Countdown to the IPO, Xihe Technology bets 1.8 billion on silicon photonics integration

On the evening of October 8, the official website of the Shanghai Stock Exchange disclosed that the IPO of Shanghai Xihe Technology Co., Ltd.’s Science and Technology Innovation Board will be reviewed by the Listing Committee on October 14.

The company plans to publicly issue no more than 32.5474 million new shares, raising approximately 1.83 billion yuan. Among them, 563 million yuan was invested in AI computing power and data center silicon photonic integrated chip industrialization capacity improvement projects, 952 million yuan was invested in next-generation silicon photonic integrated chip R&D and industrialization projects, focusing on single-channel 400G and high-density products for NPO/CPO applications, and another 315 million yuan was used for the construction of R&D centers.

Xihe Technology was established in May 2021 and operates in the Fabless mode. It is mainly engaged in the design of high-performance silicon photonic integrated chips. The product rates cover 400G, 800G and 1.6T, and has expanded to 3.2T and 6.4T NPO/CPO transceiver integrated chips.

Its products have entered the supply chain of major international optical module manufacturers and are eventually used in AI clusters and ultra-large data centers of major domestic and foreign cloud service manufacturers.

The prospectus shows that from 2023 to 2025, Xihe Technology’s operating income was 6.227 million yuan, 70.9501 million yuan and 461 million yuan respectively, with a three-year compound growth rate of 760.34%; net profit attributable to the parent company changed from a loss of 28.3405 million yuan in 2023 to a profit of 176 million yuan in 2025.

In the first half of 2026, Xihe Technology continued its high growth trend, achieving operating income of 569 million yuan, which exceeded the full year of 2025. During the same period, the net profit attributable to the parent company was 161 million yuan, close to the full year level of the previous year.

Since this year, Xihe Technology’s product structure has accelerated its switch to high-speed. In the first half of 2026, its total revenue share of 800G and 1.6T chips rose to 34.17%, and chips used in 800G and above optical modules accounted for more than 80%; NPO/CPO integrated transceiver chips achieved the first batch of sales in the first half of the year.

As of the end of August 2026, Xihe Technology’s orders on hand totaled 4.551 billion yuan, of which 800G and 1.6T accounted for more than 70%.

Currently, Xihe Technology has a high concentration of customers and suppliers. Although the sales proportion of the top five customers dropped from 100% to 92.26% during the reporting period, the proportion of the largest customer still exceeded 50%; the proportion of purchases by the first largest supplier reached 90.08% in the first half of 2026.

Facing the future, Xihe Technology has proposed the mission of "Silicon Light Connects the World and Perceives the World", plans to promote the next generation optical interconnection architecture of NPO, CPO, and OIO, and uses FMCW lidar chips as a starting point to enter autonomous driving perception, and explore the application of silicon light sensing in wearable devices, industrial sensing, medical diagnosis and other fields.