Newly emerged "thousand-yuan stock" Yuanjie Technology officially files with the Hong Kong Stock Exchange, having just disclosed its annual report showing a performance turnaround.

Everyday Reporter | Wen Duo
Everyday Editor | Huang Sheng

After market close on March 25, 2026, leading optical chip company Yuanjie Technology (SH688498, stock price 1,141.00 RMB, market cap 98.066 billion RMB) officially submitted an application for H-share issuance and listing to the Hong Kong Stock Exchange (HKEX), marking a significant step in the company’s internationalization strategy.

The day before, the company also released its 2025 annual report, delivering a “comeback” performance from a loss of 6.13 million RMB to a net profit of 191 million RMB. This semiconductor company, which has rapidly risen amid the AI (artificial intelligence) computing wave, not only successfully joined the A-share “thousand-yuan stock” club but also demonstrated ambitions to accelerate global market expansion through its “A+H” dual-platform strategy.

Yuanjie Technology published the application materials for the H-share issuance and listing on the HKEX website on March 25, 2026. According to the announcement, the subscription for this H-share offering is limited to qualified overseas investors and domestic qualified investors authorized to conduct overseas securities investments.

The company reminds that the H-share issuance and listing still require approval, verification, or filing with relevant government agencies such as the China Securities Regulatory Commission (CSRC), regulatory authorities, and the stock exchange. Implementation will depend on market conditions and other factors, and there is still uncertainty.

More notably, just a few days earlier, on March 20, Yuanjie Technology’s stock price successfully broke 1,000 RMB, setting a new high in its history and becoming the eighth stock in A-shares to reach the thousand-yuan mark, as well as the second-highest priced stock currently in the A-share market.

On the morning of March 20, Yuanjie Technology once rose by 20%, with the stock price reaching a maximum of 1,140 RMB per share. However, by the close of trading that day, the stock retreated to 1,114.99 RMB, closing up 17.37%.

Regardless, this achievement marks Yuanjie Technology’s official entry into the A-share “thousand-yuan stock” club, becoming the first new thousand-yuan stock in 2026.

A Performance Turnaround Last Year

Compared to its soaring stock price, Yuanjie Technology’s performance reversal is even more dramatic.

The listed company focuses on the optical chip industry. In the optical communication field, its main products include 2.5G–200G chips, higher-speed DFB (Distributed Feedback Laser) chips, EML (Electro-Absorption Modulated Laser) chips, and high-power silicon photonic light sources such as 50mW, 70mW, 100mW, and 150mW. In the automotive lidar sector, the company’s products include laser chips for 1550 nm band vehicle lidar.

Currently, the company has established a comprehensive full-process business system covering chip design, wafer manufacturing, chip processing, and testing. It owns multiple production lines that are independently controllable, covering MOCVD (a new type of vapor-phase epitaxial growth technology), grating processes, optical waveguide fabrication, metallization, end-face coating, automated chip testing, high-frequency chip testing, and reliability testing.

However, in 2024, due to intensified competition in the telecom market and declining product prices, the company experienced its first loss after listing, with an annual net profit attributable to shareholders of -613,390 RMB.

By 2025, Yuanjie Technology not only turned losses into profits but also achieved a new high. The company reported revenue of 601 million RMB, a year-on-year increase of 138.50%, and a net profit of 191 million RMB, turning from loss to profit. Financial indicators show that in 2025, earnings per share reached 2.24 RMB.

The explosive growth in performance mainly benefited from the optimization of the company’s business structure. In 2025, revenue from data center products reached 393 million RMB, becoming the largest source of income, accounting for 65.45% of total revenue. The gross margin of this segment was as high as 72.21%, significantly boosting overall profitability. Telecom market products also saw a slight increase in revenue to 206 million RMB, with gross margin rising to 31.17%.

Yuanjie Technology also disclosed that it participates indirectly in equity investments through private equity funds, mainly investing in promising non-listed enterprises within China’s new-generation information technology and intelligent manufacturing sectors. As the valuation of these invested companies rises, investment returns are generated.

With the submission of the H-share listing application, Yuanjie Technology will embark on a new journey of internationalization. In the context of continuous explosive growth in AI computing power demand, whether Yuanjie Technology can leverage the advantages of the “A+H” dual-platform to secure a more prominent position in the global optical chip market remains a key market focus.