A pre-IPO entry into one of China’s leading GPU makers — sourced through our network, structured as a digital security, distributed to professional investors alongside EVIDENT’s own capital, and made liquid on the platform while the company was still private. It then listed in Hong Kong. This is the whole machine, on one transaction.
Why it stands out on EVIDENT infrastructure — the points a private-wealth intermediary should notice.
The opportunity came through EVIDENT’s own network: a late-stage pre-IPO round in Iluvatar CoreX, a leading Chinese general-purpose GPU maker, reserved for existing investors. Our access was proprietary and close to management — EVIDENT sits on the cap table and holds preferred information rights on the position. This is the kind of access that comes from relationships, not a screen, and it is not available to most wealth managers acting alone.
EVIDENT structured the position through a single investment vehicle and represented each investor’s interest as a digital security on the platform. Investors did not have to assemble offshore structures or negotiate directly with the company — they subscribed once, through EVIDENT, under one Hong Kong onboarding.
Because EVIDENT aggregates investor capital through its own vehicle, a small individual ticket buys into the same cap-table position, on the same terms, that would normally require an institutional-size commitment. The relationship and the information rights are ours; the access flows through to every investor in the vehicle, regardless of ticket size.
EVIDENT was a happy principal investor alongside our clients and partners. The capital that went into Iluvatar included our own, on the same terms and at the same entry price as every other investor in the vehicle.
The position was made available to professional-investor partners and their clients through EVIDENT’s regulated framework. Each investor received a fixed, look-through entitlement to the underlying shares — their economics were exactly proportional to the capital they put in.
Onboarding, subscription documentation, the share register, reporting, and corporate actions all ran on the platform. The partner did not build infrastructure or chase paperwork; the look-through share count was fixed at entry and tracked automatically through to the listing.
This is the part that matters most to a wealth manager. While Iluvatar was still private, investors who wanted to realise gains could sell on EVIDENT’s secondary market — taking 40%+ returns as the mark rose, rather than waiting years for an IPO. Liquidity was continuous as value grew, not a single event at the end.
Iluvatar CoreX listed on the Hong Kong Stock Exchange (9903) on 8 January 2026 at HKD 144.60 per share — already 2.18× the entry price. The shares then appreciated further in the months after listing. Investors who held captured the full path; investors who needed liquidity earlier had it.
One investor’s position illustrates the mechanics. Figures are mark-to-market at the 27 May 2026 closing price and are illustrative of how the structure works, not a projection of future results.
| Position economics | Value |
|---|---|
| Original commitment | USD 1,000,000 |
| Less: SPV-level reserve (0.55%) | (USD 5,500) |
| Net capital deployed into shares | USD 994,500 |
| Entry price per share | USD 8.5226 |
| Look-through shares owned (fixed) | 116,690 |
| Current price per share (27 May 2026) | HKD 536.00 ≈ USD 68.72 |
| Gross market value | USD 8,018,697 |
| Less: Performance Allocation (10% of profit) | (USD 701,870) |
| Net value to investor | USD 7,316,827 |
| Net unrealised profit | USD 6,316,827 |
| Net MOIC | 7.32× |
The look-through share count is fixed at 116,690 — it does not move with the share price, and the roughly 10% primary issuance at IPO did not change the absolute shares held. Performance Allocation is charged only on profit above the original commitment. FX at the HKD/USD linked rate of 7.80.
| Reference point | Per-share multiple vs entry |
|---|---|
| Entry — pre-IPO, via the vehicle | 1.00× (USD 8.52) |
| IPO listing price — 8 Jan 2026 | 2.18× (HKD 144.60 ≈ USD 18.54) |
| Current market price — 27 May 2026 | 6.84× (HKD 536.00 ≈ USD 68.72) |
Confidential and prepared for prospective partners. Counterparty and investor identities and certain commercial terms are generalised. Mark-to-market figures reflect the stated closing price; realised proceeds on any disposal depend on the price at the time of sale. Past performance is not indicative of future results. This is not an offer, solicitation, or recommendation in respect of any security. Available only to Professional Investors as defined under the Hong Kong Securities and Futures Ordinance (Cap. 571).