Xizhi Technology’s Dark Market Share Rise Once Exceeded 360%

Hong Kong-based optoelectronic hybrid computing power provider, Xizhi Technology, saw its dark trading price surge by more than 360% at one point.

According to Futu Niuniu, the company's public offering was oversubscribed by approximately 4,405 times, indicating a warm market response. The IPO price range is set between HKD 166.60 and HKD 183.20 per share. If priced at the upper limit, the highest fundraising total would be around HKD 2.527 billion. The stock is expected to officially list on the main board of the Hong Kong Stock Exchange on April 28th, making it the world's first AI silicon photonic chip stock.

The cornerstone investor lineup is truly luxurious, including giants in the computing power and communication industry chains such as Alibaba, China Mobile Capital, Lenovo, and ZTE, as well as covering international sovereign funds like GIC, Baillie Gifford, BlackRock, Fidelity International, Schroders, Temasek, and UBS, and gathering top domestic private equity firms like Hillhouse, Jinglin, and CPE, multi-strategy funds in the tech industry such as 3W, Aspex, and mainstream investment forces like Ping An Asset Management, GF Fund Management, and ICBC Wealth Management, totaling 20 cornerstone investors who subscribed to approximately HKD 1.644 billion worth of offering shares, accounting for 68% of the total issuance.

According to Frost & Sullivan, Xizhi Technology is the world's first company to achieve large-scale deployment of optoelectronic hybrid computing power. In terms of revenue in 2025, the company ranks first among independent scale-up optical interconnection solution providers in China with an 88.3% market share, and is also the only independent provider capable of offering integrated large-scale scale-up optical interconnection solutions. For two consecutive years in 2024 and 2025, the company's cumulative shipments of optical computing chips have been the highest globally.

The company's revenue increased from 0.38 billion yuan to 1.06 billion yuan from 2023 to 2025, with a compound annual growth rate of 67%. In the past two years, the commercialization of the two major product lines of the company has been in a rapid ascent phase. In 2026, the AI+ track will drive an explosive growth in computing power demand. Coupled with market scarcity and its strong product strength, this will drive the company's performance to scale explosively.