China's First Domestic Silicon-Based OLED Unicorn Arrives! Visionox Technology Lists on STAR Board with 120% Opening Surge, Led by Returning PhD Entrepreneur

Leju Finance Wu Wenting On March 25th, Siyaya Technology (688781.SH) was listed on the STAR Market, sponsored by Guotai Haitong Securities. Its opening price was 50 yuan, up 120.46%, with a total market value of approximately 50 billion yuan.

Siyaya Technology is a provider of micro-display integrated solutions, with core products including silicon-based OLED micro-displays, and offers value-added services such as strategic product development, optical systems, and XR integrated solutions.

The company is the world’s first to achieve mass production of silicon-based OLED micro-displays on 12-inch wafer backplanes, and is one of the few innovative technology companies with full-stack self-research capabilities in “display chips + micro-displays + optical systems” based on silicon OLED technology.

According to the prospectus, from 2022 to 2024 and the first half of 2025, Siyaya Technology achieved revenues of 190 million yuan, 215 million yuan, 280 million yuan, and 150 million yuan, respectively; net profits attributable to the parent were -247 million yuan, -304 million yuan, -247 million yuan, and -123 million yuan.

Shareholding structure shows that the actual controller of the company is Gu Tie. Gu Tie holds 100% of the shares of controlling shareholder Shanghai Jishan, and through Shanghai Jishan and its controlling entities, controls a total of 29.36% of the company’s shares. Combined with the special voting rights arrangement, before this issuance, Gu Tie controlled 61.79% of voting rights through Shanghai Jishan, making him the actual controller of the company.

Information indicates that Gu Tie was born in June 1968, is a U.S. citizen, holds permanent residence in China, and has a doctoral degree. He graduated from Fudan University’s Physics Department in 1989 with a Bachelor of Science degree; in 1994, he graduated from Pennsylvania State University with a Ph.D. in Engineering. From 1994 to 1998, he served as R&D engineer and engineering manager at an optical imaging systems company; from 1998 to 2002, he was project manager, operations manager, and director of product engineering at General Electric Medical Systems and PerkinElmer; from 2003 to 2006, he was general manager of General Electric’s Global R&D Center (Shanghai); from 2006 to 2014, he was director and general manager of Shanghai Tianma Microelectronics Co., Ltd.; from 2014 to 2019, he served as director and general manager of Erey Technology; since 2019, he has been chairman and general manager of Erey Technology; since 2018, he has been chairman of Siyaya Technology.