Yuanjie Technology Goes Public in Hong Kong; Stock Price Rises 582% in a Year to Become Third-Highest Priced Stock on A-Shares

Changjiang Business Reporter Xu Jia

On March 11, domestic high-speed optical chip leader Yuanjie Technology (688498.SH) saw its stock price break through the 900 yuan mark, closing at 900.50 yuan per share. During the trading day, it reached a high of 921.99 yuan per share, hitting a new high since its listing.

On March 12, Yuanjie Technology’s stock price pulled back slightly, closing at 880 yuan per share. It remains the second-highest priced stock on the STAR Market, second only to Kweichow Moutai and Cambrian. Since 2026, Yuanjie Technology’s stock price has increased approximately 37%; over the past year, it has risen 582%.

Changjiang Business Reporter notes that the continued strength in the stock price is driven by significant improvements in Yuanjie Technology’s operating performance amid the AI wave, as well as the accelerated global expansion of the company.

On March 7, Yuanjie Technology announced that its board approved plans for an overseas H-share issuance and listing on the Hong Kong Main Board, officially initiating the Hong Kong listing process and strengthening its R&D and production capacity layout.

According to the earnings report, in 2025, Yuanjie Technology achieved operating revenue of 601 million yuan, a year-on-year increase of 138.5%. Net profit attributable to shareholders of the listed company (hereinafter referred to as “net profit attributable to parent”) was 191 million yuan, turning profitable from a loss, reaching the highest level since listing.

Second only to Kweichow Moutai and Cambrian in stock price

Public information shows that Yuanjie Technology listed on the STAR Market in December 2022, with an initial offering price of 100.66 yuan per share. In the early days, the stock price hovered around 100 yuan. In 2024, due to industry cycle fluctuations and performance pressures, the stock price briefly fell below 100 yuan.

Entering 2025, with explosive growth in global AI computing power demand, optical chips—key components for data transmission—continued to see industry prosperity.

As the domestic leader in high-speed optical chips, Yuanjie Technology’s stock price turned around in April 2025, then entered a rising trend, soaring steadily.

Recently, Yuanjie Technology’s rally has been particularly strong. On March 11, the stock briefly broke through 900 yuan during trading, reaching a high of 921.99 yuan, and closed at 900.50 yuan, firmly above the 900 yuan level.

Although the stock price experienced a slight pullback on March 12, closing at 880 yuan, it remains at a high level overall.

Currently, Yuanjie Technology is the second-highest priced stock on the STAR Market, only behind Cambrian. Looking at the entire A-share market, its stock price ranks third, after Kweichow Moutai and Cambrian.

According to Tonghuashun data, since 2026, Yuanjie Technology’s stock price has increased approximately 37%; over the past year, it has risen 582%; over three years, 778%. It has become one of the most watched tech stocks in the capital markets.

Changjiang Business Reporter observes that the ongoing rise in stock price is driven by the accelerated global expansion of Yuanjie Technology.

On March 7, the company announced that its board approved plans for an overseas H-share issuance and listing on the Hong Kong Main Board, marking a new phase of “A+H” dual-capital platform deployment.

This move is not only a strategic response to industry competition and a way to expand financing channels but also an important step in advancing globalization and increasing international influence.

According to the plan, funds raised from this H-share offering, after deducting related issuance costs, will be used (including but not limited to) to strengthen R&D and testing capabilities, increase production capacity for high-speed, high-power optical chips; strategically invest and develop business synergies, fully explore customer potential; build a global sales and service network and marketing; supplement operating funds and other general corporate purposes.

Yuanjie Technology stated that the Hong Kong listing aims to further promote its internationalization strategy and global expansion, build an international capital operation platform, enhance overseas financing ability, and improve the company’s capital strength and overall competitiveness.

To meet Hong Kong Stock Exchange requirements, Yuanjie Technology has also revised its Articles of Association, adding H-share related provisions, clarifying regulatory principles for both markets, establishing a “Strategy and ESG Committee” within the board, and formulating policies such as the “Employee Diversity Policy (Draft)” and “ESG Management Measures,” which are expected to take effect from the date of H-share listing. The company has also appointed Lixin Dehao CPA firm in Hong Kong as the auditor for this H-share issuance and listing.

Optical chip demand surges, turning losses into profits

Driven by the wave of AI computing power, Yuanjie Technology’s fundamentals have significantly improved, supporting its stock price rally.

As a leading domestic high-speed optical chip company, Yuanjie Technology continues to deepen its presence in the telecom market while actively seizing opportunities in data center markets driven by AI development, accelerating its transformation into a provider of high-end optical chip solutions with “telecom + data communication” dual engines.

Currently, Yuanjie Technology’s products include 2.5G, 10G, 25G, 50G, 100G, 200G optical chips, CW light sources, automotive laser radar light sources, etc., widely used in fiber access, mobile communications, data centers, and automotive laser radar.

Changjiang Business Reporter notes that after listing on the A-share market, from 2022 to 2024, Yuanjie Technology achieved revenues of 283 million yuan, 144 million yuan, and 252 million yuan, respectively, with year-over-year changes of 21.89%, -48.96%, and 74.63%. Net profits attributable to parent were 100 million yuan, 19.5 million yuan, and a loss of 613 million yuan, with respective YoY changes of 5.28%, -80.58%, and -131.49%. Deducting non-recurring gains and losses, net profits were 91.87 million yuan, -2.39 million yuan, and -114.26 million yuan, with YoY changes of 5.35%, -100.26%, and -4687.4%.

Recently, the company’s earnings report showed that in 2025, revenue reached 601 million yuan, up 138.5% YoY; net profit attributable to parent and non-recurring net profit were 191 million yuan and 163 million yuan, both turning profitable and reaching their highest levels since listing.

As of the end of 2025, Yuanjie Technology’s total assets were 2.577 billion yuan, a 20.02% increase from the previous year; owners’ equity attributable to the parent was 2.332 billion yuan, up 12.52%.

Regarding the significant performance growth, Yuanjie Technology explained that in 2025, driven by the continuous development of AI technology and the resulting increase in optical chip demand, the company optimized resource allocation based on its technological accumulation and product performance, improving resource input efficiency and operational quality. Sales of CW light sources for data centers surged, and the gross margin of data center products was higher than that of telecom products, contributing to revenue and profit growth. The telecom business remained relatively stable.

Additionally, Yuanjie Technology has indirectly participated in equity investments through private equity funds, mainly investing in high-tech companies with growth potential in China’s new-generation information technology and intelligent manufacturing sectors. As the valuation of invested companies rises, it generates investment income.

Notably, in February 2026, Yuanjie Technology planned to increase the investment in the “50G Optical Chip Industrialization Construction Project” from 487 million yuan to 757 million yuan. The additional funds come from the company’s excess fundraising and self-raised funds, with 98.62 million yuan of remaining excess funds planned for use, and the rest from self-raised capital.

Yuanjie Technology stated that this project will leverage the company’s technological expertise and production experience to expand capacity on a large scale, ensuring future development needs, further consolidating technological advantages, enhancing market competitiveness and profitability, and promoting sustainable growth. The increased investment and continued implementation of this project are deemed necessary and feasible.