Tencent and Baidu hold shares, and Xizhi Technology has obtained the Hong Kong stock listing registration

On March 30, the China Securities Regulatory Commission disclosed the "Registration Notice on the Overseas Issuance and Listing of Shanghai Xizhi Technology Co., Ltd. and the "Full Circulation" of Domestic Unlisted Shares."

Image source: China Securities Regulatory Commission

The notice shows that Xizhi Technology plans to issue no more than 1.5864 million shares of overseas listed ordinary shares and list them on the Hong Kong Stock Exchange. The company's 43 shareholders plan to convert a total of 6.0986 million domestic unlisted shares they hold into overseas listed shares and list them on the Hong Kong Stock Exchange.

On the same day, the official website of the Hong Kong Stock Exchange disclosed the prospectus of Xizhi Technology. The prospectus shows that Xizhi Technology was founded in 2017 and is headquartered in Shanghai. It focuses on photoelectric hybrid computing solutions. Its core products include near-package optics, co-package optics, photoelectric hybrid computing accelerator cards, etc., which are used in AI computing, data centers and other scenarios.

In recent years, Xizhi Technology has accelerated the implementation and cooperation of optical interconnection technology. In July 2025, Xizhi Technology released the world's first distributed optical interconnect optical switching GPU super node - LightSphere X at the World Artificial Intelligence Conference (WAIC).

Just half a year later, at the China Appliances and Consumer Electronics Expo (AWE) in March 2026, Xizhi Technology announced that the Optical Leap super node it built in cooperation with Biren Technology and ZTE has successfully implemented a 128-card commercial version. It has completed the deployment of thousands of cards and successfully adapted to domestic mainstream large models such as Step Star, DeepSeek, Minimax, Kimi, and GLM.

When training the DeepSeek V3 671B model at the same scale, the transmission delay is reduced by more than 90% compared with traditional electrical switching, and the model switching delay is as low as microseconds, fully verifying the commercial value of its technology.

In terms of financing, since its establishment, Xizhi Technology has completed multiple rounds of financing. Investors include Baidu, Tencent, Shanghai SDIC, China Mobile, CICC Capital, China Merchants Venture Capital, Matrix Ventures, China Science and Technology Star, Sequoia Capital, etc. In September 2025, Xizhi Technology completed a Series C financing of more than 1.5 billion yuan, with participation from China Mobile, Shanghai SDIC, Guoxin Fund, Pudong Venture Capital, Tencent, etc.

It is reported that after this listing on the Hong Kong Stock Exchange, Xizhi Technology plans to raise US$300 million to US$400 million to develop the company's optical interconnect business, with a special focus on chip design technology; for the continued research and development of the company's optical computing business, with a focus on the research and development of PACE3 and next-generation optical processors; and for the company's commercialization work. Appropriated to working capital and for general corporate purposes.

Judging from the performance, Xizhi Technology's revenue has continued to grow in recent years. From 2023 to 2025, the revenue will be 38 million yuan, 60 million yuan and 106 million yuan respectively, with a compound annual growth rate of 66.9%. Among them, optical interconnect solutions, especially Scale-up products, are the company's performance pillars. In 2025, Scale-up products will achieve sales revenue of 75.58 million yuan. (Compiled by TrendForce Optical Communications)

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