Xizhi Technology listed under the 18C rules, with participation from several well-known institutions including Alibaba and GIC.

$XIZHI TECH-P(01879.HK) is a leading enterprise focused on photonic-electronic hybrid computing power, an innovative paradigm that combines the advantages of photonics and electronics. It builds a portfolio of products and solutions centered on optical interconnect (for moving data) and optical computing (for processing data), supported by self-developed photonic-electronic hybrid chip technology, providing scalable and cost-effective solutions. The technology features low latency, high throughput, and low power consumption. According to Frost & Sullivan, it is the world's first company to achieve large-scale deployment of photonic-electronic hybrid computing power.

Xizhi Technology is mainly divided into two categories: (1) optical interconnect business and (2) optical computing business, accounting for 79.2% and 20.8% of revenue respectively. The former is primarily driven by Scale-up products as the main revenue growth driver, with Scale-upOCS being the core for subsequent growth. This product only achieved mass production in 2025. The latter, the optical computing business, is driven by sales of the PACE series, with PACE 2 also achieving commercialization in 2025.

Xizhi Technology's new products mainly focus on optical transmission and computing, breaking through the physical limits of current traditional technologies and meeting the high-speed transmission and high-performance requirements brought by current AI. The market currently expects the global AI computing and AI interconnect product market size CAGR growth from 2025 to 2031 to reach 31.3% and 27% respectively. In 2025, only two companies in the Chinese scale-up optical interconnect market achieved large-scale commercialization, and Xizhi Technology is one of them.

Financially, benefiting from the mass production of new products, revenue in 2025 increased by 76% to RMB 106 million, but it is still in a loss-making state. Management expects the net loss to continue in 2026, mainly because the company is still in a high-investment phase.

For this listing, Xizhi Technology has introduced several well-known institutions such as Alibaba, GIC, BlackRock, and Fidelity to participate, with a maximum combined subscription of up to 71.54% of the offering shares.

This offering does not have a mandatory reallocation mechanism. The maximum shares that can be reallocated to the Hong Kong public offering must not exceed 15% of the total global offering shares.

Xizhi Technology is listed under the 18C rules.

Source: KGI Securities