AI Silicon Photonics Interconnect Company: Haiguang Xinzheng is about to list on the Hong Kong Stock Exchange

According to public information from the Hong Kong Stock Exchange, Beijing Haiguang Xinzheng Technology Co., Ltd. (hereinafter referred to as "Haiguang Xinzheng") passed the listing hearing of the Hong Kong Stock Exchange on June 11. This technology company, dubbed the "AI Silicon Photonics Interconnect Dark Horse," is about to list on the Main Board of Hong Kong, with Huatai International acting as the sole sponsor.

On the surface, Haiguang Xinzheng is a high-speed optical module manufacturer. However, a deeper look into its business essence reveals it to be a pure-play AI infrastructure company that is "All in AI" for its industry and customers and "All in Silicon Photonics" for its technology roadmap. A nearly 7-fold increase in revenue over three years, a full-stack silicon photonics technology barrier, strong backing from industrial capital, and early deployment of next-generation NPO/CPO technology together constitute the core investment thesis for this company.

Nearly 7-Fold Revenue Growth in Three Years Highlights Scarcity of Pure AI Customer Structure

Prospectus data shows that Haiguang Xinzheng's revenue for 2023, 2024, and 2025 was RMB 175 million, RMB 862 million, and RMB 1.221 billion, respectively. Revenue nearly increased 7-fold within three years, with a compound annual growth rate (CAGR) of 164%. The near four-fold year-on-year revenue growth in 2024 was mainly driven by the overseas AI data center construction and expansion, leading to a significant increase in shipments of 400G and 800G high-speed interconnect products. Its 1.6T silicon photonics product was successfully developed as early as 2024 and was jointly showcased with leading global DSP manufacturers at that year's OFC exhibition. Even more rare is that almost all of the company's revenue comes from AI customers, making it one of the few pure-play AI infrastructure companies in China that has already achieved large-scale commercialization. According to data from Frost & Sullivan, Haiguang Xinzheng ranked second in revenue growth among global professional optical module providers from 2023 to 2025.

Behind the impressive performance is a roster of heavyweight shareholders. The company's shareholder list includes heavyweight industrial capital such as Alibaba, Xiaomi, SMIC, and Zhongtian Technology, demonstrating high recognition of its technology roadmap and development prospects from both upstream and downstream players in the industry chain.

Full-Stack Silicon Photonics Technology Barrier, From PDK to Finished Product, Unique in the Industry

The core competitiveness of Haiguang Xinzheng lies in its construction of the world's only full-stack technology capability, ranging from silicon photonics PDK design to optical modules and NPO finished products.

In the optical communication industry, the vast majority of silicon photonics companies either only make silicon photonics modules, relying on external procurement for silicon photonics chips, or only make silicon photonics chips without venturing into module manufacturing. Even industry leaders such as Zhongji Innolight and Eoptolink only cover the process from silicon photonics chips to finished products. Haiguang Xinzheng goes a step further, conducting independent R&D starting from the most fundamental silicon photonics PDK (Process Design Kit).

If silicon photonics chips are compared to a building, the PDK is its foundation. Having independent PDK means it can flexibly design various silicon photonics chips according to the rapidly iterating demands of AI computing power and significantly shorten product development cycles.

In the manufacturing process, Haiguang Xinzheng has built a unique "wafer in-module out" integrated platform: after silicon photonics wafers enter the company, all processes from testing, dicing, thinning, sorting, to silicon photonics engine assembly and final product testing are completed independently. This model not only significantly reduces chip production costs but, more importantly, ensures product quality and delivery stability.

Haiguang Xinzheng began deploying silicon photonics technology as early as 2020, making it one of the earliest silicon photonics companies in China. At that time, the global silicon photonics industry chain was extremely weak, with almost no mature silicon photonics wafer testing equipment. This forced the company to establish full-process capabilities from design to manufacturing, ultimately forming a technology barrier that is difficult to replicate today. Currently, almost all of the company's products of 400G and above specifications use silicon photonics technology.

Ambitions Beyond Optical Modules, Targeting the NPO/CPO Market with Tenfold Potential

A deeper analysis of Haiguang Xinzheng's product portfolio reveals that optical modules are only its interim product. The company's true target is the next-generation AI interconnect technology—NPO (Near-Packaged Optics) and CPO (Co-Packaged Optics).

AI computing centers mainly have two types of computing power connection methods: scale out (horizontal scaling) and scale up (vertical scaling). Optical modules are mainly used in scale-out networks, while AEC (Active Electrical Cable), NPO, and CPO are mainly used in scale-up network architectures. Haiguang Xinzheng's product matrix covers a full range of products including optical modules, AOC (Active Optical Cable), AEC, and NPO, achieving almost full coverage of all AI computing power interconnect methods.

More crucially, the number of interconnect products required for scale-up networks is ten times or even more than that for scale-out networks. Among them, NPO/CPO will become the main connection method for future AI clusters, with a market space far exceeding that of traditional optical modules.

Haiguang Xinzheng's Leading Advantages in the NPO/CPO Field Can Be Seen from Three Aspects:

First, deep technical accumulation. NPO/CPO place extremely high demands on silicon photonics integration and advanced packaging technology. Haiguang Xinzheng has been deeply involved in the silicon photonics field for six years and possesses full-stack technology capabilities.

Second, secured production capacity. On May 15, 2026, Haiguang Xinzheng reached an in-depth strategic cooperation with A-share storage and advanced packaging leader Biwin Storage. Biwin Storage will handle the 2.5D/3D packaging business for its silicon photonics optical engines. Currently, optical engine samples have been packaged and sent to customers for testing. Small-scale production is expected in the second half of this year, with scaled delivery to be achieved next year.

Third, products have been launched and gained international recognition. At the OFC 2026 exhibition held in March this year, Haiguang Xinzheng officially showcased its 3.2T/6.4T NPO optical engine products, which adopt 2.5D flip-chip multi-chip integration technology. With its silicon photonics interposer-based optical transceiver technology, Haiguang Xinzheng won the Lightwave Innovation Award, known as the "Oscars" of optical communications. Its technical strength has been highly recognized by international authoritative judges.

Short-Term Gross Margin Pressure, Post-IPO Performance Inflection Point Expected

Despite rapid revenue growth, Haiguang Xinzheng is still in a loss-making state. From 2023 to 2025, the company's net losses were RMB 109 million, RMB 18 million, and RMB 100 million, respectively. Gross margin decreased from 11.8% in 2024 to 8.99% in 2025.

This is mainly due to factors such as high-speed products still being in the production ramp-up phase, which aligns with the overall industry trend. With the successful Hong Kong listing, the raised funds will be primarily used to expand silicon photonics product capacity, improve automation levels, and continue investing in new product and technology R&D. Industry insiders believe that with the economies of scale brought by expanded production capacity and the gradual commercialization of 1.6T optical modules and 6.4T NPO products, Haiguang Xinzheng is expected to see a recovery in gross margin and an earnings surge within the next 1-2 years.

Against the backdrop of continuously exploding AI computing power demand, high-speed interconnect has become a key bottleneck constraining the scale expansion of computing clusters. Leveraging its full-stack silicon photonics technology advantage and early layout of next-generation NPO/CPO technology, Haiguang Xinzheng is poised to occupy a core position in this AI computing power revolution, becoming the "First AI Silicon Photonics Interconnect Stock" in Hong Kong. The capital market is watching with anticipation.