Shiya Technology listed on the STAR Market, with the silicon-based OLED display industry still experiencing oversupply in the short term.

ViewSight Technology still faces challenges such as a near-term oversupply in the silicon-based OLED display panel industry, relatively high costs, competition with Micro OLED, and losses in financial performance.

On March 25, ViewSight Technology, a silicon-based OLED micro-display manufacturer, was officially listed on the Shanghai Stock Exchange’s STAR Market. Its opening price was 50 yuan, up 120.46%, and its market value exceeded 50 billion yuan. However, ViewSight Technology still faces challenges such as a near-term oversupply in the silicon-based OLED display panel industry, relatively high costs, competition with Micro OLED, and losses in financial performance.

“At present, there are more silicon-based OLED production lines. Chinese companies are gradually breaking Sony’s monopoly in the silicon-based OLED field, but from improving product specification capabilities to expanding the share of top-brand customers, there’s still a long way to go.” An industry insider told First Financial.

Research firm Omdia expects that in 2026, the market for near-eye displays for augmented reality (AR), virtual reality (VR), and mixed reality (MR) will reach $1.2 billion, representing year-on-year growth of more than 200%.

This has also sparked yet another wave of investment enthusiasm. In December last year, XiTai Technology capped the construction of the main plant building for its 12-inch silicon-based OLED micro-display industrial park project in Nanchong, Sichuan. In February this year, YunGong Technology started construction on a 12-inch ultra-high-definition silicon-based OLED micro-display production base in Nanjing. Both projects are expected to go into production or mass production next year.

In its listing, ViewSight Technology raised 2.27B yuan, which will be used for projects such as expanding and upgrading the production of ultra-high-resolution silicon-based OLED micro-displays. Its customers include ByteDance, InnoVision Innovation, and Ray Bird, among others. ViewSight said that there may be a risk that the additional production capacity formed by the proceeds’ investment projects cannot be absorbed in a timely manner in the future.

“Silicon-based OLED is still relatively expensive.” Cui Haitao, chairman of Gudong Intelligent, said that a silicon-based OLED panel costs about $40, and adding the cost of the light-waveguide component brings the total cost of the near-eye display component to more than 700 yuan RMB. In single-unit AR glasses with a unit price of two to three thousand yuan RMB, the cost share is not low.

Last year, the near-eye display industry saw a sharp downturn. Omdia’s research report shows that revenue for near-eye displays for VR, AR, and MR fell from $717 million in 2024 to $392 million in 2025, a decline of 45%. With expectations that Meta and others will launch a new generation of MR devices this year, it is expected that the AR, VR, and MR market may recover in 2026.

Meanwhile, competition among near-eye display technology routes is also intensifying. Yu Bin, research director at TrendForce (Ji-邦咨询), told First Financial that for monochrome display AR glasses, silicon-based Micro LED can meet the requirements. For full-color display AR glasses, they currently mainly use silicon-based OLED. Judging from new AR glasses products released this year, there are more monochrome display options.

Operating losses are another challenge. In the first half of 2025, ViewSight achieved revenue of 150 million yuan, with a net profit attributable to the parent company loss of 123 million yuan. Zhou Hua, chief analyst at CINNO Research, analyzed for the reporter that ViewSight’s current losses are mainly affected by production line depreciation (about 300 million yuan per year) and R&D spending, whose share of revenue exceeds 80%.

A massive amount of information and precise analysis—right on the Sina Finance APP