Futu News reported on April 28 that $XIZHI TECH-P (01879.HK)$ The stock opened high on its first day, surging by 380.35%. As of the time of writing, it was trading at HKD 880. With each lot consisting of 15 shares, excluding handling fees, a single lot yielded a profit of HKD 10,452.
Source of Market Data: Futu Securities
According to previous reports, in the pre-market trading session on Futu's platform during the prior trading day, Xizhi Technology closed up 350.87% at HKD 826. Each lot consists of 15 shares, and excluding handling fees, a single lot generated a profit of HKD 9,642.
As previously reported, during the public offering phase, Xizhi Technology received subscriptions amounting to 5,784.70 times the offered shares. The final number of shares allocated for public subscription amounted to 2.7591 million shares, representing approximately 20% of the total shares offered. A total of about 378,100 valid applications were received, with around 134,600 applications processed. The approximate percentage of shares allotted for one-lot subscriptions relative to the total applied-for shares was 6%.
Additionally, during the international placement phase, Xizhi Technology garnered subscriptions 53.83 times the offered shares. The final number of shares allocated for international placement reached 13.1054 million shares, accounting for 80% of the total shares offered.
Company Overview
Xizhi Technology focuses on the field of optoelectronic hybrid computing power, an innovative paradigm that integrates the advantages of photonics and electronics. In 2017, Dr. Shen Yichen, the founder of the company, published a paper in Nature Photonics, which for the first time demonstrated the feasibility of using light for computation, laying the foundation for subsequent technological advancements in this field. Leveraging this scientific breakthrough, the company has transformed cutting-edge research achievements into engineering capabilities and product advantages, and on this basis, developed multiple technologies and converted them into products and solutions.
The company's optoelectronic hybrid computing power products are based on three core chip technologies: on-chip optical network (oNOC), inter-chip optical network (oNET), and photonic matrix computing (oMAC). These provide more efficient and cost-effective optoelectronic hybrid computing solutions, directly addressing industry development bottlenecks such as the 'memory wall' and 'power consumption wall.' The company’s optoelectronic chip technology can work efficiently in tandem with traditional electronic chips because optical interconnects primarily operate at the physical layer, focusing on the transmission of optical signals (photons) rather than interpreting specific logical data protocols, which are more tightly coupled with electrical interconnects; thus, optical interconnects are inherently protocol-agnostic.
Financial Highlights
The revenue of Xichip Technology increased from RMB 38.2 million in 2023 to RMB 60.2 million in 2024, and further grew to RMB 106.4 million in 2025. The company's R&D expenditures were RMB 279.8 million, RMB 352.1 million, and RMB 479.0 million in 2023, 2024, and 2025, respectively. Net losses recorded for 2023, 2024, and 2025 were RMB 413.5 million, RMB 735.3 million, and RMB 1,342.4 million, respectively.
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Editor/Joe