---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40051844.md"
description: "$XIZHI TECH-P(01879.HK)## 📈 New Stock 1: 1879 Shanghai Xizhi Technology### Key Data- **Stock Code**: $XIZHI TECH-P(1879.HK)- **Listing Date**: 2026-04-28- **Issue Price**: HKD 166.60 - 183.20- **Board Lot**: 15 shares, minimum subscription fee approx. HKD 2,776- **Fundraising Size**: Up to HKD 2.527 billion### Financial Highlights (2025)- **Operating Revenue**: RMB 110 million (+76.7% YoY)- **Net Loss**: -RMB 1.34 billion (+82.6%)- **Revenue Growth**: Rapid growth, but strategic losses expanded### Subscription Popularity- **Oversubscription Multiple**: 362x ⚡⚡⚡⚡⚡ (Exceptionally high)- **Margin Financing Amount**: Approx. HKD 45.88 billion- **Investor Type**: Mainly long-only investors### Cornerstone Investors (Approx. HKD 1.644 billion)- **Alibaba Investment** (Strategic Investor)- **GIC (Singapore Government Investment Corporation)** (Sovereign Fund)- **Temasek** (Singapore Sovereign Fund)- **Tencent Holdings** (4.19% stake)- **BlackRock, Fidelity International, Baillie Gifford** (International Asset Management Giants)### Valuation Analysis- **Pre-IPO Valuation**: Approx. USD 1 billion- **PS Valuation**: Approx. 20x- **Comparable Companies**: NVIDIA(PE~70x), Marvell(PE~50x)- **Discount**: Significant discount compared to US-listed AI chip companies### Scenario Analysis| Scenario | First Day Stock Price | First Day Gain ||——|-———|-———|| 🟢 Optimistic | HKD 220-260 | +25% to +50% || 🟡 Neutral | HKD 175-195 | +0% to +15% || 🔴 Pessimistic | HKD 125-145 | -15% to -25% |### Risk Radar1. ⚠️⚠️⚠️⚠️ Technology Commercialization Risk2. ⚠️⚠️⚠️⚠️ Sustained Loss Risk3. ⚠️⚠️⚠️⚠️ Geopolitical Risk4. ⚠️⚠️⚠️ Market Competition Risk5. ⚠️⚠️ Liquidity Risk### Final Recommendation**Overall Rating**: ⭐⭐⭐⭐ (4/5) - **Cautiously Recommend**- Strong technological leadership, top-tier shareholder lineup- Suitable for investors with higher risk tolerance"
datetime: "2026-04-21T01:24:30.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40051844.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40051844.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40051844.md)
author: "[money maker](https://longbridge.com/en/profiles/14746479.md)"
---

# $XIZHI TECH-P(01879.HK)## 📈 New Stock 1: 1879 Sha…


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