Photonic-electronic computing provider XIZHI TECH-P has officially launched its H-share global offering plan. The subscription period is set to close on April 23, with an expected listing on the Hong Kong Stock Exchange under the stock code "01879.HK" on April 28. The company is positioning itself to become the first major global AI silicon photonics chip stock listed on the international capital markets.

The global offering of H-shares is jointly sponsored by China International Capital Corporation Limited and Guotai Junan Securities. The company plans to offer a total of 13.7952 million H-shares globally, comprising approximately 689,800 shares for the Hong Kong public offering and about 13.1054 million shares for the international offering. The price range has been set between HK$166.6 and HK$183.2 per share. At the maximum offer price, the company expects to raise net proceeds of approximately HK$2.527 billion, corresponding to a valuation of around HK$16 billion.

XIZHI TECH-P's cornerstone investor lineup includes major players from the AI computing industry chain such as Alibaba, China Mobile Capital, Lenovo, and ZTE. It also features international sovereign wealth funds and long-term institutional investors like GIC, BlackRock, Fidelity International, Baillie Gifford, Schroders, Temasek, and UBS. The group is further supported by leading domestic private equity firms such as Hillhouse Capital, Greenwoods, and CPE, alongside multi-strategy technology funds like 3W and Aspex, as well as mainstream institutional investors including Ping An Asset Management, GF Fund Management, and ICBC Wealth Management. According to the prospectus, the total cornerstone investment amounts to HK$1.644 billion. Based on the mid-point price of HK$174.9 per share and assuming no over-allotment option is exercised, this would represent 68.14% of the shares offered.

Public information indicates that XIZHI TECH-P was founded in 2017 by Dr. Shen Yichen, who holds a PhD in Physics from MIT. The company is a pioneer in the technology and commercialization of photonic-electronic hybrid computing globally.

According to data from Frost & Sullivan, XIZHI TECH-P is the first company worldwide to achieve large-scale deployment of photonic-electronic computing solutions. As of December 31, 2025, the company had commercially deployed its technology for 44 customers, supporting several thousand-card GPU clusters and achieving an average improvement in Model FLOPs Utilization (MFU) of over 50%. The company possesses three core technologies: photonic matrix computation, on-chip optical networking, and inter-chip optical networking, with a cumulative total of 410 patents, including both pending and granted.

Based on 2025 revenue, XIZHI TECH-P ranks first among independent Scale-up optical interconnect solution providers in China, holding a market share of approximately 88.3%. Furthermore, its cumulative shipment volume of optical computing chips in both 2024 and 2025 was the highest globally, solidifying its leading position in the photonic-electronic computing field.

Currently, XIZHI TECH-P has established two main business segments: optical interconnection and optical computing, forming a comprehensive product matrix for photonic-electronic hybrid computing.

In the optical interconnection sector, the company focuses on addressing data transmission bottlenecks in AI infrastructure by providing high-bandwidth, low-latency, and high-energy-efficiency connection solutions for large-scale GPU clusters. This business constitutes the primary source of revenue, generating RMB 84.27 million in 2025 and accounting for 79.2% of total revenue.

In the optical computing sector, XIZHI TECH-P's optical computing processors utilize photonic linear computation units to accelerate operations, offering advantages such as low latency and high throughput, thereby pushing the boundaries of computational performance and redefining chip performance standards. This business has experienced rapid growth, with sales revenue reaching RMB 20.20 million in 2025, a year-on-year increase of 579%. Its contribution to total revenue surged from less than 5% in 2024 to 19% in 2025, and the segment achieved a gross profit margin of 69.1% in 2024.

The prospectus shows that XIZHI TECH-P's revenue structure has been continuously optimizing in recent years. Revenue for 2023, 2024, and 2025 was RMB 38 million, RMB 60 million, and RMB 106 million, respectively. Net losses for the same periods were RMB 413 million, RMB 735 million, and RMB 1.342 billion. As the proportion of the high-margin optical computing business continues to increase, the company's overall profitability is expected to improve further.

It is reported that approximately 70% of the proceeds from this offering will be allocated to research and development over the next five years. This includes ongoing development for both the optical interconnection and optical computing businesses. Specifically, about 35% will be dedicated to advancing optical interconnection, with a particular focus on chip design technology, and another 35% will be allocated to the continued R&D for optical computing, emphasizing the development of PACE 3 and the next-generation Optical Processing Unit (OPU).