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IPO News | 'Optoelectronic Hybrid Computing Company'曦智科技-P launches its IPO subscription, planning to go public on April 28, with a minimum subscription amount of 2775.71 Hong Kong dollars

Futu Information reported on April 20 that $XIZHI TECH-P (01879.HK)$ The company announced the launch of its IPO from April 20 to April 23, intending to offer approximately 13,795,200 shares globally, with expectations to be listed on April 28.
Futu Information reported on April 20 that $XIZHI TECH-P (01879.HK)$ The company announced the launch of its IPO from April 20 to April 23, intending to offer approximately 13,795,200 shares globally, with expectations to be listed on April 28. Company Overview 曦智科技 focuses on the optoelectronic hybrid computing field, an innovative paradigm that integrates the advantages of photonics and electronics. In 2017, Nature Photonics published a paper by Dr. Shen Yichen, the founder of the company, which for the first time verified the feasibility of using light for computation, laying the foundation for subsequent technological advancements in this field. Leveraging this scientific breakthrough, the company transformed cutting-edge research results into engineering capabilities and product advantages, developing various technologies and converting them into products and solutions. The company's optoelectronic hybrid computing products are based on three core chip technologies: on-chip optical network (oNOC), inter-chip optical network (oNET), and photonic matrix computation (oMAC), providing more efficient and cost-effective optoelectronic hybrid computing solutions that directly address industry development bottlenecks such as the 'memory wall' and 'power consumption wall.' The company's photonic chip technology can work efficiently with traditional electronic chips because optical interconnects mainly 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; therefore, optical interconnects are inherently protocol-agnostic.
Company Overview
曦智科技 focuses on the optoelectronic hybrid computing field, an innovative paradigm that integrates the advantages of photonics and electronics. In 2017, Nature Photonics published a paper by Dr. Shen Yichen, the founder of the company, which for the first time verified the feasibility of using light for computation, laying the foundation for subsequent technological advancements in this field. Leveraging this scientific breakthrough, the company transformed cutting-edge research results into engineering capabilities and product advantages, developing various technologies and converting them into products and solutions.
The company's optoelectronic hybrid computing products are based on three core chip technologies: on-chip optical network (oNOC), inter-chip optical network (oNET), and photonic matrix computation (oMAC), providing more efficient and cost-effective optoelectronic hybrid computing solutions that directly address industry development bottlenecks such as the 'memory wall' and 'power consumption wall.' The company's photonic chip technology can work efficiently with traditional electronic chips because optical interconnects mainly 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; therefore, optical interconnects are inherently protocol-agnostic.
Financial Summary
The revenue of曦智科技increased from RMB 38.2 million in 2023 to RMB 60.2 million in 2024, and further increased to RMB 106.4 million in 2025. In 2023, 2024, and 2025, the company's R&D expenditures were RMB 279.8 million, RMB 352.1 million, and RMB 479.0 million, respectively. The company recorded net losses of RMB 413.5 million, RMB 735.3 million, and RMB 1,342.4 million in 2023, 2024, and 2025, respectively.
Futu Information reported on April 20 that $XIZHI TECH-P (01879.HK)$ The company announced the launch of its IPO from April 20 to April 23, intending to offer approximately 13,795,200 shares globally, with expectations to be listed on April 28. Company Overview 曦智科技 focuses on the optoelectronic hybrid computing field, an innovative paradigm that integrates the advantages of photonics and electronics. In 2017, Nature Photonics published a paper by Dr. Shen Yichen, the founder of the company, which for the first time verified the feasibility of using light for computation, laying the foundation for subsequent technological advancements in this field. Leveraging this scientific breakthrough, the company transformed cutting-edge research results into engineering capabilities and product advantages, developing various technologies and converting them into products and solutions. The company's optoelectronic hybrid computing products are based on three core chip technologies: on-chip optical network (oNOC), inter-chip optical network (oNET), and photonic matrix computation (oMAC), providing more efficient and cost-effective optoelectronic hybrid computing solutions that directly address industry development bottlenecks such as the 'memory wall' and 'power consumption wall.' The company's photonic chip technology can work efficiently with traditional electronic chips because optical interconnects mainly 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; therefore, optical interconnects are inherently protocol-agnostic.
Use of Proceeds
Regarding the use of proceeds, 曦智科技expects the net proceeds from the global offering to be approximately HKD 2.267 billion (assuming the over-allotment option is not exercised, calculated at the mid-price of HKD 174.9 per share). According to the prospectus, 曦智科技intends to allocate the proceeds raised from the global offering for the following purposes:
Approximately 70% will be used for R&D efforts over the next five years, including ongoing development of the company’s optical interconnect hardware and solutions, as well as optical computing products; around 20% will be allocated towards commercialization efforts; and about 10% will be utilized for working capital and general corporate purposes.
Further reading:Xizhi Technology – P Prospectus
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Futu Information reported on April 20 that $XIZHI TECH-P (01879.HK)$ The company announced the launch of its IPO from April 20 to April 23, intending to offer approximately 13,795,200 shares globally, with expectations to be listed on April 28. Company Overview 曦智科技 focuses on the optoelectronic hybrid computing field, an innovative paradigm that integrates the advantages of photonics and electronics. In 2017, Nature Photonics published a paper by Dr. Shen Yichen, the founder of the company, which for the first time verified the feasibility of using light for computation, laying the foundation for subsequent technological advancements in this field. Leveraging this scientific breakthrough, the company transformed cutting-edge research results into engineering capabilities and product advantages, developing various technologies and converting them into products and solutions. The company's optoelectronic hybrid computing products are based on three core chip technologies: on-chip optical network (oNOC), inter-chip optical network (oNET), and photonic matrix computation (oMAC), providing more efficient and cost-effective optoelectronic hybrid computing solutions that directly address industry development bottlenecks such as the 'memory wall' and 'power consumption wall.' The company's photonic chip technology can work efficiently with traditional electronic chips because optical interconnects mainly 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; therefore, optical interconnects are inherently protocol-agnostic.
Editor/Joe
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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