Recently, the China Securities Regulatory Commission (CSRC) website disclosed that it approved the initial public offering (IPO) registration application of Shanghai Xihe Technology Co., Ltd. (hereinafter referred to as "XPHOR"). From the acceptance of its IPO application on June 30 to its registration approval on October 22, XPHOR completed the process in just 115 days.
In this IPO, XPHOR plans to raise CNY 1.83 billion, which will be used for enhancing the industrialization capability of AI computing and data center silicon photonics integrated chips, R&D and industrialization of next-generation silicon photonics integrated chips, and the construction of a R&D center.
Established in 2021 and located in Putuo District, Shanghai, XPHOR focuses on the R&D and commercialization of silicon photonics integration technology. Its main products are high-performance silicon photonics integrated chips, with speeds covering 400G, 800G, and 1.6T. The company has also expanded into 3.2T and 6.4T NPO/CPO transceiver integrated chips.
Currently, the company has entered the supply chains of major international optical module manufacturers. Its products are ultimately applied in AI clusters and hyperscale data centers of major cloud service providers both domestically and internationally, while also expanding into inter-data-center connectivity and silicon photonics sensing.
Leveraging leading technical performance and stable mass production delivery capabilities, as of August 2026, XPHOR's cumulative shipments of silicon photonics integrated chips exceeded 12 million units, placing it among the very few global vendors with shipment volumes at the ten-million-unit level.
According to Frost & Sullivan statistics, in 2025, the issuer's global market share in silicon photonics integrated chips was approximately 13%. It is a top-tier global silicon photonics integrated chip vendor and one of the most significant independent third-party silicon photonics integrated chip design companies globally.
As of the first half of this year, the company's total order backlog amounted to CNY 3.279 billion, with high-speed products accounting for 73.57%. Among these, 800G silicon photonics integrated chips alone accounted for 47.57% of the total order backlog, becoming the largest product category by proportion, while the share of 400G products dropped to 29.6%. This indicates that over the next one to two years, the company's revenue structure will continue to shift towards high-end products, with 800G and 1.6T taking over as the primary growth drivers.
Behind this rapid growth lies sustained R&D investment and solid technical barriers. As a typical hard-tech enterprise, XPHOR exhibits a clear "technology-driven" character.
The company's founder, Dr. Wu Aimin, has long been dedicated to silicon photonics integration research. Founding team member Dr. Feng Dazeng led a team that successfully developed and mass-produced silicon photonics products for telecommunications networks as early as2006. Core technical personnel Dr. Wang Yiqiong and Liang Hong previously worked at early internationally leading silicon photonics enterprises, where they respectively led silicon photonics processes and packaging/testing.
Certifications and honors further corroborate the company's technical strength. The company is a national-level "Specialized, Fined, Distinctive, and Innovative" Little Giant Enterprise. It has undertaken several major scientific research projects at both the national and Shanghai municipal levels. The project "High-Performance Optical Integration and Optoelectronic Co-Packaging Technology and Industrialization," led by the company in collaboration with downstream optical module manufacturers and top internet companies, won the First Prize of the 2025 Shanghai Science and Technology Progress Award.
The intensity of investment supporting this technical system is considerable. The prospectus shows that the company's cumulative R&D investment over the past three years totaled CNY 143.0816 million, accounting for 26.59% of cumulative operating revenue—more than five times the SSE STAR Market entry requirement of "cumulative R&D investment accounting for no less than 5% of cumulative operating revenue over the past three years." In terms of personnel, as of the end of 2025, there were 36 R&D staff members, representing 37.11% of the total workforce; as of June 30, 2026, the number of R&D staff increased to 51, with the proportion rising to 41.46%.
Technical investments have translated into financial performance. XPHOR turned profitable in 2025, and its revenue in the first half of this year already exceeded that of the entire previous year. During the reporting period, the company's operating revenues were CNY6.2270 million, CNY 70.9501 million, CNY 460.9104 million, and CNY 569.1168 million, respectively. Net profits attributable to owners of the parent company were CNY -28.3405 million, CNY -22.4625 million, CNY 175.5499 million, and CNY 161.0454 million, respectively.
The company stated that thanks to market recognition of its product performance and the rapid expansion of silicon photonics integrated chip applications in data communications, its revenue capacity has continuously grown, gradually entering the stage of scaled production and profitability.
In terms of financing, XPHOR has completed eight rounds of funding since September 2021, attracting backing from renowned investment institutions such as Yuanhe Origin, SMIC Capital, Gold浦 Investment, Da Chen Fortune, and Puhua Capital.
Dense capital injections not only provided sufficient financial support for the company's technological R&D and capacity expansion but also confirmed the capital market's high recognition of the silicon photonics chip sector and the company's core competitiveness.
Editor | Liu Chengxing Source | Compiled from online sources