On April 28, 2026, Shanghai Xizhi Technology Co., Ltd. (“Lightelligence”, stock code: 1879.HK) was successfully listed on the Main Board of the Hong Kong Stock Exchange under Chapter 18C of the Hong Kong Listing Rules for pre-commercial companies. With this listing, Lightelligence becomes the first optoelectronic hybrid computing power company listed on the Hong Kong stock market.
Fangda acted as PRC, Hong Kong SAR, and US legal counsel to the joint sponsors and overall coordinators CICC and Haitong International, the overall coordinator HSBC, and the underwriters. Fangda provided full legal support throughout the listing process and delivered comprehensive, “one-stop” integrated legal services. Those services covered key aspects such as legal due diligence on the issuer, qualification for sophisticated independent investors in specialist technology, and review of cornerstone investment agreements. Fangda’s US capital markets team laid a solid compliance foundation for the global issuance by issuing legal opinions to the international offering in strict compliance with Rule 144A under the US Securities Act of 1933 and Regulation S.
The offering attracted unprecedented market attention and strong investor recognition. According to publicly available information, the Hong Kong public offering was oversubscribed by more than 5,784 times, while the international offering was oversubscribed by more than 53 times, reflecting exceptionally strong investor recognition. As a leading global unicorn that has pioneered the commercialization of optoelectronic hybrid computing power, Lightelligence leverages its core photonic-electronic integration technology to overcome the limitations of traditional electronic computing. With its key advantages — low latency, high bandwidth, and low power consumption — Lightelligence delivers critical computing applications such as large language model (LLM) training and inference, as well as intelligent computing centers. According to a Frost & Sullivan industry report, Lightelligence is the first company in the world to achieve large-scale commercial deployment of optoelectronic hybrid computing. In the scale-up optical interconnect segment, measured on an independent vendor basis, the company commands a dominant 88.3% market share in China, firmly establishing its industry leadership.
The company featured a distinguished lineup of 20 cornerstone investors, including international sovereign wealth funds, global leading long-term asset managers, and core strategic industry capital. These investors were complemented by a diverse mix of high-quality Chinese private equity funds, global technology-focused funds, and bank-affiliated asset managers. Lightelligence’s existing shareholders were equally prominent, comprising industry leaders, leading international and domestic investment institutions, alongside national-level funds and local state-owned investment platforms. Together, they form a robust capital ecosystem, positioning the company as a benchmark unicorn in the hard-tech sector favored by global capital.
Fangda’s PRC capital markets team advising on this offering was led by partners Leo LOU and CONG Dalin. Team members included HU Shuwen, Bob YU, and Derek HU. The Hong Kong capital markets team was led by partner Colin LAW. Team members included Jonathan Wallenberger, Edward BONG, DING Hong, Loy CHEN, Lizzie CHEONG, LIU Yaoyao, Wayne LUO, and Yoana ZHOU. The US capital markets team was led by partner Annie SHEN. Team members included Ingrid LAU and Howie JIANG.
