XIZHI TECH-P, recognized as the world's first listed AI silicon photonics chip company and a hybrid optoelectronic computing unicorn, soared 308% in Hong Kong’s grey market trading. The company is scheduled to commence trading on the Hong Kong Stock Exchange on April 28.
The intense interest in XIZHI TECH-P is underpinned by support from numerous cornerstone investors. This group includes major players from the computing power and communications industry chain such as Alibaba, China Mobile Capital, Lenovo, and ZTE. It also encompasses international sovereign wealth funds and leading long-term funds from the US and Europe, including GIC, Baillie Gifford, BlackRock, Fidelity International, Schroders, Temasek, and UBS. Furthermore, the cornerstone list features top domestic private equity firms like Hillhouse and Jinglin, multi-strategy technology funds such as 3W and Aspex, alongside mainstream institutional investors including Ping An Asset Management, GF Fund Management, and ICBC Wealth Management. In total, 20 cornerstone investors have subscribed for approximately HKD 1.644 billion worth of shares, accounting for 68% of the total offering.
According to data from Frost & Sullivan, XIZHI TECH-P is the world's first company to achieve large-scale deployment of hybrid optoelectronic computing power. Based on 2025 revenue, the company holds the top position among independent Scale-up optical interconnect solution suppliers in China with an 88.3% market share. It is also the only independent supplier in the market capable of providing integrated large-scale Scale-up optical interconnect solutions. For two consecutive years in 2024 and 2025, the company's cumulative shipments of optical computing chips ranked first globally.
The company's revenue grew from RMB 38 million in 2023 to RMB 106 million in 2025, achieving a compound annual growth rate of 67%. Over the past two years, the commercialization of its two main product lines has been in a phase of rapid ascent. With the AI+ sector driving an explosion in computing power demand in 2026, combined with the company's market scarcity and strong product capabilities, its performance is expected to experience large-scale growth.