XREAL has submitted a listing application to the Hong Kong Stock Exchange, planning to list on the main board of the Hong Kong Stock Exchange within 2026.

Ask AI · How will XREAL’s IPO accelerate the AI technology iteration of AR glasses?

【Global Network Finance Comprehensive Report】On April 2, AR glasses company XREAL announced that it has officially submitted an application for listing on the Hong Kong Stock Exchange (“HKEX”), planning to list on the main board of HKEX. This move marks an important step for this leading technology company in the consumer AR field to advance its globalization capital strategy.

According to the publicly disclosed draft prospectus version, XREAL aims to raise funds through this IPO to further strengthen its R&D capabilities, build new production lines, establish a global brand influence, and expand its sales and distribution network.

The prospectus shows that XREAL is a global company focused on designing, developing, manufacturing, and selling its own brand of AR glasses. With core technological advantages in optical engineering, end-side co-processor integration, algorithms, and software development, the company’s products have evolved from simple display devices to wearable terminals that offer rich spatial computing experiences and AI empowerment.

According to industry consultant iResearch Consulting, based on sales revenue, XREAL has ranked first in the global AR glasses market for four consecutive years (2022 to 2025). In the broader smart glasses market (covering AR glasses and non-display glasses), it also achieved second place globally and first in China by 2025.

Financial data shows that XREAL’s business model is becoming increasingly mature. In 2025, it achieved revenue of 516 million RMB, with over 70% of income coming from overseas markets, demonstrating its strong global commercialization capability. Meanwhile, the company’s losses have significantly narrowed, with net loss rate dropping from 179.7% in 2024 to 88.5% in 2025, indicating a substantial improvement in operational efficiency.

XREAL’s business spans the globe, with a sales network covering 40 countries and regions, and has established deep strategic partnerships with many world-class tech giants such as Google, Bose, and Sony. Notably, XREAL is currently a major partner of Google, jointly developing flagship products on the Android XR platform, such as Project Aura, which is seen as a key step toward advancing AR glasses into higher-level AI hardware.

The prospectus clearly states that the funds raised from this IPO will mainly be used for the following aspects: strengthening R&D capabilities—continuously investing in cutting-edge technologies such as optics, chips, software, and AI algorithms; building new production lines—enhancing independent manufacturing capacity to ensure supply chain security and product quality; establishing a global brand—intensifying brand building efforts to improve recognition and reputation among global consumers; expanding sales networks—further deepening and broadening global sales and distribution channels. (Zhang Yang)