Shares of Xizhi Tech-P (01879.HK) were suspended from trading this morning at 9:04 a.m. following a sudden company announcement.
The company subsequently announced at midday that its board of directors does not recommend the payment of a dividend for the 2025 fiscal year and plans to resume trading of its shares at 1:00 p.m.
Prior to the suspension, the stock price of Xizhi Tech-P was HK$708, representing an increase of approximately 286% from its IPO price of HK$183.2, with a latest total market capitalization of about HK$66.578 billion.
Dubbed by the market as the "world's first AI silicon photonics chip stock", Xizhi Tech-P officially listed on the Hong Kong capital market on April 28.
The company's IPO received backing from several internationally renowned institutions, with cornerstone investors including Alibaba, Singapore's sovereign wealth fund GIC, Baillie Gifford, BlackRock, Fidelity International, Schroders, Temasek, Hillhouse Capital, UBS, Greenwoods Asset Management, Lenovo, and ZTE, among other well-known domestic and international institutional and industrial investors.
Public information indicates that Xizhi Tech-P was founded in 2017 and is headquartered in Shanghai, focusing on the field of optoelectronic hybrid computing and primarily providing optical computing and optical interconnect products and solutions.
The company's founder and core technology lead, Shen Yichen, is 37 years old and received his Ph.D. in Applied Physics from the Massachusetts Institute of Technology in 2016.
In 2017, he published a cover paper in Nature Photonics, which for the first time systematically demonstrated the feasibility of applying optoelectronic hybrid computing to deep learning and is considered to have provided important theoretical support for the development of the related technological path.
Regarding financial performance, the prospectus shows that from 2023 to 2025, Xizhi Tech-P achieved revenues of approximately RMB 38.235 million, RMB 60.191 million, and RMB 106 million, respectively, showing a continuous growth trend.
However, the company is not yet profitable, with net losses reaching RMB 414 million, RMB 735 million, and RMB 1.342 billion during the same periods, respectively, indicating a continuous expansion in the scale of losses.
Against the backdrop of rapidly growing demand for AI computing power and high market attention on silicon photonics technology, Xizhi Tech-P has been one of the most closely watched new technology listings in the Hong Kong stock market.
The sudden trading halt this morning immediately thrust the company into the spotlight.
There were even unverified online posts claiming that the suspension was due to operational data being collectively questioned by shareholders.
However, the reversal came quickly, as the related posts were soon deleted, and the company's latest announcement has proven these online rumors to be completely unfounded.