Analysis of Lock-up Arrangements of 18 Cornerstone Investors for Iluvatar CoreX and the Reliability of Institutional Confidence Indicators

Based on the information obtained, I will prepare a professional analysis report on the lock-up arrangements of cornerstone investors for Iluvatar CoreX and the reliability of institutional confidence indicators.

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Iluvatar CoreX (Stock Code: 09903) was officially listed on the Hong Kong Stock Exchange on

, and is a leading enterprise in China’s general-purpose GPU sector[1][2]. This IPO brought in as cornerstone investors, with a stellar lineup including:

Type of Cornerstone Investor	Representative Institution	Estimated Investment Amount
Industrial Capital	ZTE (Hong Kong)	Approximately RMB 20 million
International Investment Bank	UBS AM Singapore	Approximately USD 10 million
Industry Leader	4Paradigm	Approximately HK$ 100 million
Financial Investor	Mingshan Capital	Approximately USD 15 million
Financial Institution	Fullgoal Fund (Hong Kong), China Asset Management (Hong Kong)	Approximately USD 6-20 million
Industry Related Party	Teamsun (Hong Kong), Anqing International	Approximately HK$ 30-33 million

Cornerstone investors subscribed a total of approximately

, accounting for of the offered shares, with a [1][2].

The high proportion of 43% cornerstone lock-up means that the number of tradable shares after listing is limited, providing certain

for the stock price. From the actual performance, Iluvatar CoreX closed up 8.44% on its first trading day, and continued to rise 10.97% on the next day, with a cumulative increase of 20.33% compared to the offering price[3].

The 18 cornerstone investors cover diverse types such as industrial capital, international investment banks, and top-tier venture capital, reflecting

. This diversified institutional allocation reduces the risk of misjudgment by a single institution.

Notably, some cornerstone investors have

with Iluvatar CoreX, such as Ocean Fine Industrial (an affiliated party of TF Microelectronics) and ZTE, which indicates that industrial capital recognizes the company’s technical route and business prospects[1].

Although the cornerstone investor data seems impressive, as a basis for investment decisions, its reliability has the following

:

• Cornerstone investors usually enjoy a
  wholesale price discount
  (usually 10-20% off the public offering price), and their lock-up commitment is based on the discount income
• After the 6-month lock-up period expires, institutions may choose to
  reduce holdings to cash out
  , leaving retail investors facing the risk of taking over the shares

Case	Cornerstone Subscription Ratio	First-Day Performance	Performance After 6 Months
Some Hong Kong Stock IPOs	Over 40%	Rose	Broke offering price or fell
Geek+ (Recent Case)	Approximately 3.28% unlocked	Rose 7%	To be observed

Data shows that a high cornerstone subscription ratio

long-term stock price performance[4].

• The 6-month lock-up period only covers the short term and
  does not constitute a long-term investment commitment
• Institutional investors and retail investors have
  different holding cycle demands
  ; after 6 months, institutions may reduce their holdings as planned, while retail investors may be “trapped”

When “high-proportion cornerstone subscription” becomes a general market expectation, its

will decrease. Some issuers may use cornerstone subscription as a marketing tool rather than a recognition of true value.

1. In-depth participation of industrial capital
   — such as suppliers, customers or strategic partners participating in cornerstone investment
2. Lock-up period exceeding 12 months
   — reflecting the willingness to hold for the long term
3. Business synergy between cornerstone investors and the company
   — such as the synergy between Iluvatar CoreX, ZTE and 4Paradigm

1. Led by pure financial investors
   — obvious arbitrage motivation
2. Abnormally high cornerstone ratio (e.g., over 50%)
   — may squeeze secondary market liquidity
3. Lock-up period shorter than 6 months — high probability of short-term speculation

The lock-up arrangement of 18 cornerstone investors for Iluvatar CoreX

institutional recognition of the domestic GPU track and the company’s fundamentals. The provide certain support for the short-term stock price. However, investors should recognize that:

1. The cornerstone indicator is a necessary but not sufficient condition
   — a high-proportion cornerstone subscription reduces the risk of breaking the offering price, but does not constitute a reason to buy
2. Need to combine fundamental analysis
   — Iluvatar CoreX’s 2024 revenue was RMB 540 million, with a PS valuation of approximately 61x; the sustainability of the high valuation logic needs to be verified
3. Pay attention to selling pressure after the lock-up period
   — need to be alert to the risk of share unlock after 6 months (July 2026)
4. Distinguish between industrial capital and financial capital
   — the endorsement value of industry-related parties is higher

: Cornerstone subscription can be regarded as a for IPO subscription, but it is not suitable as a core basis for long-term holding. It is recommended to continuously track the company’s customer expansion, product mass production progress and performance fulfillment.

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[1] Sina Finance - “High Scarcity and Commercialization Potential, Iluvatar CoreX, a Domestic General-Purpose GPU, Has Broad Room for Value Reassessment” (https://cj.sina.cn/articles/view/1255145831/4ad0016700102558w)

[2] Pramerica Securities - “Market Commentary” (https://www.pru.hk/Analysis?articleId=32235)

[3] Tiger Community - “Must-Read for Iluvatar CoreX IPO Subscription: The ‘First Pioneer’ in the Implementation of Domestic Computing Power Infrastructure” (https://www.laohu8.com/m/post/518346748019936)

[4] Qianlong Net - “Continuous Orders + Cornerstone Support: Why Is This Robotics Leader So Confident During the Unlock Period?” (https://china.qianlong.com/2026/0109/8607672.shtml)

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: This analysis is for reference only and does not constitute investment advice. Investment involves risks; please invest cautiously. Data is sourced from public market information and may have timeliness limitations.