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2026 IPO bonanza! Over 90% of new stocks rose on their debut!
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joined discussion · Apr 28 07:40 ·

IPO Pricing | Xizhi Technology-P goes public today, with nearly 5800 times subscription, priced at HKD 183.2 per share, and a gain of HKD 9642 on the grey market for one lot

Futu News April 28 update $XIZHI TECH-P (01879.HK)$ Announced the allocation results, priced at HKD 183.2 per share, issuing a total of 13,795,200 shares, with 15 shares per lot, officially listed today
In the previous trading session, the grey market of Xizhi Technology closed up 350.87% at HKD 826 per share. With 15 shares per lot, excluding handling fees, one lot generated a profit of HKD 9,642.
During the public offering phase, Xizhi Technology received 5,784.70 times subscription, with the final number of shares offered to the public being 2.7591 million shares, accounting for approximately 20% of the total shares offered. A total of approximately 378,100 valid applications were received, with about 134,600 accepted applications. The percentage allocation of shares for one-lot subscriptions was approximately 6% of the total applied shares.
In addition, during the international placement phase, Xizhi Technology was subscribed 53.83 times, with the final number of international placement shares being 13.1054 million shares, equivalent to 80% of the total shares offered. Futu Information has compiled relevant data in the table below:
Futu News April 28 update $XIZHI TECH-P (01879.HK)$ Announced the allocation results, priced at HKD 183.2 per share, issuing a total of 13,795,200 shares, with 15 shares per lot, officially listed today On the last trading day, Xizhi Technology's grey market closed up 350.87%, at HKD 826 per share, with 15 shares per lot. Without considering handling fees, the gain for one lot was HKD 9642 During the public offering phase, Xizhi Technology received 5784.70 times subscription. The final number of shares issued in the public offering was 2,759,100, accounting for approximately 20% of the total issuance. A total of about 378,100 valid applications were received, with around 134,600 processed applications. The approximate percentage of shares allocated to one-lot applicants out of the total applied-for shares was 6% In addition, during the international placement phase, Xizhi Technology received 53.83 times subscription. The final number of international placement shares was 13,105,400, equivalent to 80% of the total issuance. Futu News has compiled relevant data as follows: Company Overview Xizhi Technology focuses on the photonic-electronic hybrid computing power field, an innovative paradigm that combines the advantages of photonics and electronics. In 2017, Nature Photonics published a paper by Dr. Yichen Shen, the company founder, which first verified the feasibility of using light for computation, laying the foundation for subsequent technological developments in this field. Based on this scientific breakthrough, the company...
Futu News April 28 update $XIZHI TECH-P (01879.HK)$ Announced the allocation results, priced at HKD 183.2 per share, issuing a total of 13,795,200 shares, with 15 shares per lot, officially listed today On the last trading day, Xizhi Technology's grey market closed up 350.87%, at HKD 826 per share, with 15 shares per lot. Without considering handling fees, the gain for one lot was HKD 9642 During the public offering phase, Xizhi Technology received 5784.70 times subscription. The final number of shares issued in the public offering was 2,759,100, accounting for approximately 20% of the total issuance. A total of about 378,100 valid applications were received, with around 134,600 processed applications. The approximate percentage of shares allocated to one-lot applicants out of the total applied-for shares was 6% In addition, during the international placement phase, Xizhi Technology received 53.83 times subscription. The final number of international placement shares was 13,105,400, equivalent to 80% of the total issuance. Futu News has compiled relevant data as follows: Company Overview Xizhi Technology focuses on the photonic-electronic hybrid computing power field, an innovative paradigm that combines the advantages of photonics and electronics. In 2017, Nature Photonics published a paper by Dr. Yichen Shen, the company founder, which first verified the feasibility of using light for computation, laying the foundation for subsequent technological developments in this field. Based on this scientific breakthrough, the company...
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 News April 28 update $XIZHI TECH-P (01879.HK)$ Announced the allocation results, priced at HKD 183.2 per share, issuing a total of 13,795,200 shares, with 15 shares per lot, officially listed today On the last trading day, Xizhi Technology's grey market closed up 350.87%, at HKD 826 per share, with 15 shares per lot. Without considering handling fees, the gain for one lot was HKD 9642 During the public offering phase, Xizhi Technology received 5784.70 times subscription. The final number of shares issued in the public offering was 2,759,100, accounting for approximately 20% of the total issuance. A total of about 378,100 valid applications were received, with around 134,600 processed applications. The approximate percentage of shares allocated to one-lot applicants out of the total applied-for shares was 6% In addition, during the international placement phase, Xizhi Technology received 53.83 times subscription. The final number of international placement shares was 13,105,400, equivalent to 80% of the total issuance. Futu News has compiled relevant data as follows: Company Overview Xizhi Technology focuses on the photonic-electronic hybrid computing power field, an innovative paradigm that combines the advantages of photonics and electronics. In 2017, Nature Photonics published a paper by Dr. Yichen Shen, the company founder, which first verified the feasibility of using light for computation, laying the foundation for subsequent technological developments in this field. Based on this scientific breakthrough, the company...
Use of Proceeds
Regarding the use of proceeds, Xizhi Technology expects net proceeds from the global offering to be approximately HKD 2.377 billion (based on an offer price of HKD 183.2). According to the prospectus, Xizhi Technology plans to allocate the proceeds 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.
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Futu News April 28 update $XIZHI TECH-P (01879.HK)$ Announced the allocation results, priced at HKD 183.2 per share, issuing a total of 13,795,200 shares, with 15 shares per lot, officially listed today On the last trading day, Xizhi Technology's grey market closed up 350.87%, at HKD 826 per share, with 15 shares per lot. Without considering handling fees, the gain for one lot was HKD 9642 During the public offering phase, Xizhi Technology received 5784.70 times subscription. The final number of shares issued in the public offering was 2,759,100, accounting for approximately 20% of the total issuance. A total of about 378,100 valid applications were received, with around 134,600 processed applications. The approximate percentage of shares allocated to one-lot applicants out of the total applied-for shares was 6% In addition, during the international placement phase, Xizhi Technology received 53.83 times subscription. The final number of international placement shares was 13,105,400, equivalent to 80% of the total issuance. Futu News has compiled relevant data as follows: Company Overview Xizhi Technology focuses on the photonic-electronic hybrid computing power field, an innovative paradigm that combines the advantages of photonics and electronics. In 2017, Nature Photonics published a paper by Dr. Yichen Shen, the company founder, which first verified the feasibility of using light for computation, laying the foundation for subsequent technological developments in this field. Based on this scientific breakthrough, the company...
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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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