Shanghai Xizhi Technology Co., Ltd. (01879.HK) has launched its Hong Kong IPO, with the offer period running from April 20 to April 23, 2026. The company plans to globally offer 13,795,215 H shares, with a 15% over-allotment option. The offer price range is set between HKD 166.60 and HKD 183.20 per share, with a board lot size of 15 shares and an entry fee of approximately HKD 2,775.71. The shares are expected to be listed on the Main Board of the Hong Kong Exchanges and Clearing Limited on April 28, 2026. China International Capital Corporation and Haitong International Securities Group act as joint sponsors.

Xizhi Technology: A Pioneer in Large-Scale Deployment of Photonic-Electronic Hybrid Computing

Offer Structure: Approximately 5% for Hong Kong public offering (689,775 shares) and 95% for international placing (13,105,440 shares).

Offer Price: HKD 166.60–183.20 per share; board lot of 15 shares; entry fee approximately HKD 2,775.71.

Offer Period: April 20–23, 2026 (expected pricing date: April 24).

Listing Date: April 28, 2026.

Joint Sponsors: CICC and Haitong International.

Company Overview

Xizhi Technology focuses on the field of photonic-electronic hybrid computing, integrating the advantages of photonics and electronics to provide optical interconnect and optical computing products and solutions. The company’s founder, Shen Yichen, published a cover paper in Nature Photonics in 2017, which first demonstrated the feasibility of computing using light. According to Frost & Sullivan, the company is the first in the world to achieve large-scale deployment of photonic-electronic hybrid computing.The Company’s core products are divided into two major segments: optical interconnect products (including Scale-up EPS and Scale-up OCS), which are used to enhance the efficiency of AI computing clusters; and optical computing products (including the PACE series and PACE 2 “Tianshu”), which utilize photons instead of electrons for data processing. As of the Latest Practicable Date, the Company had achieved commercial deployment with 44 customers and, in 2025, successfully deployed its optical interconnect solutions in three GPU clusters each comprising thousands of GPUs.

Financial Information

According to the prospectus, Xizhi Technology recorded revenues of approximately RMB 38 million, RMB 60 million, and RMB 106 million in 2023, 2024, and 2025, respectively, representing a compound annual growth rate (CAGR) of 66.9%. Over the same period, net losses were approximately RMB 414 million, RMB 735 million, and RMB 1,342 million, with cumulative losses reaching about RMB 2,491 million.

Based on the mid-point offer price of HKD 174.90 per share and assuming the over-allotment option is not exercised, the company is expected to raise net proceeds of approximately HKD 2.267 billion. The proceeds are intended to be used over the next five years as follows: about 70% for research and development (including continued advancement of optical interconnect and optical computing businesses), about 20% for commercialization efforts, and about 10% for working capital and general corporate purposes.

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This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

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