The Zhitong Finance App learned that on October 14, Shanghai Xihe Technology Co., Ltd. (Xihe Technology for short) passed the Shanghai Stock Exchange Science and Technology Innovation Board Listing Committee meeting. The sponsor of the IPO is Cathay Pacific Haitong Securities, which plans to raise 1.83 billion yuan.
According to the prospectus, Xihe Technology focuses on the development and commercialization of silicon integrated technology. Its main products are high-performance silicon integrated chips, which cover 400G, 800G and 1.6T, and have been used on a large scale in AI clusters and very large data centers. In 2026, the company achieved revenue by launching an NPO/CPO transceiver integrated chip.
As a chip design company, Xihe Technology uses the Fabless model. Under this model, they are engaged in chip R&D, design, and sales. The company's silicon integrated chips have entered the supply chain of major international optical module manufacturers, and the products are finally used in AI clusters and large-scale data centers of major domestic and foreign cloud service vendors.
According to Frost & Sullivan data, in 2025, the company's silicon integrated chip global market share was about 13%. It is the world's leading silicon integrated chip manufacturer and one of the world's leading independent third-party silicon integrated chip design companies.
It is worth noting that Xihe Technology has a high customer concentration. In each period of the reporting period, the sales of the top five customers accounted for 100.00%, 98.41%, 96.40%, and 92.26% of current revenue, respectively. Among them, the largest customers accounted for 90.90%, 87.22%, 60.40%, and 55.55%, respectively. The sales ratio to a single customer exceeded 50%, and with the exception of 2025 and 2026 where the largest customer was the same customer, the largest customer changed in each period.
If future major customers reduce demand for the company's products due to adjustments in procurement strategies, major changes in business conditions, or due to their own strategic transformation, and the company fails to develop new customers or adjust the business structure in a timely manner, leading to a decline in the stability of customer cooperation, it may have a negative impact on the company's business performance.
On the financial side, in 2023, 2024, 2025, and January-June 2026, the company achieved operating income of approximately 6.227 million yuan, 709.51 million yuan, 461 million yuan, and 569 million yuan respectively. In the same period, net profit was approximately -28.345 million yuan, -22.4625 million yuan, 176 million yuan, and 161 million yuan, respectively.
