New stock news: Yuanjie Semiconductor Technology (688498.SH) submitted an application to the Hong Kong Stock Exchange, becoming the world's sixth largest supplier of laser chip manufacturers.

According to the disclosure by the Hong Kong Stock Exchange on March 25th, Shaanxi Yuanjie Semiconductor Technology Co., Ltd. (referred to as Yuanjie Semiconductor Technology) has submitted an application to list on the main board of the Hong Kong Stock Exchange, with Guotai Haitong and GF SEC as its joint sponsors. Company Overview According to the prospectus, Yuanjie Semiconductor Technology (688498.SH) is a supplier of laser chip, committed to providing laser chips with high reliability, high speed, and high-quality mass delivery, to achieve the ultimate interconnection of data. The company's core product portfolio includes CW laser chips, EML laser chips, and DFB laser chips, covering core scenarios such as AI data centers, 5G communication deployment, and fiber optic access. As the core of optical interconnection systems, laser chips convert electrical signals into optical signals for transmission, directly affecting the quality, stability, and bandwidth of optical transmission. The company's product portfolio is divided into two major product lines: Data center laser chips. The company provides DFB laser chips, EML laser chips, and CW laser chips that support 400G/800G and higher optical modules, as well as next-generation optical interconnection solutions, to achieve high bandwidth, high speed, low latency data transmission, meeting the rapidly growing demands of data centers. Telecom laser chips. The company specifically provides a comprehensive product portfolio of FP laser chips, DFB laser chips, and EML laser chips for fiber optic access and deployment of 4G/5G forward and middle transmissions, meeting the evolving needs of high-speed communication networks. According to the report by Torchlight Consulting, based on the external sales revenue in 2025, the company is the sixth largest laser chip supplier in the world and the second-largest supplier of silicon optical high-speed optical interconnect products laser chips in the world. During the historical period, the company expanded its product portfolio from 2.5G, 10G, and 25G DFB laser chips and EML laser chips to 25G, 50G, and 100G EML laser chips, and 50mW, 70mW, and 100mW CW laser chips and other high-end products. By 2025, driven by the surge in demand for AI computing, the company's data center laser chip product revenue surpassed that of telecom laser chip products, becoming the main growth driver. In terms of production capacity, the company has two operational production bases, both located in Shaanxi Province, with a total construction area of over 28,000 square meters. In addition, one of the production bases in Shaanxi Province is currently undergoing capacity expansion to accommodate additional production facilities to meet the increasing demand. The company's customers are mainly optical device and optical module manufacturers and distributors. In 2023, 2024, and 2025, the cumulative revenue generated from the top five customers each year accounted for 55.6%, 59.1%, and 71.8% of the total revenue for the respective year. Financial Information Revenue In the fiscal years 2023, 2024, and 2025, Yuanjie Semiconductor Technology achieved revenues of approximately 144 million, 252 million, and 601 million RMB respectively. Profit In the fiscal years 2023, 2024, and 2025, Yuanjie Semiconductor Technology's annual profits were approximately 19.48 million, -6.133 million, and 191 million RMB respectively. Gross Margin In the fiscal years 2023, 2024, and 2025, Yuanjie Semiconductor Technology's gross margins were approximately 28.7%, 23.4%, and 55.7% respectively. Industry Overview Benefiting from the explosive growth of the optical interconnection market, the rapid application of emerging technologies such as silicon photonics in optical interconnection, and the increasing demand from end customers for high-performance optical interconnection products, the laser chip industry has shown significant growth. As an essential core component of optical interconnection solutions, laser chips directly benefit from these trends, accelerating their own development. By 2024, the global laser chip market was valued at 26 billion US dollars, with an expected growth to 229 billion US dollars by 2030, with a compound annual growth rate of 44.1%. Laser chips, as core components of optoelectronic conversion, are mainly divided into five categories based on material systems, physical structures, and modulation methods, including DFB, EML, CW, VCSEL, and FP, each with specific technological advantages and application scenarios. According to different end application scenarios, the laser chip market can be divided into the data center laser chip market and the telecom laser chip market. Among them, the data center laser chip market dominates, with a market size of 16 billion US dollars in 2024, expected to grow to 211 billion US dollars by 2030, with a compound annual growth rate of 53.4%. EML laser chips and CW laser chips dominate market share, with their importance continuously increasing In 2024, the combined market size of EML laser chips and CW laser chips reached 970 million US dollars, with a market share of approximately 38.1%. In the future, the revenue of these products is expected to maintain high growth rates, with market share continuing to increase. By 2030, the combined revenue is expected to reach 208.0 billion US dollars, with a compound annual growth rate of 66.6%, and market share reaching 90.9%. EML laser chips cover data rates from low to high, including specifications such as 50G/100G/200G, with the core adaptation from 100G to 1.6T optical interconnect products. Currently, 100G EML laser chips are the mainstream products, widely used in 400G and 800G optical module products. With the gradual application of 1.6T and higher rate optical interconnect products, 200G EML laser chips, as the matching choice of laser chips, will experience rapid growth. The development of CW laser chips is mainly driven by the application of silicon photonics technology. In current high-speed optical interconnect products such as 400G, 800G, and even 1.6T, the main CW laser chips used include power models such as 50mW, 70mW, and 100mW. Furthermore, driven by emerging technologies such as NPO and CPO, high-power CW laser chips, including models such as 150mW, 300mW, and 400mW, are gradually being included in the commercial development of next-generation optical interconnect products. The demand for CW laser chips with power exceeding 100mW is expected to experience explosive growth from 2025 to 2030, with the market size of CW laser chips with power exceeding 100mW expected to reach 6.6 billion US dollars by 2030, accounting for 65.3% of the market share. Board Information The company's board of directors will consist of 9 directors, including 3 executive directors, 2 non-executive directors, and 4 independent non-executive directors, with a term of 3 years, and can be re-elected for consecutive terms. Shareholding Structure As of March 16, 2026, Dr. Zhang and Mrs. Zhang, Mr. Qin Weixing, Mr. Qin Yansheng, and Xinxin Juyuan collectively constitute the single largest shareholder group of the company, with the right to exercise or control the exercise of approximately 27.85% of the total issued shares of the company. Dr. Zhang directly holds 10,575,438 A-shares, and by serving as the general partner of the company's incentive platform Xinxin Juyuan, he controls the voting rights attached to the 1,260,000 A-class shares held; (ii) Non-executive director Mr. Qin Weixing directly holds 4,478,859 A-shares; Mr. Qin Yansheng, the brother of Mr. Qin Weixing, directly holds 4,604,859 A-shares; and Dr. Zhang's sister, non-executive director Mrs. Zhang, directly holds 2,944,053 A-shares. According to the Joint Action Persons Agreement, Mrs. Zhang, Mr. Qin Weixing, and Mr. Qin Yansheng have agreed to keep their voting rights consistent with Dr. Zhang's in the shareholders' meeting. Intermediary Team Joint Sponsors: Guotai Junan Financing Limited, GF Financing (Hong Kong) Limited Company Legal Advisor: Regarding Hong Kong and U.S. law: K&L Gates law firm; Regarding Chinese law: King & Wood Mallesons law firm; Legal Advisor of Joint Sponsors: Regarding Hong Kong and U.S. law: Sidley Austin law firm; Regarding Chinese law: Shanghai C&M Law Firm Reporting Accountant and Independent Auditor: Deloitte Touche Tohmatsu Certified Public Accountants Ltd. Industry Consultant: Torchlight Industry Consulting Ltd. Compliance Consultant: Mai Capital Limited