HK Recently Listed Stocks Watch | XIZHI TECH-P (01879.HK) up 5.06%, over 8.9 million cornerstone shares to be unblocked on 28 October

NewTimeSpace News, on 22 September 2026, optoelectronic hybrid computing shares traded with volatility while XIZHI TECH-P (01879.HK) strengthened. As of 13:55, the company quoted HKD 332.200, up 5.06%.

On the news front, on 22 September 2026, media reports said the state-owned adjustment fund managed by Chengtong Fund has completed a strategic investment in Xinsulian Optoelectronic Technology (Hangzhou) Co., Ltd., participating in its B++ round, to support the company in accelerating the industrialisation of high-speed silicon photonics chips and modules. According to the reports, Xinsulian was founded in 2019 and focuses on proprietary development of silicon photonics chips, with businesses covering the design, packaging and testing of high-speed silicon photonics chips and the provision of complete optical engine and optical module solutions; the company has achieved vertical integration from silicon photonics chip design and epitaxy processes to module packaging and testing, its 800G/1.6T silicon photonics chips and modules are already capable of mass production, its products can serve mainstream optical module demand from 400G to 1.6T, and they have passed validation by leading overseas customers.

In addition, on 21 September 2026, media reports said Coherent launched PhotonLink, an integrated optics platform that enables customers to obtain individual components and complete optical assemblies through a single partner, simplifying system design, streamlining qualification and reducing the complexity of integrating technologies from multiple suppliers. According to the reports, PhotonLink brings together the company's portfolio of key photonics technologies spanning compound semiconductor materials, lasers, optical devices and specialty optical fibre, along with precision assembly and testing capabilities, to provide complete optical solutions for next-generation AI data centres; the platform supports co-packaged optics (CPO), near-packaged optics (NPO) and emerging chip-to-chip connectivity.

XIZHI TECH-P (01879.HK) listed on the Main Board of the Hong Kong Stock Exchange on 28 April 2026 at an offer price of HKD 183.20, with 13,795,215 shares issued.

Regarding its shareholding structure, the lock-up period of the company's 20 cornerstone investors is six months, with the nearest lock-up expiry falling on 28 October 2026, when the 8,974,575 shares held by these cornerstone investors in aggregate will be released, representing 65.06% of the shares under the global offering, 12.00% of the company's total issued H Shares and 9.76% of the company's total issued share capital. In addition, the 12-month lock-up undertakings of the company's other existing shareholders are expected to be released from lock-up in late April 2027, and the 24-month lock-up undertakings of the company's controlling shareholders and their close associates are expected to be released from lock-up in late April 2028.

In terms of financial performance, the company disclosed its first interim results after listing on 21 August 2026. For the first half of 2026, revenue was RMB 79.779 million, up 283.68% year on year; gross margin was 65.8%, up 25.8 percentage points from a year earlier; and gross profit was RMB 52.523 million, up 532% year on year. By business, optical interconnect revenue was RMB 60.70 million, up 275% year on year, mainly benefiting from larger-scale commercial deployment of Scale-up optical switching products, while optical computing revenue was RMB 19.08 million, up 313% year on year. The company's loss attributable to owners for the period was RMB 3.257 billion, mainly affected by a fair value loss of RMB 2.917 billion on financial instruments issued to investors; excluding share-based payments, the fair value change on financial instruments and listing expenses, adjusted net loss was RMB 147 million, compared with RMB 131 million a year earlier. As of 30 June 2026, the company had cash balances of RMB 2.859 billion.

XIZHI TECH-P (01879.HK) focuses on optoelectronic hybrid computing. Built on three core technologies - optical network-on-chip (oNOC), optical network-on-package (oNET) and optical matrix computing (oMAC) - it operates two businesses: optical interconnect and optical computing. Its optical interconnect business provides distributed optical interconnect and optical switching GPU supernode solutions plus optical circuit switching (OCS) products for AI computing clusters, while its optical computing business provides the PACE series optoelectronic hybrid computing accelerator cards and the Gazelle high-precision optical computing evaluation hardware. Based on first-half 2026 revenue, optical interconnect accounted for 76.1% and optical computing for 23.9%.

NORTHEAST SECURITIES believes that NPO is not simply a transitional option towards CPO but the core optical interconnect path for domestic computing power that balances performance gains with engineering feasibility; by building a high-density optical engine hardware foundation and leading the formulation of a multi-source protocol standard, with domestic equipment makers, silicon photonics and optical chip companies jointly participating in standard building, Chinese companies are expected to take part in defining the next-generation optical interconnect architecture, with the supply chain focused on optical engines, high-speed optical chips and connectors. ZHESHANG SECURITIES believes the core advantage of NPO is that the optical engine remains an independent unit mounted close to the switch chip, shortening the high-speed electrical signal to centimetre level to reduce signal loss while preserving the optical engine's replaceability and ease of maintenance; compared with CPO, NPO does not depend on difficult chip co-packaging processes, allowing the chip and optical engine to be developed separately and lowering the barrier to industrial deployment.

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