The world's first AI silicon photonics chip company, XtalPi, has listed on the Hong Kong Stock Exchange, with Futu serving as the underwriter to support the company's IPO.

On April 28, 2026, Shanghai XtalPi Technology Co., Ltd. (referred to as: XtalPi Technology, stock code: $XIZHI TECH-P (01879.HK)$ ), successfully listed on the Main Board of the Hong Kong Stock Exchange, becoming the 'world's first AI silicon photonics chip stock,' officially entering a new stage of global development.

In this IPO process, Futu Securities International (Hong Kong) Co., Ltd. acted as thejoint bookrunnersand participated in the entire issuance process. Relying on the advantages of its global technology trading platform and vast resources of high-net-worth and institutional investors, Futu efficiently introduced diversified, high-quality, and actively traded global capital for XtalPi Technology, helping the company solidify its investor structure and laying a solid foundation for post-listing stock activity and market liquidity.

In addition, Futu Finance provides one-stop financial advisory services for曦智科技, including IPO financial consulting, media outreach, and appreciation banquets, helping it build communication bridges with all participants in the Hong Kong capital market and convey the company's value.

According to the prospectus disclosure, XtalPi Technology's IPO introduced20 cornerstone investors, including industry giants such as Alibaba, China Mobile Capital, Lenovo, and ZTE, as well as international sovereign funds and long-term capital like GIC, Blackrock, Fidelity International, and Temasek. Together, they subscribed for a total amount of approximately $209.9 million (about HK$1.644 billion), accounting for 68.14% of the global offering shares, providing strong support for the company's long-term stable development.

The prospectus shows that Xizhi Technology is a global leading provider of optoelectronic hybrid computing solutions, focusing on the application of photonics technology in artificial intelligence computing, and has established dual business systems of optical interconnects and optical computing. According to Frost & Sullivan data:

- The company isthe world’s first enterprise to achieve large-scale deployment of optoelectronic hybrid computing power；

- Based on 2025 revenue, it ranks among independent Scale-up optical interconnect solution providers in China,Firstwith a market share of about88.3%；

- By 2024 and 2025, the cumulative shipment volume of optical computing chips rankedworld's number one。

The company's core products include Scale-up EPS, Scale-up OCS, and optoelectronic hybrid computing accelerator cards, which have achieved commercial deployment with 44 clients, covering high-end fields such as AI computing and data centers, serving numerous industry-leading customers. It is a benchmark enterprise in replacing traditional electrical interconnects with domestically produced optoelectronic hybrid computing power.

According to a Frost & Sullivan report, the global AI optical computing infrastructure market size is expected to continue its rapid growth. As Moore's Law slows down and traditional electrical interconnects approach their physical limits, optoelectronic hybrid computing power, as the core direction of next-generation computing, presents vast market potential, offering robust growth momentum for industry leaders.

Financial data shows that XtalPi Tech's business scale is rapidly expanding, with the commercialization process continuously accelerating. From 2023 to 2025, the company achieved operating revenues ofRMB 38.235 million, RMB 60.191 million, and RMB 106 million, respectivelyby 2029, with a compound annual growth rate of66.9%; in 2025, Scale-up products contributed 71% of revenue, becoming the core growth engine.

The prospectus disclosed that XtalPi Tech intends to allocate the net proceeds from this IPO according to the following strategic uses:

– 70%: for core technology research and development over the next five years, focusing on breakthroughs in optical interconnects and optical computing frontier technologies;

– 20%: for product commercialization and market expansion, accelerating global customer penetration;

– 10%: for working capital and general corporate purposes.

This listing on the Hong Kong stock market will further strengthen XtalPi Tech’s technological R&D, global production capacity, and industrial ecosystem layout, consolidating its leading position in hybrid photoelectric computing power and accelerating the high-quality development of China’s AI computing power infrastructure industry.

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As a leading digital financial technology company, Futu, supported by an investor ecosystem of over 29.18 million and a comprehensive corporate service system, is able to provide companies with end-to-end services throughout the pre-IPO, IPO, and post-IPO phases. These include a one-stop ESOP option management solution, Hong Kong and US stock IPO distribution, investor relations (IR) and public relations (PR), financial public relations services, international placement, secondary trading services, and other core services.

As of Q4 2025, more than half of the top ten companies in terms of Hong Kong IPO fundraising amounts have collaborated with Futu. Nearly half of the Hong Kong IPO projects in Q4 were in cooperation with Futu. The total subscription amount for Hong Kong IPOs on the Futu platform reached 3.5 trillion Hong Kong dollars in Q4, firmly ranking first in the market. Futu’s capabilities in US IPOs have attracted attention, as all retail clients who subscribed to popular new stocks such as Bullish, Figure, and Gemini were successfully allocated shares.

As of Q4 2025, Futu's corporate services have reached 1,161 clients, providing IPO distribution and IR services to 600 enterprises. It has assisted 387 companies, including Meituan, Kuaishou, Xiaomi, Baidu, KE Holdings, JD Health, and Bilibili, in successfully listing in Hong Kong and the United States. Futu has cumulatively signed contracts with 830 ESOP clients, and a total of 1,300 listed companies are now hosted on the Futu platform.

In the future, Futu will fully leverage its resources and market influence to provide more professional and efficient services to a larger customer base!

*Securities-related businesses such as IPO distribution are provided by licensed subsidiaries under Futu.

*Data source: Market cap as of the first day of listing

*Data source: Futu's Q4 2025 earnings report

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