XIZHI TECH-P (01879.HK) was officially listed on the Hong Kong Stock Exchange today, marking the birth of the world's first AI silicon photonics stock and establishing itself as the first company in the global optoelectronic hybrid computing power sector to go public.
The company set its IPO price at HK$183.2 per share, issuing 13,795,215 shares to raise a total of HK$2.527 billion. After deducting approximately HK$150 million in listing expenses, the net proceeds amounted to HK$2.377 billion.
On its first trading day, XIZHI TECH-P opened at HK$880 per share, surging over 380% from the IPO price of HK$183.2. This strong performance continued the market enthusiasm seen during the subscription period, which saw nearly 5,800 times oversubscription.
The successful listing reflects capital market recognition of the long-term value in the optoelectronic hybrid computing power sector and provides the Hong Kong market with a scarce investment opportunity in AI hardware technology.
Leveraging the public market financing, XIZHI TECH-P plans to accelerate its technology iteration and product commercialization, strengthening the foundational computing power for artificial intelligence and promoting the widespread adoption of cutting-edge hardware advancements.
Public information shows that XIZHI TECH-P was founded in 2017 by Dr. Shen Yichen, a PhD in Physics from MIT, and is a pioneer in both technology and commercialization within the global optoelectronic hybrid computing field. Discussing the stock code "01879.HK", Dr. Shen noted that 1879 was a landmark year: Edison invented the incandescent light bulb, initiating light's role in leading the Second Industrial Revolution. In the same year, James Clerk Maxwell, founder of classical electrodynamics, passed away, and the great physicist Albert Einstein was born. Using "1879" pays homage to these pioneers, as the company is committed to infusing new power into the AI era using light-based technology.
Currently, the global AI industry is experiencing exponential growth in demand for computing power. Simultaneously, traditional data centers face bottlenecks in bandwidth, power consumption, and latency, causing a widening gap between computing supply and market demand. In this context, optoelectronic hybrid computing, which introduces optical capabilities for data processing and transmission, is seen as a crucial technological direction for the evolution of computing infrastructure.
According to Frost & Sullivan data, XIZHI TECH-P, with its two main product lines of optical interconnect and optical computing, has become the first company globally to achieve large-scale deployment of optoelectronic hybrid computing power. In 2025, the company ranked first by revenue in China's independent Scale-up optical interconnect solutions market, holding approximately 88.3% market share and supporting multiple thousand-card GPU clusters. Furthermore, in both 2024 and 2025, the company's global cumulative shipments of optical computing chips ranked first.
The international and public offerings for XIZHI TECH-P were met with overwhelming demand, being oversubscribed by nearly 5,800 times. The cornerstone investors included a group of 20 top-tier global institutions such as Alibaba, GIC, BlackRock, and Fidelity International, which collectively subscribed to $209.9 million (approximately HK$1.644 billion), accounting for 65.06% of the total shares offered.
Fidelity International stated that XIZHI TECH-P's dual-driver model of "optical interconnect + optical computing" not only addresses current interconnection challenges in AI clusters but also opens up possibilities for next-generation computing power through optical computing. This aligns strongly with their investment strategy of focusing on long-term opportunities in AI infrastructure and selecting companies with core technological advantages. They plan to monitor the company's development with a long-term perspective and expect XIZHI TECH-P to utilize capital market resources to advance technological innovation, product iteration, and global expansion, continuing to lead the global computing power revolution and becoming a key participant in the next wave of computing architecture upgrades.
The China Mobile Chain Leader Fund, a pre-IPO strategic investor and a cornerstone investor in this offering, extended its congratulations on the successful listing. The fund emphasized that computing power is the core engine of the digital economy. Facing the increasingly prominent challenges of power consumption and bandwidth in the AI era, exploring new computing pathways like optoelectronic integration has become a shared objective for the industry. XIZHI TECH-P's technological breakthroughs in optical interconnect and optical computing provide significant potential for the evolution of data center architecture.
As the world's largest communications operator and a leader in the IT industry chain, China Mobile values not only XIZHI TECH-P's long-term growth potential but is also willing to open up scenarios and resources to promote the transition of optoelectronic computing technology from the laboratory to large-scale industrial application. They look forward to collaborating with XIZHI TECH-P to build a more competitive computing foundation for the sustainable development of the digital economy.
XIZHI TECH-P indicated that the proceeds from the listing will be precisely focused on R&D and technological upgrades for its core businesses, aiming for the long-term promotion of key projects such as Near-Package Optics (NPO), Co-Packaged Optics (CPO), and the PACE 3 optoelectronic hybrid computing accelerator card. According to the company's plan, 70% of the raised funds will be allocated to R&D investments over the next five years: 35% will focus on the optical interconnect business, targeting core technologies like high-end silicon photonics chip design and high-speed optoelectronic transmission; the other 35% will be invested in the optical computing field, concentrating resources on iterating and developing next-generation optoelectronic hybrid computing cards to accelerate commercialization. Through optoelectronic integration innovation, XIZHI TECH-P will continue to provide the global AI industry with efficient, low-power, and scalable underlying computing power support.
Comments