Xihe Technology's STAR Market IPO passes listing committee meeting, plans to raise 1.83 billion yuan.

On October 14, Shanghai Xihe Technology Co., Ltd. (referred to as Xihe Technology) passed the listing committee meeting of the Shanghai Stock Exchange's STAR Market. The IPO sponsor is Guotai Haitong, with plans to raise 1.83 billion yuan. According to the prospectus, Xihe Technology focuses on the R&D and commercialization of silicon photonics integration technology. Its main products are high-performance silicon photonics integrated chips, with product speeds covering 400G, 800G, and 1.6T. They have been applied at scale in AI clusters and hyperscale data centers. In 2026, the company launched NPO/CPO transceiver-integrated chips that have already generated revenue. As a chip design company, Xihe Technology adopts a Fabless model. Under this model, it engages in the R&D, design, and sales of chips. The company's silicon photonics integrated chips have entered the supply chains of major international optical module manufacturers, with products ultimately applied in the AI clusters and hyperscale data centers of major domestic and international cloud service providers. According to Frost & Sullivan data, in 2025, the company's global market share of silicon photonics integrated chips was approximately 13%, making it a leading global silicon photonics integrated chip manufacturer and one of the world's most prominent independent third-party silicon photonics integrated chip design companies. It is worth noting that Xihe Technology has a high customer concentration. In each reporting period, the sales from the top five customers accounted for 100.00%, 98.41%, 96.40%, and 92.26% of operating revenue for the respective periods. Among them, the largest customer accounted for 90.90%, 87.22%, 60.40%, and 55.55%, respectively, with sales to a single customer exceeding 50%. Except for 2025 and January-June 2026, when the largest customer was the same customer, the largest customer changed in each period. If major customers in the future reduce demand for the company's products due to adjustments in their procurement strategies, significant changes in their operating conditions, or their own strategic transformation, and the company fails to promptly develop new customers or adjust its business structure, resulting in decreased stability of customer cooperation, this could have a negative impact on the company's operating performance. In terms of financials, for the years 2023, 2024, 2025, and January-June 2026, the company achieved operating revenue of approximately 6.227 million yuan, 70.9501 million yuan, 461 million yuan, and 569 million yuan, respectively; during the same periods, net profit was approximately -28.3405 million yuan, -22.4625 million yuan, 176 million yuan, and 161 million yuan, respectively.