X-Fab Technology's sci-tech innovation board IPO has been accepted, focusing on the research and commercialization of silicon photonics integration technology.

On June 30th, Shanghai Xihe Technology Co., Ltd. (referred to as Xihe Technology) submitted its IPO application to the Shanghai Stock Exchange Sci-Tech Innovation Board. Guotai Junan Securities is its sponsor and it plans to raise 2.43 billion yuan. According to the prospectus, Xihe Technology focuses on the research and commercialization of silicon photonics integration technology, with its main product being high-performance silicon photonics integrated chips with speeds covering 400G, 800G, and 1.6T. These products have been widely used in AI clusters and super-large data centers. Silicon photonics integrated chips are the core components of silicon photonics modules, with downstream applications in data communication and telecommunications. According to a report by Frost & Sullivan, by 2025, the application of silicon photonics modules in the field of data communication will account for 72.31% of its downstream overall application market share, taking a leading position and expected to continue to rise. In the current industry competition of silicon photonics integrated chips, manufacturers can mainly be divided into three categories. One category is comprehensive platform manufacturers represented by Intel and Cisco, with silicon photonics as part of their overall business portfolio, serving their own ecosystem and developing supplies for the market; the second category is leading optical module manufacturers represented by Zhongji Innolight and Eoptolink Technology Inc., extending upstream to chip development based on their own industry chain layout, with self-developed silicon photonics integrated chips mainly adapting to their own silicon photonics modules. The third category is represented by Xihe Technology as an independent third-party manufacturer supplying silicon photonics integrated chips to the entire market. Apart from Cisco, which mainly focuses on telecommunications, the rest mainly focus on the field of data communication. As an independent third-party manufacturer supplying silicon photonics integrated chips to the entire market, the company has entered the supply chain of major international optical module manufacturers. Its products are ultimately used in AI clusters and super-large data centers of major cloud service providers both domestically and internationally. According to Frost & Sullivan data, by 2025, the company's global market share of silicon photonics integrated chips is approximately 13%, making it one of the top silicon photonics integrated chip manufacturers globally and one of the most important independent third-party silicon photonics integrated chip design companies in the world. In terms of finances, in 2023, 2024, and 2025, the company achieved operating incomes of approximately 6.23 million yuan, 70.95 million yuan, and 461 million yuan respectively. During the same period, net profits were approximately -28.34 million yuan, -22.46 million yuan, and 176 million yuan respectively.