's revenue for 2026, 2027, and 2028 to reach RMB 2.578 billion, RMB 5.002 billion, and RMB 8.323 billion, respectively. Using a price-to-sales (PS) valuation method, the firm has assigned a 50x PS multiple for 2026, implying a target market capitalization of RMB 128.9 billion, or approximately HK$149.393 billion. This translates to a target share price of HK$5.8816.
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