Shanghai Xi Zhi Technology Co., Ltd. has passed the listing hearing of the Main Board of the Hong Kong Exchanges and Clearing Limited. China International Capital Corporation Limited and Guotai Junan Securities acted as the joint sponsors. The company's story began in 2017 when its founder, Dr. Shen Yichen, as the first author, published a cover paper in *Nature Photonics* that first verified the feasibility of using light for computation.
Leveraging this scientific breakthrough, Xi Zhi Technology has transformed cutting-edge research into engineering capabilities and product advantages, developing multiple technologies and converting them into products and solutions. Since its establishment, the company has built a portfolio of products and solutions centered on optical interconnection and optical computing, supported by its self-developed optoelectronic hybrid chip technology. It offers scalable and cost-effective solutions characterized by low latency, high throughput, and low power consumption, aimed at enhancing computational performance and driving a new wave of innovation.
According to Frost & Sullivan data, Xi Zhi Technology is the world's first company to achieve large-scale deployment of optoelectronic hybrid computing power. By the end of 2025, the company had successfully deployed its optical interconnection solutions across three thousand-card GPU clusters and engaged in over 15 design-in collaborations with GPU and server manufacturers.
The company's core competitiveness stems from its three proprietary chip technologies: optical Network-on-Chip (oNOC), optical Network-on-Edge (oNET), and optical Matrix Arithmetic Core (oMAC). These technologies directly address industry bottlenecks faced by traditional electronic computing, such as the "memory wall" and "power wall." As of March 23, 2026, the company held a cumulative total of 410 patents (including both granted and pending applications), with over 50% applicable to both optical interconnection and optical computing.
Notably, both key sectors targeted by Xi Zhi Technology are on the verge of significant growth. Frost & Sullivan data indicates that the scale-up optical interconnection market in China is projected to surge from RMB 5.7 billion in 2025 to RMB 180.5 billion in 2030, representing a compound annual growth rate of 99.6%. Furthermore, the optical computing products market is expected to grow from RMB 63.7 million in 2025 to RMB 1.462 billion in 2030, with a CAGR of 87.2%. Looking further ahead, from 2031 to 2036, the market size is forecast to expand from RMB 2.546 billion to RMB 34.759 billion, achieving a CAGR of 68.7%.
In terms of competitive landscape, Xi Zhi Technology has established a leading position. Frost & Sullivan data shows that the company ranked first globally in cumulative shipments of optical computing chips for both 2024 and 2025. Furthermore, according to its prospectus, among independent scale-up optical interconnection solution providers in China, Xi Zhi Technology ranked first by revenue in the domestic market in 2025, capturing approximately 88.3% market share, solidifying its market position.
Financially, the prospectus reveals that from 2023 to 2025, Xi Zhi Technology's revenue was RMB 38.235 million, RMB 60.191 million, and RMB 106 million respectively, demonstrating rapid growth. Optical interconnection solutions contributed the majority of revenue, with scale-up products being the core growth driver; revenue from these products increased from RMB 47.019 million in 2024 to RMB 75.582 million in 2025.
Alongside revenue expansion, the company's profitability foundation has continuously improved. Gross profit rose from RMB 23.2 million in 2023 to RMB 41.47 million in 2025, showing steady growth. Concurrently, the ratio of R&D expenses to total revenue decreased from 731.8% to 450.4%, indicating significantly improved R&D efficiency. Overall, the company is progressively transitioning from a pure investment phase to a commercial stage where investment and output proceed in parallel.