IPO Plus - IPO

Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
Huaqin 03296.HK	Computer Storage & Peripherals	N/A	100	7,848.36	2026/04/20	2026/04/22	2026/04/23
Xizhi Tech-P 01879.HK	Electrical Components & Equipment	166.6-183.2	15	2,775.71	2026/04/23	2026/04/27	2026/04/28
Mabwell-B 02493.HK	Biotechnology - Pharmaceuticals	27.64-30.71	200	6,203.95	2026/04/23	2026/04/27	2026/04/28
Sunmi Technology-W 06810.HK	IT Consulting & Other Services	24.86	100	2,511.07	2026/04/24	2026/04/28	2026/04/29

Name▼

Code▼

Industry

Offer Price

Lot Size

Entry Fee

Closing Date

Grey Market Date▼

Listing Date▲

Huaqin
03296.HK

Computer Storage & Peripherals

N/A

100

7,848.36

2026/04/20

2026/04/22

2026/04/23

Xizhi Tech-P
01879.HK

Electrical Components & Equipment

166.6-183.2

2,775.71

2026/04/23

2026/04/27

2026/04/28

Mabwell-B
02493.HK

Biotechnology - Pharmaceuticals

27.64-30.71

200

6,203.95

2026/04/23

2026/04/27

2026/04/28

Sunmi Technology-W
06810.HK

IT Consulting & Other Services

24.86

100

2,511.07

2026/04/24

2026/04/28

2026/04/29

Summary

We are dedicated to the field of optoelectronic computing, an innovative paradigm that combines the advantages of photonics and electronics. In 2017, Nature Photonics published a paper by our founder, Dr. Shen Yichen, which provided the first validation for using light to compute and supported subsequent technological development in this field. Carrying forward this scientific breakthrough, we have transformed cutting-edge research into engineering capability and product strength, and on this basis, we have developed multiple technologies and translated them into products and solutions. Since our establishment, we have built a product and solution portfolio centered on optical interconnect and optical computing, powered by our proprietary optoelectronic chip technologies, delivering scalable and cost-effective solutions. Our technologies offer low latency, high throughput, and low power consumption, with the aim of improving computing performance and advancing the next wave of innovation. According to Frost & Sullivan, we are the first company globally to achieve mass deployment of optoelectronic computing. The era of artificial intelligence (AI) requires continuous breakthroughs in the performance and scale of computing power. According to Frost & Sullivan, global computing infrastructure remains dominated by electrical computing and electrical interconnects. Constrained by Moore’s Law and other physical limits, the bottlenecks in cost, scalability, performance, and power consumption of traditional electrical systems are increasingly pronounced, exacerbating the shortage of computing power. Optoelectronic computing directly addresses this challenge by leveraging more efficient single-chip computing and optical interconnects to significantly reduce customers’ computing costs. It has become a crucial direction for the evolution of computing infrastructure and is contributing to improvements in computing performance. Against this backdrop, optical interconnect solutions have seen early adoption in computing infrastructure, linking widely deployed electrical computing chips to create a faster and more energy-efficient interconnect paradigm. Meanwhile, to meet growing demand for computing power, optical computing chips are expected to gain broader adoption over time. According to Frost & Sullivan, the market size of scale-up optical interconnect of China is projected to increase from RMB5.7 billion in 2025 to RMB180.5 billion in 2030, representing a CAGR of 99.6%. The optical computing products market of China is forecasted to grow from RMB63.7 million in 2025 to RMB1,461.6 million in 2030, achieving a CAGR of 87.2%. Over the longer timeframe from 2031 to 2036, the optical computing products market of China is further expected to expand from RMB2,546.3 million to RMB34,758.9 million, with a CAGR of 68.7%. We expect that, likely after 2035, optical computing and electrical computing products and solutions will coexist on a large scale. Standing at the outset of a new era for the global computing power industry, our product and solutions provide advanced optical interconnect and optical computing solutions and support the next generation of computing infrastructure for the AI age. ‧ Our Optical Interconnect: Empowered by our proprietary optoelectronic chip technologies, we provide a comprehensive solution connecting diverse computing devices—including GPUs, CPUs, xPUs, switches, and storage chips—using optical signals. Our optical interconnect solutions are used to increase the computational power within a single server or node (scale-up) or connecting multiple individual servers or nodes to form a large cluster (scale-out). The optical solutions provide lower latency, higher bandwidth and higher power efficiency compared to electric solutions. We jointly launched our optical circuit switch product LightSphere X in 2025, which is the world’s first distributed optical circuit switch solution for the interconnect of GPU supernode, according to Frost & Sullivan. The solution improves Model FLOPs Utilization (MFU), a crucial efficiency metric used to measure how effectively a computing system utilizes its computing power, by over 50%, substantially reducing total cost of ownership for a certain amount of computing power generated. ‧ Our Optical Computing: By replacing electrons with photons for data processing, our optical computing processors use photonic linear computing units to accelerate operations. These units are less constrained by process nodes and offer low latency and high throughput, supporting improvements in computing performance boundaries and redefining the standards of chip performance. Our optical computing solutions have yielded notable products, including OptiHummingbird, the world’s first oNOC-based optoelectronic computing card, and PACE 2, the world’s first 3D TSV-packaged optoelectronic computing card, according to Frost & Sullivan. Guided by global customer needs, we co-create the application ecosystem with our partners and continue to advance commercialization across the industry. As of the Latest Practicable Date: ‧ Proven Deployments: We have successfully deployed optical interconnect solutions to three thousand-GPU clusters, representing an important step in the commercialization of our technology and demonstrating that our products are ready for deployment in real-world systems at large scale. Delivering clusters of this scale requires integration across the entire value chain, from chip design to system deployment, demonstrating our capability to execute at scale and to lead the rollout of next-generation optoelectronic computing solutions. ‧ Lock-in Advantage: We have entered into over 15 design-in collaborations with GPU and server manufacturers, positioning us among the few companies in the industry capable of bringing cutting-edge solutions into commercial deployment, according to Frost & Sullivan. Because the end-to-end customization process with chip manufacturers requires significant time and effort and is difficult to replicate, our solutions create stable customer relationships and long-term business continuity, establishing us as one of the fastest-moving companies in the field. ‧ Mass Production Ready: We have established strong collaborations with semiconductor foundries and secured priority capacity commitments and favorable terms. For example, we received priority manufacturing support from such suppliers within agreed order volumes due to our long-standing supplier partnerships and leadership in advanced optoelectronic computing. These arrangements provide us with stable and cost-advantaged supply, laying the foundation for scalable commercialization and mass production of our optical interconnect and optical computing product. Our strategic partnerships across the ecosystem fuel our continuous growth and reinforce our industry leadership, translating directly into substantial revenue growth. During the Track Record Period, our revenue increased from RMB38.2 million in 2023 to RMB106.4 million in 2025, representing a CAGR of 66.9%. Source: Xizhi Tech-P (01879) Prospectus (IPO Date : 2026/04/20)
Listing Market	MAIN
Industry	Electrical Components & Equipment
Background	H Shares
Major Business Area	China

Corporate Information

Substantial Shareholders	Shen Yichen (Total share: 20.97%); (H share: 12.33%) Shanghai Youguang Yihui Enterprise Management Partnership (LP) (Total share: 9.33%); (H share: 5.49%) Foong Jun Zhe, Benjamin (Total share: 4.73%); (H share: 5.56%)
Directors	Shen Yichen (Founder and Chairman and Chief Executive Officer and Executive Director) Meng Huaiyu (Co-Founder and Chief Technology Officer and Executive Director) Wang Long (Chief Operating Officer and Executive Director) Zhang Hong (Chief Financial Officer and Executive Director) Yu Ze (Non-Executive Director) Zhang Kun (Non-Executive Director) Huang Weiping (Independent Non-Executive Director) Xu Lili (Independent Non-Executive Director) Zhao Hang (Independent Non-Executive Director)
Company Secretary	Lin Yifan Yeung Siu Wai Kitty
Principal Bankers	The HongKong and Shanghai Banking Corporation Limited China Merchants Bank
Solicitors	Zhong Lun Law Firm Haiwen & Partners Davis Polk & Wardwell Hogan Lovells International LLP
Auditors	PricewaterhouseCoopers
Registered Office	Room 1910, 19/F., Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong
Share Registrars	Tricor Investor Services Ltd. [Tel: (852) 2980-1333]
Share Registrars Tel No	(852) 2980-1333
Internet Address	https://www.xztech.ai
Email Address	press@xztech.ai
Tel No
Fax No

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