Surpassing the Cambrian period and approaching Moutai, the 10x CPO bullish stock is listed in Hong Kong

After the Cambrian Explosion, A-shares finally welcomed a truly “hardcore” thousand-yuan stock. Just five days before listing on the Hong Kong Stock Exchange, this “Shaanxi Chip” company completed its leap from a hundred-yuan stock to a thousand-yuan stock.

On March 20, Yuanjie Technology’s stock price broke through 1,000 yuan, becoming the third stock in A-shares history to stand firm at a thousand yuan after Kweichou Moutai (600519) and Cambrian. As of midday close on March 26, the stock was at 1,185 yuan, with a total market value of 101.8 billion yuan. Over the past year, this “Shaanxi Chip” has surged more than 977%, soaring from a low of 87.99 yuan and creating a mind-blowing wealth myth. On March 25, Yuanjie Technology officially filed for listing on the Main Board of the Hong Kong Stock Exchange, with Guotai Junan (601211) International and GF Securities (000776) as joint sponsors—this company is trying to build a bridge across the two capital markets, from STAR Market to Hong Kong.

When AI’s fiery wave hits the optical chip industry, when silicon photonics becomes the “pacemaker” of computing infrastructure, why did a company from Xi’an, Shaanxi, see its stock price surpass Cambrian and approach Kweichou Moutai (600519) within a year?

This article will answer three questions:

1. A company still losing money in 2024—how did its stock price soar more than tenfold in a year?

2. In the race between EML and silicon photonics, what did Yuanjie Technology bet on correctly?

3. Standing at the thousand-yuan peak, is its high valuation the start of a bubble or a “revaluation” of AI computing infrastructure value?

Source: Baidu Stock Market Pass

Note: Based on the lowest price on April 9, 2025 (88.10 yuan) to midday close on March 26, 2026, Yuanjie Technology’s increase exceeds ten times.

01

Turning the Tide: From Telecom “Disaster” to Data Communication “Explosion”

Without experiencing the dark hours before dawn, you can’t see the sunrise.

Rewind to 2024, and Yuanjie Technology was far from its current glory. The prospectus shows that in 2023, 92.1% of the company’s revenue came from telecom laser chip sales, while data center chips accounted for only 3.2%. This over-reliance on the telecom market became a fatal weakness amid slowing 5G construction and fierce price wars.

Source: Yuanjie Technology Prospectus

In 2024, although revenue increased to 252 million yuan, net profit was a loss of 6.1 million yuan—its first loss since listing. The stock price fell sharply from its high, bottoming at 87.70 yuan, sparking market doubts.

Source: Yuanjie Technology Prospectus

However, founder Zhang Xinjiang, a Tsinghua alumnus born in the 70s, was undeterred by short-term difficulties. In the lab, he repeatedly refined a high-power continuous wave (CW) laser chip capable of meeting future AI data center demands.

Traditional optical modules rely on EML laser chips, which, under higher bandwidth demands, increasingly reveal issues of high power consumption and high costs. At this point, silicon photonics technology, with its low power consumption and high integration, rose rapidly. Silicon photonics adopts a “division of labor” model: silicon chips handle modulation and transmission but do not emit light themselves, requiring an external light source—this is the high-power CW laser chip—which only provides stable laser output without modulation, enabling silicon photonics solutions.

Source: Yuanjie Technology Prospectus

Guosheng Securities notes that the market share of silicon photonics in optical modules is expected to rise from 30% in 2025 to 60% in 2030. As the “heart” of silicon photonics solutions, demand for CW laser chips is set to explode.

Years of dormant accumulation have been crucial for Yuanjie Technology’s technical prowess in CW chips. The prospectus shows that in 2025, R&D investment reached 80.84 million yuan, up 48.3%, continuously boosting high-speed product development. While peers struggle with capacity and yield issues, Yuanjie Technology, leveraging its IDM model, has achieved full control over the entire supply chain—from chip design, wafer manufacturing to testing and packaging.

Source: Yuanjie Technology Prospectus

In 2025, its 70mW CW laser chips began mass shipments, with 100mW products delivered in bulk, directly entering the supply chains of top global optical module manufacturers.

In 2025, Yuanjie Technology’s data center business revenue surged 719.06% to 393 million yuan, accounting for over 65% of total revenue—completely reversing its previous dependence on the telecom market. This was not only a V-shaped recovery but also a structural overhaul of its business model.

Source: Yuanjie Technology Prospectus

In 2025, the overall gross margin reached 55.7%, with data center products boasting a gross margin of 71.3%, becoming the main engine of profit growth.

Source: Yuanjie Technology Prospectus

02

Capital Feast: From Shaanxi Quadrant to Thousand-Yuan Stock King

The market’s sense of smell is always a half-step behind but also a half-step ahead.

Looking back at Yuanjie Technology’s capital journey, it’s a long race combining domestic capital and hard tech. The prospectus shows that since its founding, the company has completed ten rounds of capital increases and fourteen equity transfers.

The earliest investor was Lingling Venture Capital, which invested 5.4 million yuan in 2013, the year of its establishment, becoming the first external investor. Since then, Yuanjie maintained a nearly annual financing rhythm. In 2018, Zhongji Xuchuang (300308) invested via Ningbo Chuangze Yun, injecting 11.25 million yuan and acquiring an additional 30 million yuan of old shares, bringing deep industrial capital support.

2020 was a key year for Yuanjie’s financing history. In June, Zhongke Chuangxing led the investment, with Xi’an Xianyang Financial Holding’s Xi’an Guidance Fund, via its sub-fund Shaanxi Pioneer Optoelectronics Fund, participating. Institutions like Gongda Innovation, Guotou Venture Capital, and GF Capital completed their ninth round of funding. In September, Huawei’s Hubble Investment, along with China Development Bank Capital and China Development Bank Innovation, jointly invested—an endorsement seen as a top-tier validation of Yuanjie’s technological strength at the time.

According to the shareholder structure disclosed in the prospectus, Dr. Zhang Xingang and his concerted action partners (including sister Zhang Xinying, Qin Weixing, Qin Yansheng, and Xin Xin Juyuan) form the largest shareholder group, holding about 27.85% of voting rights.

Source: Yuanjie Technology Prospectus

When the stock price hit a low in 2024, many early investors chose to cash out early. Only a few, like Zhongke Chuangxing, persisted.

Top 10 shareholders before the 2024 report

Changes from the previous reporting period

The prospectus states that funds raised from this Hong Kong IPO will be used to: strengthen R&D and testing capabilities, expand capacity, make strategic investments and foster business synergy, develop sales and service networks, and supplement working capital. This is a comprehensive layout from technology to capacity, domestically and internationally.

03

Controversies and Future: Underlying Currents Behind the Thousand-Yuan Price

Beneath the spotlight, hidden currents often lurk.

A dynamic P/E ratio of 514 times is another challenge Yuanjie Technology faces. The market is willing to assign such a high valuation, betting on its ability to maintain a high ground in high-speed optical chips. But the pace of AI computing power iteration is much faster than many imagine.

First, there are risks in the technical route. Silicon photonics remains popular, but EML solutions still dominate medium- and long-distance transmission. Whether Yuanjie’s layout in EML can break through fierce international competition remains uncertain.

Second, the advent of CPO (Chiplet Packaging and Optimization) technology is a game-changer. Nvidia is pushing CPO technology, which requires higher-power CW light sources. While this demands product upgrades from Yuanjie, mass adoption of CPO is expected around 2028. During this period, how long silicon photonics + CW solutions can enjoy the dividends depends on the maturity of next-generation technologies.

Additionally, capacity and yield are looming threats. The prospectus shows that by December 31, 2025, the company’s prepayments, receivables, and other assets totaled 222 million yuan, mostly for property, plant, and equipment prepayments—indicating aggressive capacity expansion. But as more players enter the field, competition in optical chips will intensify. Whether Yuanjie can maintain high yields amid capacity expansion will determine the sustainability of its profit growth.

From a lab in Xianyang to the king of A-shares at a thousand yuan, siblings Zhang Xinjiang and his team have told a 12-year story of breaking through in hard tech. It’s a story of betting on technology routes, perseverance in adversity, and long-term support from Shaanxi state assets and industry capital.

But the business world never believes in “mythology,” only in logic and data. When the tide of AI recedes or technological routes shift again, can Yuanjie Technology evolve as it did when it “leapt” from the telecom market to data centers?

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