Haiguangxin is rushing to list on the Hong Kong Stock Exchange: annual revenue of 1.2 billion yuan, a loss of 100 million yuan Alibaba and Xiaomi are shareholders

Ask AI · Why are Xiaomi and Alibaba investing in Hai Guang Xin Zheng, which loses 100 million yuan annually?

Lei Di Net Lei Jianping May 7th

Beijing Hai Guang Xin Zheng Technology Co., Ltd. (referred to as: “Hai Guang Xin Zheng”) recently updated its prospectus, preparing for listing on the Hong Kong Stock Exchange.

Hai Guang Xin Zheng completed a 60 million yuan financing in August 2024, with Xiaomi and Yuanhe as investors; in March 2025, it completed a 150 million yuan financing, and in August 2025, it completed a 310 million yuan financing, with a per-share cost of 34.95 yuan and a post-investment valuation of 2.66 billion yuan.

Annual revenue of 1.2 billion yuan, loss of 100 million yuan

Hai Guang Xin Zheng is a provider of optoelectronic interconnect products, offering optical modules, active optical cables (“AOC,” which integrates optical modules and fiber cables into a single component for high-speed interconnection), and other products.

Hai Guang Xin Zheng’s optoelectronic interconnect products are widely used in AI data centers to support high-speed, high-density, and energy-efficient data transmission. We differentiate ourselves through end-to-end technological capabilities from chip design to optical module manufacturing, focusing on silicon photonics (“silicon photonics”) technology.

Hai Guang Xin Zheng’s optical module product portfolio covers 100G, 200G, 400G, and 800G transmission rates, compatible with various industry standard form factors. All single-mode optical modules of 400G and above adopt silicon photonics technology. Hai Guang Xin Zheng’s AOC and other product lines meet diverse customer needs, creating synergy within the product portfolio and cross-selling opportunities.

The prospectus shows that Hai Guang Xin Zheng’s revenue for 2023, 2024, and 2025 are 175 million, 862 million, and 1.22B yuan respectively; gross profit is -31.3 million, 1 billion, and 110 million yuan; gross profit margins are -17.9%, 11.8%, and 9%.

Hai Guang Xin Zheng’s optical module revenue in 2025 accounts for 92.4 million yuan, or 75.7%; revenue from AOC is 248M yuan, or 20.3%.

Hai Guang Xin Zheng’s losses for 2023, 2024, and 2025 are 109 million, 17.9 million, and 100 million yuan respectively; the loss rates are 61.9%, 2.1%, and 8.2%.

As of December 31, 2025, Hai Guang Xin Zheng’s total assets amount to 1.83 billion yuan, total liabilities are 1.24B yuan, and net assets are 586 million yuan.

As of December 31, 2025, Hai Guang Xin Zheng held cash and cash equivalents of 334 million yuan.

Alibaba and Xiaomi are shareholders

Hai Guang Xin Zheng’s executive directors are Dr. Hu Zhaoyang, Hu Yong, Ms. Zhou Hong, Dr. Sun Xu, and Guo Qingsong; non-executive director is Wu Haonan; independent non-executive directors are Dr. Xu Haoping, Dr. Wang Fei, and Zhang Wei.

Before the IPO, Dr. Hu Zhaoyang directly held 11.11% of shares, Suzhou Hai Yi held 6.23%, Suzhou Hai Xu held 3.77%, Dr. Hu Zhaoyang controls a total of 21.11% of the company’s shares.

Suzhou Ronglian Venture Capital holds 6.96%, Suzhou Huqi holds 2.52%, Jusheng Venture Capital holds 0.45%, Jingu Yuanxin holds 0.33%, controlling a total of 10.26%; Suzhou Xieli Venture Capital holds 4.66%, Suzhou Junshi Xieli holds 3.72%, Junding Xieli holds 0.68%, controlling a total of 9.06%;

Jiangsu Gaotou Bangsheng holds 4.44%, Suzhou Bangsheng Yingxin holds 2.24%, Bangsheng Juyuan holds 0.24%, controlling a total of 6.93%; Wuxi Yuli holds 1.96%, Suzhou Wide Bandgap holds 1.13%, totaling 3.09%; Tianjin Teda holds 6.6%, Jiangsu Bohua, Beijing Information Development Fund, and Beijing Economic Development Zone Industrial Upgrade Fund Phase II each hold 5.64%;

Alibaba holds 4.73%, Xiaomi Smart Manufacturing holds 2.71%, Beijing Haiju holds 2.61%, Shanghai Handao holds 2.52%, Yiwu Huaxin Yuanjing holds 2.19%, Jiaxing Gaohe holds 1.89%, Yuanhe holds 1.57%, Suzhou Qina holds 1.51%, Suzhou Yinjia holds 1.45%, Zhongtian Technology holds 1.31%, Jinyuan Huifu holds 1.17%, Juyuan Zhuxin holds 0.88%, Jiang Wenhao holds 0.8%, Zhong Junqi holds 0.68%.

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