Xi Zhi Technology's Hong Kong IPO is Oversubscribed by 2,400 Times

On April 20th, the photonic-electronic hybrid computing power provider - Shanghai Xi Zhi Technology Co., Ltd. officially launched its H-share global offering plan, which will close subscriptions on April 23rd and is expected to be officially listed on April 28th with the stock code "01879.HK", making a full sprint for the "first AI silicon photonics stock in the global capital market."

So far, Xi Zhi Technology's H-share IPO subscription has exceeded 2400 times, with subscription amounts exceeding 300 billion Hong Kong dollars, reflecting the market's high enthusiasm for the concept of photonic-electronic hybrid computing, but also alerting to the risk of pullback after subscription overheating.

The global offering of Xi Zhi Technology's H-shares is jointly sponsored by CICC and Guotai Junan. It plans to globally offer 13,795,200 H-shares, of which approximately 689,800 shares will be offered publicly in Hong Kong, and about 13,105,400 shares will be offered internationally, with a pricing range of HKD 166.6 to 183.2 per share. If calculated at the highest issuance price, the company expects to raise a net amount of about 2.527 billion Hong Kong dollars, corresponding to a valuation of about 16 billion Hong Kong dollars.

The cornerstone investors of Xi Zhi Technology include industrial, sovereign, international long-line, and top professional capital, including AI computing industry giants such as Alibaba, China Mobile Capital, Lenovo, and ZTE, as well as international sovereign funds and European and American first-line long funds such as GIC, BlackRock, Fidelity International, Baillie Gifford, Schroders, Temasek, and UBS, and domestic head-level private equities such as Hillhouse, Greenwood, and CPE, multi-strategy funds in the technology industry such as 3W and Aspex, and mainstream investment forces such as Ping An Asset Management, GF Fund, and ICBC Wealth Management. According to its prospectus, the cornerstone investors' total subscription amount is 1.644 billion Hong Kong dollars, and if calculated at the mid-price of 174.9 Hong Kong dollars per share without exercising the over-allotment option, the subscription amount will account for 68.14% of the offered shares.

Public information shows that Xi Zhi Technology was established in 2017 by Dr. Shen Yichen, a Ph.D. in physics from MIT, and is a pioneer in the field of global photonic-electronic hybrid computing technology and commercialization.

According to Frost & Sullivan's information, Xi Zhi Technology is the world's first company to achieve large-scale deployment of photonic-electronic hybrid computing power. As of December 31, 2025, Xi Zhi Technology has achieved commercial deployment with 44 customers, supporting several thousand-card-level GPU clusters, with an average increase in model floating-point operation utilization (MFU) by more than 50%. The company has three core technologies: photonic matrix computing, on-chip photonic network, and inter-chip photonic network, with a total of 410 patents (including those under application and those granted).

About Xi Zhi Technology, in terms of income in 2025, it ranks first among independent scale-up optical interconnection solution providers in China, with a market share of about 88.3%, and in 2024 and 2025, the cumulative shipments of optical computing chips rank first globally, establishing a leading position in the field of photonic-electronic hybrid computing power.

At present, Xi Zhi Technology has formed two major business segments of optical interconnection and optical computing, building a product matrix for photonic-electronic hybrid computing power.

In the field of optical interconnection, Xi Zhi Technology focuses on solving the bottleneck of data transmission in AI infrastructure, providing a high-bandwidth, low-latency, and high-energy-efficient connection solution for large-scale GPU clusters. This business constitutes the main source of revenue for the company, with revenue reaching 84.27 million yuan in 2025, accounting for 79.2% of total revenue.

In the field of optical computing, Xi Zhi Technology's optical computing processors use photonic linear computing units to accelerate calculations, featuring low latency and high throughput, thereby continuously breaking through the limits of computing performance and reshaping chip