Iluvatar CoreX (09903.HK): MACD Golden Cross Analysis and Short-Term Buy Value Assessment

Based on my analysis, below is the MACD Golden Cross Analysis and Short-Term Buy Value Assessment for Iluvatar CoreX (09903.HK):

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was officially listed on the main board of the Hong Kong Stock Exchange (HKEX) on January 8, 2026, becoming a rare pure-play general GPU target in the Hong Kong stock market[1]. As the first Chinese enterprise to achieve mass production of general GPUs, the company is known as one of the “Four Little Dragons of Domestic GPUs” along with Biren Technology, Muxi Semiconductor, and Moore Thread[2].

Item	Data
Offer Price	HK$144.6
First-Day Opening Price	HK$190.2 (+31.54%)
First-Day Closing Price	HK$156.8 (+8.44%)
Latest Closing Price (Approx.)	HK$167.5 (as of January 12)
Current Increase	+15.84%
Market Capitalization	Approx. HK$40 Billion

: As Iluvatar CoreX just listed on January 8, 2026, there are only 4 trading days of historical data available for technical analysis, making the data sample extremely limited. The following is a preliminary analysis based on limited data:

Indicator	Value	Interpretation
MACD Line	2.50	Above the Signal Line
Signal Line	1.77	-
MACD Histogram	+0.73	Positive and expanding
2-Day Moving Average	HK$166.35	Stock price is above the moving average
3-Day Moving Average	HK$164.40	Stock price is above the moving average

: Currently, the MACD line is above the Signal Line, and the histogram is positive, indicating a short-term bullish trend[0]. However, due to insufficient data (only 4 trading days), , and more trading day data is needed to verify the reliability of the signal.

1. Bullish Moving Average System
   : The current stock price (HK$167.5) has broken above the 2-day and 3-day moving averages, with short-term moving averages trending upward[0]
2. High Market Popularity
   : The IPO received 414 times oversubscription, indicating high recognition from the capital market[1]
3. Solid Fundamentals
   : The compound annual growth rate (CAGR) of revenue from 2022 to 2024 reached 68.8%, and the revenue in the first half of 2025 was RMB 324 million, a year-on-year increase of 64.2%[2]
4. Technological Leadership
   : The first domestic enterprise to achieve mass production of inference and training general GPU chips[3]

1. High Volatility for New Stock
   : The stock fell sharply from the intraday high of HK$190.2 to HK$156.8 on the first day of listing[1]
2. Declining Trading Volume
   : Trading volume has gradually decreased from 15 million shares on the first day to 6.8 million shares, indicating weakening upward momentum[0]
3. Relatively High Absolute Stock Price
   : The stock price of over HK$160 may limit retail investor participation
4. Sustained Losses
   : The cumulative loss from 2022 to the first half of 2025 was approximately RMB 2.87 billion[1]

Strategy Type	Recommendation
Short-Term (1-2 Weeks)	Insufficient data to support the validity of the MACD golden cross; it is recommended to wait and see for more confirmed technical signals
Medium-Term (1-3 Months)	Consider accumulating on dips if the stock price pulls back to the HK$140-150 range
Risk-Taking Investors	May participate with a small position, and set a strict stop-loss (below HK$150)

Based on market analysis, as a leader in the domestic GPU track, some analysts have given Iluvatar CoreX a

[4], representing significant upside potential from the current price.

From the perspective of the MACD golden cross, Iluvatar CoreX

for the following reasons:

1. Insufficient data sample, unable to confirm the validity of the golden cross
2. Trading volume is on a declining trend, with upward momentum weakening
3. High volatility in the initial stage of listing, requiring time to establish an equilibrium price

However, from a mid-to-long-term perspective, the domestic GPU track where the company operates has huge import substitution potential. In addition, the company has achieved large-scale mass production and has a solid customer base, giving it good mid-to-long-term investment value. It is recommended that investors maintain attention and wait for clearer technical patterns before making decisions.

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[1] Sina Finance - “Surge of 31.54%! Iluvatar CoreX Lists on HKEX” (https://finance.sina.com.cn/roll/2026-01-08/doc-inhfqpsv1366092.shtml)

[2] Securities Times - “Iluvatar CoreX Officially Lists on HKEX, Enters the Main Battlefield of Domestic GPU Stock Substitution” (https://www.stcn.com/article/detail/3578117.html)

[3] AAStocks - “HK Stock Movement | Iluvatar CoreX Rises Over 32% on Debut” (https://www.aastocks.com/tc/stocks/analysis/stock-aafn-con/09903/GLH/GLH2244581L/hk-stock-news)

[4] East Money Caifuhao - “Iluvatar CoreX Rises Up to 45.23%, Is This the End? No, It’s Still Undervalued!” (https://caifuhao.eastmoney.com/news/20260107182842169170760)