$XIZHI TECH-P(01879.HK)

## 📈 New Stock 1: 1879 Shanghai Xizhi Technology

### Key Data

- **Stock Code**: $XIZHI TECH-P(1879.HK)

- **Listing Date**: 2026-04-28

- **Issue Price**: HKD 166.60 - 183.20

- **Board Lot**: 15 shares, minimum subscription fee approx. HKD 2,776

- **Fundraising Size**: Up to HKD 2.527 billion

### Financial Highlights (2025)

- **Operating Revenue**: RMB 110 million (+76.7% YoY)

- **Net Loss**: -RMB 1.34 billion (+82.6%)

- **Revenue Growth**: Rapid growth, but strategic losses expanded

### Subscription Popularity

- **Oversubscription Multiple**: 362x ⚡⚡⚡⚡⚡ (Exceptionally high)

- **Margin Financing Amount**: Approx. HKD 45.88 billion

- **Investor Type**: Mainly long-only investors

### Cornerstone Investors (Approx. HKD 1.644 billion)

- **Alibaba Investment** (Strategic Investor)

- **GIC (Singapore Government Investment Corporation)** (Sovereign Fund)

- **Temasek** (Singapore Sovereign Fund)

- **Tencent Holdings** (4.19% stake)

- **BlackRock, Fidelity International, Baillie Gifford** (International Asset Management Giants)

### Valuation Analysis

- **Pre-IPO Valuation**: Approx. USD 1 billion

- **PS Valuation**: Approx. 20x

- **Comparable Companies**: NVIDIA(PE~70x), Marvell(PE~50x)

- **Discount**: Significant discount compared to US-listed AI chip companies

### Scenario Analysis

| Scenario | First Day Stock Price | First Day Gain |

|——|-———|-———|

| 🟢 Optimistic | HKD 220-260 | +25% to +50% |

| 🟡 Neutral | HKD 175-195 | +0% to +15% |

| 🔴 Pessimistic | HKD 125-145 | -15% to -25% |

### Risk Radar

1. ⚠️⚠️⚠️⚠️ Technology Commercialization Risk

2. ⚠️⚠️⚠️⚠️ Sustained Loss Risk

3. ⚠️⚠️⚠️⚠️ Geopolitical Risk

4. ⚠️⚠️⚠️ Market Competition Risk

5. ⚠️⚠️ Liquidity Risk

### Final Recommendation

**Overall Rating**: ⭐⭐⭐⭐ (4/5) - **Cautiously Recommend**

- Strong technological leadership, top-tier shareholder lineup

- Suitable for investors with higher risk tolerance