🇭🇰 港交所ILUVATAR COREXDoubao · 实盘不做把握 5/10不做原因:风险收益比不佳
北京时间·🕒 发布 19:43:00时区推断·⟳ 抓取 19:44:13·⚡ 决策 10-16 19:46:31 +2m18s·11.2 天前
天数智芯（09903.HK）就2764.7万股内资股（约占总股本3.42%）申请H股全流通，已向证监会提交备案、尚未获批
全流通仅是向证监会提交备案的最早期阶段，备案未完成、联交所未受理、方案未定，短期无新增可售股份，3.42%比例偏小且股东未必减持，属温和、远期的供给预期而非强空催化；公告在港股盘中披露，当日股价已收跌1.07%（盘中低见78.10），部分消化，且标的近20日已跌37%、处于下行通道，做空追空赔率与催化强度均不足，confidence<4，不出SHORT腿；该备案不构成本事件确认的净经营损害，亦不登记risk_signals。
📄 原文ILUVATAR COREX↗ 原文
INSIDE INFORMATION PROPOSED IMPLEMENTATION OF THE H SHARE FULL CIRCULATION
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the con…
不做 上海天数智芯半导体股份有限公司（09903.HK）
仅为H股全流通最早备案阶段，备案与联交所批准均未完成、短期无新增可售股份，3.42%比例小且股东未必减持，属温和远期供给预期而非强空催化（confidence<4，不满足做空红线）；公告盘中已被部分消化（当日-1.07%），标的近20日跌37%、高波动，追空赔率差；亦无任何做多逻辑，故不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
天数智芯公告拟将约3.42%内资股申请H股全流通，尚在证监会备案最早阶段、无即时新增流通盘，历史同类备案当日多为小幅下跌且影响逐步释放；方向偏空但催化弱、已部分price-in且股价深跌，风险收益不支持开空，回避。
🔎 新鲜度:最早出现 2026-10-16 · 扩散 low · price-in 风险 medium ↗
消息传播链
- 节点
关键理由
- 全流通潜在扩大H股流通盘、形成减持预期，短期情绪面偏空，同类备案公告日华曦达-5.68%、希迪智驾-2.17%/-3.93%
- 但本次仅为备案申请、3.42%比例小且获批与实际减持均不确定，真正供给冲击在数月后，当日已收跌1.07%部分反映
主要风险
- 备案到联交所上市通常历时数月，短期没有新增可售股份，若以短线做空介入易遭遇基本面消息或空头回补反弹
- 公司为高波动AI GPU标的（近20日-37%、振幅大），情绪反转可造成逼空式上行，止损难以控制
反向证据
- 做空前查反向 · 来源 web · 影响 weakens
全流通中长期可提升自由流通量、流动性与潜在指数纳入资格，且本公告不含任何减持计划或基本面利空；无确认净损害，削弱做空理由
检索:天数智芯 9903 全流通 利好 流动性 指数纳入 订单 业绩 原文 ↗
先例如何影响了这次决策
对本次决策的影响:先例确认方向偏空但强度温和、供给兑现遥远，支持将本事件判为弱空催化并不出SHORT腿；同时不具备合格对齐先例来标定空单止盈。
方向:网络可查近期同类H股全流通备案公告日多为温和下跌：华曦达(00901.HK)2026-09-29跌5.68%、希迪智驾(03881.HK)2026-09-18跌3.93%/09-21跌2.17%；完成阶段案例分化（保利物业完成日冲高回落，重塑能源获批后随高比例供给续跌），方向偏空但幅度温和且高度依赖转换比例。
涨幅量级:未取得可作为首发锚的一手交易所公告链接（检索命中均为证券之星等门户镜像，按先例溯源规则不能入event_study），故不据以设定tp/sl；媒体口径显示备案申请当日反应约-2%至-6%。
形态:早期备案多为小幅承压而非暴跌；真正大幅下跌出现在高比例（如重塑能源H股+42.8%）获批/完成或叠加配售、解禁时，本次3.42%比例显著更小。
工具执行结果 · 成功 4 · 降级 0 · 失败 0 · 取消 0
- search_processed_events 成功 stock_tools HTTP · 12 ms
{"result": "search_processed_events:agent query=`iluvatar corex full circulation csrc filing unlisted shares conversion | 上海天数智芯 境内未上市股份 转换h股 27647313 | 天数智芯 9903 h股全流通 申请`；结构化索引覆盖完整 72 小时；旧记录兼容扫描近 0.0/72 小时、0 条本臂决策(完整)，返回 0 条候选。未命中只表示这些 agent query 表达式没有召回候选，不能据此证明消息首发或不是重复；按当前事件继续正常研判。"} - fetch_decision_experience 成功 stock_tools_inprocess · 1 ms
{ - stock_quote 成功 stock_tools HTTP · 1,056 ms
{ - web_search 成功 doubao_search · 1,644 ms
豆包搜索结果（原始查询:H股 全流通 申请 公告 股价 反应 下跌 案例；API SearchType:web）
原文全文
展开原文 · 4,410 字
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong
Limited take no responsibility for the contents of this announcement, make no
representation as to its accuracy or completeness and expressly disclaim any liability
whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of
the contents of this announcement.
Shanghai Iluvatar CoreX Semiconductor Co., Ltd.
上海天數智芯半導體股份有限公司
(A joint stock company incorporated in the People’s Republic of China with limited liability)
(Stock Code: 9903)
INSIDE INFORMATION
PROPOSED IMPLEMENTATION OF
THE H SHARE FULL CIRCULATION
This announcement is made by Shanghai Iluvatar CoreX Semiconductor Co., Ltd. (the
“Company”, together with its subsidiaries, the “Group”) pursuant to Rule 13.09(2)(a) of
the Rules Governing the Listing of Securities (the “Listing Rules”) on The Stock
Exchange of Hong Kong Limited (the “Stock Exchange”) and the Inside Information
Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and
Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
Reference is made to the Guidelines on Application for “Full Circulation” of Domestic
Unlisted Shares of H-share Companies 《H股公司境內未上市股份申請
(
「全流通」業務指
引》) issued by the China Securities Regulatory Commission (the “CSRC”) on November
14, 2019 and further amended on August 10, 2023 (the “Full Circulation Guidelines”), and
the Trial Administrative Measures of Overseas Securities Offering and Listing by
Domestic Companies 《境內企業境外發行證券和上市管理試行辦法》
(
) issued by the
CSRC on February 17, 2023 regarding the procedures of application by companies
whose H shares are listed on the Stock Exchange for circulation of domestic unlisted
shares (as defined under the Full Circulation Guidelines) on the Stock Exchange.
In view of the Full Circulation Guidelines, the board (the “Board”) of directors (the
“Directors”) of the Company is pleased to announce that, on October 16, 2026, the
Company submitted a filing application to the CSRC in respect of the conversion of
27,647,313 unlisted shares of the Company with par value of RMB1.0 per share (the
“Unlisted Shares”) held by certain domestic shareholders of the Company into H shares
of the Company with par value of RMB1.0 per share (the “H Shares”), representing
approximately 3.42% of the total issued share capital of the Company as at the date of
this announcement (the “H Share Full Circulation”).
–1–
Upon obtaining all the relevant approvals and/or filing (including filing notice from the
CSRC and the approval from the Stock Exchange) and having complied with all the
applicable laws, rules and regulations, such Unlisted Shares will be converted into H
Shares, and the Company will also apply to the Stock Exchange for the listing of, and
permission to deal in, such H Shares on the Stock Exchange (the “Conversion and
Listing”). Pursuant to the Company’s articles of association, no further shareholders’
meeting is required to be convened to approve the Conversion and Listing.
As at the date of this announcement, (i) the Company has not completed filing with the
CSRC, (ii) the Company has not applied to the Stock Exchange for the Conversion and
Listing, and (iii) the details of the implementation plan of the Conversion and Listing
have not been finalized. The Company will make further announcement(s) on the
progress of the H Share Full Circulation and the Conversion and Listing in accordance
with the requirements of the Listing Rules and/or the Inside Information Provisions, and
other applicable laws and regulations as and when necessary and appropriate.
The H Share Full Circulation and the Conversion and Listing are subject to other relevant
procedures as required by the CSRC, the Stock Exchange and other relevant domestic and
overseas regulatory authorities. Shareholders and potential investors of the Company are
advised to exercise caution when dealing in the shares of the Company.
By order of the Board
Shanghai Iluvatar CoreX Semiconductor Co., Ltd.
上海天數智芯半導體股份有限公司
Mr. Gai Lujiang
Chairman of the Board
Hong Kong, October 16, 2026
As at the date of this announcement, the Board comprises Mr. Gai Lujiang, Mr. Sun Yile,
Mr. Liu Zheng and Mr. Yang Lei as executive Directors, Mr. Wang Chen and Mr. Ding
Junbo as non-executive Directors, and Dr. Teng Yong, Mr. Ren Jintao and Dr. Wang Yan
as independent non-executive Directors.
–2–
Limited take no responsibility for the contents of this announcement, make no
representation as to its accuracy or completeness and expressly disclaim any liability
whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of
the contents of this announcement.
Shanghai Iluvatar CoreX Semiconductor Co., Ltd.
上海天數智芯半導體股份有限公司
(A joint stock company incorporated in the People’s Republic of China with limited liability)
(Stock Code: 9903)
INSIDE INFORMATION
PROPOSED IMPLEMENTATION OF
THE H SHARE FULL CIRCULATION
This announcement is made by Shanghai Iluvatar CoreX Semiconductor Co., Ltd. (the
“Company”, together with its subsidiaries, the “Group”) pursuant to Rule 13.09(2)(a) of
the Rules Governing the Listing of Securities (the “Listing Rules”) on The Stock
Exchange of Hong Kong Limited (the “Stock Exchange”) and the Inside Information
Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and
Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
Reference is made to the Guidelines on Application for “Full Circulation” of Domestic
Unlisted Shares of H-share Companies 《H股公司境內未上市股份申請
(
「全流通」業務指
引》) issued by the China Securities Regulatory Commission (the “CSRC”) on November
14, 2019 and further amended on August 10, 2023 (the “Full Circulation Guidelines”), and
the Trial Administrative Measures of Overseas Securities Offering and Listing by
Domestic Companies 《境內企業境外發行證券和上市管理試行辦法》
(
) issued by the
CSRC on February 17, 2023 regarding the procedures of application by companies
whose H shares are listed on the Stock Exchange for circulation of domestic unlisted
shares (as defined under the Full Circulation Guidelines) on the Stock Exchange.
In view of the Full Circulation Guidelines, the board (the “Board”) of directors (the
“Directors”) of the Company is pleased to announce that, on October 16, 2026, the
Company submitted a filing application to the CSRC in respect of the conversion of
27,647,313 unlisted shares of the Company with par value of RMB1.0 per share (the
“Unlisted Shares”) held by certain domestic shareholders of the Company into H shares
of the Company with par value of RMB1.0 per share (the “H Shares”), representing
approximately 3.42% of the total issued share capital of the Company as at the date of
this announcement (the “H Share Full Circulation”).
–1–
Upon obtaining all the relevant approvals and/or filing (including filing notice from the
CSRC and the approval from the Stock Exchange) and having complied with all the
applicable laws, rules and regulations, such Unlisted Shares will be converted into H
Shares, and the Company will also apply to the Stock Exchange for the listing of, and
permission to deal in, such H Shares on the Stock Exchange (the “Conversion and
Listing”). Pursuant to the Company’s articles of association, no further shareholders’
meeting is required to be convened to approve the Conversion and Listing.
As at the date of this announcement, (i) the Company has not completed filing with the
CSRC, (ii) the Company has not applied to the Stock Exchange for the Conversion and
Listing, and (iii) the details of the implementation plan of the Conversion and Listing
have not been finalized. The Company will make further announcement(s) on the
progress of the H Share Full Circulation and the Conversion and Listing in accordance
with the requirements of the Listing Rules and/or the Inside Information Provisions, and
other applicable laws and regulations as and when necessary and appropriate.
The H Share Full Circulation and the Conversion and Listing are subject to other relevant
procedures as required by the CSRC, the Stock Exchange and other relevant domestic and
overseas regulatory authorities. Shareholders and potential investors of the Company are
advised to exercise caution when dealing in the shares of the Company.
By order of the Board
Shanghai Iluvatar CoreX Semiconductor Co., Ltd.
上海天數智芯半導體股份有限公司
Mr. Gai Lujiang
Chairman of the Board
Hong Kong, October 16, 2026
As at the date of this announcement, the Board comprises Mr. Gai Lujiang, Mr. Sun Yile,
Mr. Liu Zheng and Mr. Yang Lei as executive Directors, Mr. Wang Chen and Mr. Ding
Junbo as non-executive Directors, and Dr. Teng Yong, Mr. Ren Jintao and Dr. Wang Yan
as independent non-executive Directors.
–2–
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