New Stock News | He Gaoxin has again submitted documents to the Hong Kong Stock Exchange, ranking eighth among global professional AI optical module providers.

According to the disclosure by the Hong Kong Stock Exchange on May 7, Beijing Haiguang Xinzheng Technology Co., Ltd. (referred to as Haiguang Xinzheng) has once again submitted its listing application to the main board of the Hong Kong Stock Exchange, with Huatai International as its exclusive sponsor. Company Overview According to the prospectus, the company is a provider of optoelectronic interconnect products, offering optical modules, active optical cables (AOC) (which integrate optical modules and optical fiber cables into a single component for high-speed interconnect), and other products. The company's optoelectronic interconnect products are widely used in AI data centers to support high-speed, high-density, and energy-efficient data transmission. The company differentiates itself in the market with end-to-end technological capabilities from chip design to optical module manufacturing and focuses on the field of silicon photonics (SiPh). The company's portfolio of optical module products covers transmission rates of 100G, 200G, 400G, and 800G, compatible with various industry standard form factors. All single-mode optical modules with a specification of 400G or higher utilize silicon photonics technology. The company's AOC and other product lines meet diverse customer needs, generating synergies within the product portfolio and creating cross-selling opportunities. According to data from Frost & Sullivan, based on revenue in 2025, the company ranks twelfth among global professional optical module providers, second in revenue growth among the top twelve suppliers from 2023 to 2025, and accounts for 0.8% of global market revenue in 2025. According to the same source, the company ranks eighth and seventh among global and Chinese professional AI optical module providers respectively, with a global market share of 1.6% by revenue in 2025. The company focuses on next-generation optoelectronic interconnect technology, specifically developing: Next-generation high-speed optoelectronic interconnects at 1.6T, 3.2T, and others to support the increasing data throughput requirements of AI data centers; Advanced optoelectronic interconnect technologies, including Near-Packaged Optics (NPO) and Co-Packaged Optics (CPO), which tightly or directly integrate optical engines with electronic chips to significantly reduce signal loss, improve efficiency, and support ultra-high-frequency bandwidth density; and PCIe AEC and PCIe AOC products enabling high-speed optoelectronic interconnects for servers and accelerator cards, providing higher transmission bandwidth and lower power consumption. Financial Information Revenue In 2023, 2024, and 2025, the company's revenue was approximately RMB 175 million, RMB 862 million, and RMB 1.221 billion, respectively. Loss In 2023, 2024, and 2025, the company incurred annual losses of approximately RMB 109 million, RMB 17.895 million, and RMB 100 million, respectively. Gross Loss/Gross Profit Margin In 2023, 2024, and 2025, the company's (gross loss)/gross profit margin was (17.9%), 11.8%, and 9.0%, respectively. Industry Overview Against the backdrop of global competition in the AI industry, computing power has become a core indicator of a country's AI competitiveness. China is steadily improving its global position in the field by continuously expanding AI computing power. By 2025, China's AI computing power is expected to reach 741.3 EFLOPs, projected to increase to 3,633.4 EFLOPs by 2030, with a compound annual growth rate of 37.4% from 2025 to 2030. Thanks to significant investments by tech giants and the industrialization of AI applications, global AI infrastructure investment has increased rapidly from 2020 to 2024. This growth is expected to continue as the structural shift in computing demand towards inference and cloud-based AI services expands. By 2025, global AI infrastructure investment is projected to rise from RMB 218 billion in 2021 to RMB 2,392.9 billion in 2025, with a compound annual growth rate of 82.0%. By 2030, the investment is expected to further increase to RMB 6,526.5 billion, with a compound annual growth rate of 22.2% from 2025 to 2030. China's AI infrastructure investment is forecasted to climb from RMB 71.9 billion in 2021 to RMB 677.2 billion in 2025, with a compound annual growth rate of 75.2%. By 2030, the investment is anticipated to reach RMB 2,023.2 billion, with a compound annual growth rate of 24.5% from 2025 to 2030. Driven by the explosive growth in AI computing demand and the large-scale deployment of data centers, sales of optoelectronic interconnects have seen a rapid increase from 2021 to 2025. With technology advancing towards 1.6T/3.2T and the commercial application of new CPO/NPO solutions, this growth trajectory is expected to continue. By 2025, global sales of optoelectronic interconnects are projected to rise from RMB 7.4 billion in 2021 to RMB 80.1 billion in 2025, with a compound annual growth rate of 81.2%. It is expected that sales will further increase to RMB 567.4 billion by 2030, with a compound annual growth rate of 47.9% from 2025 to 2030. As the development and commercialization of large language models advance, global cloud service providers and major internet companies have heavily invested in building AI data centers. AI optical module demand has surged as a crucial "data artery" for high-speed interconnects within data centers. The global AI optical module market is forecasted to grow from RMB 7 billion in 2021 to RMB 71.8 billion in 2025, with a compound annual growth rate of 79.0%. Looking ahead, as next-generation high-speed products (such as 1.6T and 3.2T) continue to iterate and new low-power architectures gradually commercialize, the global AI optical module market is expected to expand further. By 2030, the global AI optical module market is projected to reach RMB 347.5 billion, with a compound annual growth rate of 37.1% from 2025 to 2030. China is the fastest-growing market for optical modules worldwide, with a compound annual growth rate of 79.6% from 2021 to 2025. The country is expected to maintain a high-speed compound annual growth rate of 42.8% from 2025 to 2030, sustaining its position as the fastest-growing market globally. This growth momentum stems from initiatives like the "Eastern Numbers, Western Computing" project and the continued investments by Chinese cloud service providers in AI infrastructure. These efforts are driving the construction of large-scale data centers, especially AI data centers, and stimulating sustained demand for AI optical modules. Board of Directors Information At the time of compilation, the Board of Directors consists of nine members, including five executive directors, one non-executive director, and three independent non-executive directors. Directors serve a term of three years and must be re-elected for consecutive terms upon retirement. The Board is responsible for managing the company's business operations and has general powers, including formulating the company's business strategy and investment plans, executing resolutions passed by shareholders' meetings, and exercising other powers, functions, and responsibilities specified in the Articles of Association. The Board is also responsible for formulating and reviewing policies and procedures related to corporate governance, risk management, internal controls, and compliance with laws and regulations. Shareholding Structure As of the last practicable date (April 27, 2026), Dr. Hu, Suzhou Haiyi, and Suzhou Haixu collectively held a 21.11% equity interest in the total issued share capital of the company. Intermediary Team Exclusive Sponsor: Huatai Financial Holdings (Hong Kong) Limited; Legal Advisors: Paul Hastings LLP (Hong Kong), Guohao Law Firm (Nanjing); Exclusive Sponsor and Legal Advisors for compilation: Reed Smith LLP (Hong Kong), JT&N Law Firm; Reporting Accountant and Independent Auditor: Ernst & Young; Industry Consultant: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch; Compliance Advisor: Calin Capital Limited.