HONG KONG, Jun 29, 2026 - (ACN Newswire) - On 29 June, Crealights Technology Co., Ltd. (hereinafter referred to as “Crealights”, 1191.HK) was officially listed on the Main Board of the Hong Kong Stock Exchange. At a pivotal moment when AI computing infrastructure is transitioning from "single-point cluster expansion" to "high-speed interconnection and global-scale collaboration", this optoelectronic interconnection company—a pure-play AI business built on silicon photonics (“SiPh”) foundation—has made a powerful impression on global capital markets by showcasing its formidable technological strengths.

For its IPO, Crealights secured six high-caliber cornerstone investors: JSC International Investment Fund SPC (acting for and on behalf of Jingxin SP), Winwin Technology, Kingsoft Cloud Network, UBS AM Singapore, Perseverance Asset Management and E Fund, with a total subscription amount of HK$763 million. This line-up comprises state-owned industrial platforms, industry chain partners, leading international asset managers and a leading domestic public fund manager. This diverse capitals provide more than just capital; it offers a powerful endorsement of Crealights’ technological edge and growth potential, validating its industry synergies, global brand appeal, and long-term value.

Technical barriers: Full-stack SiPh capabilities that are rare on a global scale

In optical communications, SiPh is widely recognized as the core next-generation technology for high-speed optical interconnection. By utilizing CMOS-compatible processes, it offers the cost advantages of high integration, low power consumption and large-scale mass production, making it ideally suited to the stringent requirements of AI computing clusters for high bandwidth and low power consumption. However, the barriers to entry for SiPh are extremely high. From device library design and wafer-level testing to packaging, coupling and optical transceiver calibration, the technology requires overcoming multidisciplinary hurdles spanning materials science, optoelectronic devices, high-frequency design and advanced packaging. Globally, there are only a handful of manufacturers that truly possess end-to-end autonomous capabilities, from chips to modules.

Crealights is one of these select pioneers. Its core competitiveness lies in having established one of the world’s few full-stack SiPh technology capabilities - spanning the entire value chain from underlying SiPh PDK design to optical transceivers and finished NPO products, all developed in-house. According to Frost & Sullivan, the company is one of the few in the world to possess both SiPh chip design and module mass production capabilities, and is also among the first in China to achieve mass production of self-designed SiPh chips on a 12-inch wafer platform.

Specifically, Crealights has built up a deep foundation of expertise in SiPh technology across several core areas. In terms of chip design, the company has established its own device libraries and, through closed-loop iteration involving multi-physics simulations and wafer test data, continuously refines the accuracy of device models and manufacturing robustness; in terms of packaging and coupling, it has mastered high-precision optical coupling and thermal management technologies, achieving low-loss, high-reliability integration from chip to module; In terms of manufacturing processes, the “Wafer-In, Module-Out” (WIMO) platform integrates automated wafer testing, back-end processing and module production, enabling end-to-end control of the entire workflow, from wafer input to optical transceivers output, within a digital manufacturing environment, thereby ensuring high yield rates and consistency in mass production. Furthermore, the company has established a system compatibility testing platform, where its products undergo rigorous validation with network interface cards, switches and other equipment from various brands, ensuring reliable performance in multi-vendor, heterogeneous network environments.

The vertically integrated capability framework has been directly translated into comprehensive coverage of AI computing interconnection scenarios. Whether it be short-reach AOC within data center, medium- to long-reach pluggable optical transceivers, or NPO/CPO solutions for next-generation cluster architectures, Crealights has already secured its technological position in all such areas. To date, the company has commercialized four SiPh optical transceivers, with its 1.6T SiPh optical transceivers has entered the customer validation phase, whilst development of 3.2T and 6.4T optoelectronic devices is proceeding according to plan.

Full-chain collaboration: a closed-loop value chain from wafer fab to cloud service provider

For customers, the value of full-stack capabilities is clear: lower costs, faster iteration, and greater customization. Crealights is delivering on these three points at both ends of the supply chain - securing cost savings and efficiency from upstream wafer fabs, and gaining control over product definition and customer loyalty from downstream cloud providers, thereby establishing a closed-loop, end-to-end ecosystem spanning from SiPh chips to AI data center.

At the upstream end of the supply chain, Crealights is achieving scalable production and cost advantages through deep collaboration with leading wafer fabs. Its SiPh chips adopt a “less-change CMOS” design that enables them to share production capacity on 12-inch production lines with traditional CMOS integrated circuits, eliminating the high capital expenditure associated with dedicated fabrication lines. According to Frost & Sullivan, this model reduces the manufacturing cost of SiPh chips by 30% to 40% compared with overseas tape-out and lowers the overall cost of SiPh optical transceivers by 20% to 30% compared with competing products.

From front-end chip definition to back-end testing and verification, the company has established an integrated, collaborative system encompassing design, manufacturing and testing, creating a data-driven closed-loop feedback and optimization process. The efficiency of product iteration has increased three to five times compared to traditional models, and the research and development (“R&D”) and mass production cycle has been significantly shortened, providing a solid foundation for the continued evolution towards higher-speed SiPh optical transceivers, including 3.2T and 6.4T.

Downstream in the supply chain, the company has established strong customer loyalty and high barriers to market entry through the JDM (Joint Design and Manufacturing) model. During the track record period, Crealights has become a key supplier to several leading Chinese internet companies, with its products widely deployed in their AI data centers. In 2025, the JDM model contributed revenue of RMB552 million, accounting for 45.3% of total revenue.

The rapid evolution of AI computing clusters has led to ever-increasing demands from leading customers regarding performance, cycle times and customization, making the JDM model the mainstream approach. Crealights is becoming deeply embedded within customers’ R&D processes, enabling it to identify cutting-edge AI application requirements at an early stage and drive rapid product optimization through iterative development; simultaneously, following rigorous validation and large-scale deployment by leading internet customers, the company’s brand reputation continues to improve, further consolidating its position within the supply chain. This model of deeply integrated collaboration creates extremely high switching costs for customers, establishing a long-term and stable revenue base for the company.

Growth momentum: profit elasticity and certainty in high-growth tracks

Financially, Crealights is on a robust growth trajectory. Its revenue surged from RMB175 million in 2023 to RMB1.221 billion in 2025, representing a two-year compound annual growth rate (“CAGR”) of 164%. Whilst the Company remained in a net loss position due to proactive strategic transformation and sustained heavy investment in R&D, its gross profit margin turned positive, rising from -17.9% in 2023 to 9.0% in 2025. The gross profit margin from overseas markets reached as high as 28.0%, substantially exceeding the 6.9% recorded for the domestic market, which demonstrates substantial room for future profit elasticity. As high-speed products of 800G and above complete overseas customer verification and ramp up in volume, the company’s profitability is expected to achieve material improvement.

From an industry perspective, according to Frost & Sullivan, the global AI optical transceivers market is projected to grow from RMB71.8 billion in 2025 to RMB347.5 billion in 2030, corresponding to a CAGR of 37.1%. The penetration rate of SiPh solutions will accelerate alongside the explosive demand for 1.6T and higher-speed products. Backed by full-stack technological barrier, deeply bound customer ecosystem and forward-looking capacity layout, Crealights is well-positioned to continuously consolidate its leading position within this high-growth track.

The successful listing on the Hong Kong Stock Exchange has enabled the company to secure ample capital for subsequent capacity expansion, technological R&D and global market penetration, and will significantly elevate its international brand influence and industry clout. Going forward, Crealights will continue to focus on SiPh chips and optoelectronic integration technologies, accelerate the commercialization of next-generation products including 1.6T, 3.2T and NPO/CPO, and fully advance its global market layout. Amid the prevailing trend of continuous upgrading of AI computing infrastructure, Crealights’ full-stack technological barrier and unwavering strategic focus merit long-term market attention and expectations.

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