IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Company Overview
| Stock Name | Xizhi Tech-P |
|---|---|
| Stock Code | 01879 |
| Company Full Name | Shanghai Xizhi Technology Co., Ltd. |
| Industry | Semiconductors |
| Principal Activities | We focus on the optoelectronic hybrid computing power field, providing products and solutions centered on optical interconnect and optical computing, aimed at enhancing computing performance and reducing customers’ computing costs. |
| Listing Date | 2026-04-28 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | Chapter 18C |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Headquarters and Principal Place of Nos. 111, 125 and 139 Boxia Road Business in the PRC China (Shanghai) Pilot Free Trade Zone Pudong New District Shanghai PRC Principal Place of Business Room 1910, |
| Business Address (Hong Kong) | 香港銅鑼灣希慎道33號利園一期19樓1910室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.xztech.ai |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | 18C |
|---|---|
| Offer Price | HK$ 183.20 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 15 shares |
| Entry Threshold | HK$ 2,748 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-04-20 to 2026-04-23 |
| Global Offering Shares | 13,795,215 shares |
| HK Public Offer Shares (Initial) | 689,775 shares (5.0%) |
| Public Offer Lots (Initial) | 45,985lots (Pool A22,992lots，Pool B22,993lots) |
| International Placing Shares (Initial) | 13,105,440 shares (95.0%) |
| Offer Ratio | ~15.0% |
| Total Shares Post-IPO | 91,968,097 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | China International Capital Corporation Hong Kong Securities Limited CE AEN894 |
| Cornerstone Share | 71.5% |
| Clawback Tiers | Clawback tier B |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 2,527,283,388 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 15 | HK$ 2,748 |
| 2 lots | 30 | HK$ 5,496 |
| 3 lots | 45 | HK$ 8,244 |
| 4 lots | 60 | HK$ 10,992 |
| 5 lots | 75 | HK$ 13,740 |
| 6 lots | 90 | HK$ 16,488 |
| 7 lots | 105 | HK$ 19,236 |
| 8 lots | 120 | HK$ 21,984 |
| 9 lots | 135 | HK$ 24,732 |
| 10 lots | 150 | HK$ 27,480 |
| 20 lots | 300 | HK$ 54,960 |
| 30 lots | 450 | HK$ 82,440 |
| 40 lots | 600 | HK$ 109,920 |
| 50 lots | 750 | HK$ 137,400 |
| 60 lots | 900 | HK$ 164,880 |
| 70 lots | 1,050 | HK$ 192,360 |
| 80 lots | 1,200 | HK$ 219,840 |
| 90 lots | 1,350 | HK$ 247,320 |
| 100 lots | 1,500 | HK$ 274,800 |
| 200 lots | 3,000 | HK$ 549,600 |
| 300 lots | 4,500 | HK$ 824,400 |
| 400 lots | 6,000 | HK$ 1,099,200 |
| 500 lots | 7,500 | HK$ 1,374,000 |
| 600 lots | 9,000 | HK$ 1,648,800 |
| 700 lots | 10,500 | HK$ 1,923,600 |
| 800 lots | 12,000 | HK$ 2,198,400 |
| 900 lots | 13,500 | HK$ 2,473,200 |
| 1,000 lots | 15,000 | HK$ 2,748,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 30,000 | HK$ 5,496,000 |
| 3,000 lots | 45,000 | HK$ 8,244,000 |
| 4,000 lots | 60,000 | HK$ 10,992,000 |
| 5,000 lots | 75,000 | HK$ 13,740,000 |
| 6,000 lots | 90,000 | HK$ 16,488,000 |
| 7,000 lots | 105,000 | HK$ 19,236,000 |
| 8,000 lots | 120,000 | HK$ 21,984,000 |
| 9,000 lots | 135,000 | HK$ 24,732,000 |
| 10,000 lots | 150,000 | HK$ 27,480,000 |
| 20,000 lots | 300,000 | HK$ 54,960,000 |
| 22,992 lots | 344,880 | HK$ 63,182,016 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 22.73B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 16,848,555,370 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 13,699,933,427 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 1,342.4 million |
| Period-End Cash Balance | RMB 209.1 million |
| Listing Expenses | ~HK$ 145,800,000 |
| Listing Expenses / Funds Raised | ~6.0% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 886.0 |
|---|---|
| First Day Open | HK$ 880.0 |
| First Day Change | 383.62% |
| First Day Volume | 9260310.0 |
| First Day Turnover | 7871810000.0 |
| Use of Proceeds | 1、所得款項凈額約70%（1,586.8百萬港元）將于未來五年用于研發，包括持續發展公司的光互連業務及光計算業務；
2、所得款項凈額約20%（453.4百萬港元）將用于公司的商業化工作；
3、所得款項凈額約10%（226.7百萬港元）將撥付至營運資金及用于一般公司用途。 |
Underwriting Syndicate
Joint Sponsors (2)
Overall Coordinators (3)
Joint Global Coordinators (3)
Joint Bookrunners (5)
Joint Lead Managers (3)
Capital Market Intermediaries (5)
Stabilizing Manager (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
达维律师事务所 Zhong Lun Law Firm 海问律师事务所 霍金路伟国际律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
方达律师事务所 方达律师事务所 |
| Auditor and Reporting Accountant | 罗兵咸永道会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司 |
| Compliance Advisor | Rainbow Capital (HK) Limited CE BPB716 |
| Receiving Banks | 中国银行（香港）有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Alibaba Investment | 26,000,000 HKD | 1,222,440 | 8.86% | 1.33% | 6 months | 2026-10-28 |
| 2 | GIC | 20,000,000 HKD | 940,335 | 6.82% | 1.02% | 6 months | 2026-10-28 |
| 3 | Baillie Gifford | 15,000,000 HKD | 705,255 | 5.11% | 0.77% | 6 months | 2026-10-28 |
| 4 | BlackRock | 15,000,000 HKD | 705,255 | 5.11% | 0.77% | 6 months | 2026-10-28 |
| 5 | 富达国际 | 15,000,000 HKD | 705,255 | 5.11% | 0.77% | 6 months | 2026-10-28 |
| 6 | Schroders | 15,000,000 HKD | 705,255 | 5.11% | 0.77% | 6 months | 2026-10-28 |
| 7 | 淡马锡 | 15,000,000 HKD | 705,255 | 5.11% | 0.77% | 6 months | 2026-10-28 |
| 8 | 上海中移基金 | 14,600,000 HKD | 686,445 | 4.98% | 0.75% | 6 months | 2026-10-28 |
| 9 | HHLRA FUNDS | 10,000,000 HKD | 470,160 | 3.41% | 0.51% | 6 months | 2026-10-28 |
| 10 | UBS AM | 10,000,000 HKD | 470,160 | 3.41% | 0.51% | 6 months | 2026-10-28 |
| 11 | 3W Fund | 10,000,000 HKD | 470,160 | 3.41% | 0.51% | 6 months | 2026-10-28 |
| 12 | Aspex | 10,000,000 HKD | 470,160 | 3.41% | 0.51% | 6 months | 2026-10-28 |
| 13 | CPE Fir | 5,000,000 HKD | 235,080 | 1.70% | 0.26% | 6 months | 2026-10-28 |
| 14 | 景林 | 5,000,000 HKD | 235,080 | 1.70% | 0.26% | 6 months | 2026-10-28 |
| 15 | GF Fund | 5,000,000 HKD | 235,065 | 1.70% | 0.26% | 6 months | 2026-10-28 |
| 16 | 联想 | 5,000,000 HKD | 235,080 | 1.70% | 0.26% | 6 months | 2026-10-28 |
| 17 | 未来资产证券（香港） | 5,000,000 HKD | 235,080 | 1.70% | 0.26% | 6 months | 2026-10-28 |
| 18 | 中兴通讯（香港） | 4,300,000 HKD | 202,170 | 1.47% | 0.22% | 6 months | 2026-10-28 |
| 19 | 工银理财 | 2,500,000 HKD | 117,540 | 0.85% | 0.13% | 6 months | 2026-10-28 |
| 20 | 平安资产管理 | 2,500,000 HKD | 117,540 | 0.85% | 0.13% | 6 months | 2026-10-28 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Dr. Shen Yichen | Dr. Shen Yichen |
| Company Secretary | Ms. Lin Yifan | Ms. Lin Yifan |
| Executive Director | 沈亦晨 | Shen Yichen |
| Non-Executive Director | 俞泽 | Yu Ze |
| Independent Non-Executive Director | Huang Weiping | |
| Executive Director | 孟怀宇 | Meng Huaiyu |
| Non-Executive Director | 章锟 | Zhang Kun |
| Independent Non-Executive Director | 赵行 | Zhao Hang |
| Executive Director | Wang Long | |
| Independent Non-Executive Director | 徐黎黎 | Xu Lili |
| Executive Director | 张弘 | Zhang Hong |
Major Shareholders
| Major Shareholders & Holdings | Dr. 沈亦晨 is the single largest shareholder and, immediately after the completion of the Global Offering, will control a total of 29.55% of the voting rights of the Company. Other principal shareholders include 有光熠輝 (9.33%), 有光致遠 (5.20%), LightAI EIP (4.73%), MPC V L.P. (3.84%), among others. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO drew an extreme oversubscription ratio of 5784.7x, signaling fierce market demand for this 18C specialist semiconductor stock. The overall hit rate of 35.6% was comparatively generous, likely boosted by the B-tier clawback and reallocation. With an entry threshold of just HKD 2,748, retail investors piled in despite the precise pricing at HKD 183.2. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A notable tier inefficiency emerged: 甲尾 applicants (15000 lots) received ~0.92 expected lots, while 乙头 applicants (30000 lots) received just 0.6 expected lots, meaning twice the capital commitment yielded fewer lots. This made the A-tail more allocation-efficient per lot applied, highlighting a rare breakdown in the typical scaling advantage. Brokers with fixed per-lot fees would have disproportionately penalized B-head subscribers. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland China participation dominated at 69.1%, reinforcing the strong onshore appetite for Hong Kong-listed semiconductor names. Male investors made up 60.7% of applicants, with an average age of 41.6, suggesting mature, risk-tolerant retail participants. Regional concentration likely tilted toward Guangdong, the primary conduit for cross-border subscriptions. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
