Crealights Lists on HKEX and Embarks on Global AI Silicon Photonics Interconnection Expansion

On June 29, Crealights Technology Co., Ltd. (hereinafter referred to as “Crealights” or the “Company”, 1191.HK) is officially listed on the Main Board of the Hong Kong Stock Exchange, as one of the first batch of AI silicon photonics interconnection enterprises on the Hong Kong stock market and the listing marks the Company’s entry into a brand-new phase of global expansion. A total of 13.4315 million H Shares were offered under the Global Offering, with the final Offer Price set at HK$114 per H Share, and Huatai Financial Holdings (Hong Kong) Limited acting as the Sole Sponsor. The Global Offering garnered enthusiastic market feedback, fully demonstrating international investors’ high recognition of the Company’s technological prowess, industrial layout and long-term growth potential.

The IPO boasts a stellar lineup of cornerstone investors, comprising renowned institutions including JSC International Investment Fund SPC (acting for and on behalf of Jingxin SP), Winwin Technology (acting for and on behalf of Biwin Storage), Kingsoft Cloud Network, UBS Asset Management Singapore, Perseverance Asset Management and E Fund. Their aggregate subscription amounts to approximately HK$763 million, accounting for roughly 49.85% of the total Offer Shares (assuming the over-allotment option is not exercised). Meanwhile, the Company’s shareholder base features leading industrial players across the supply chain such as Alibaba, Xiaomi, Juyuan CastingSMIC PE,  and Zhongtian TechnologyZTT.  From forward-looking investments by industrial capital in the early stage to strong backing from long-term international institutional investors at the IPO stage, Crealights’ debut on the international capital market stands as a major milestone in its development and attests to the strategic value of the AI silicon photonics track in the eyes of global capital.

Focused on AI Silicon Photonics Interconnection: Revenue Up Nearly 7x in Three Years

Crealights provides optoelectronic interconnect solutions, specializing in high-speed optical transceivers, AOC and related products widely used in AI data centers to enable high-speed, high-density, low-power data transmission.

Capitalizing on soaring AI computing demand, the firm delivered explosive revenue growth. Revenue hit RMB175 million (2023), RMB862 million (2024) and RMB1.221 billion (2025), rising nearly sevenfold with a 164% three-year CAGR — the second fastest growth among global optical transceiver suppliervendors. 2024 revenue nearly quintupled  year-on-year, fueled by overseas AI data center expansion and robust shipments of 400G/800G interconnect products. In 2024, Crealights finished R&D on 1.6T silicon photonics devices and co-demonstrated them with top global DSP suppliers at OFC, entered the customer validation stage.

Such strong growth stems from its full dedication to AI infrastructure. Most revenue comes from AI data center clients, making it one of China’s few large-scale commercial pure-play AI hardware firms. Per Frost & Sullivan, by 2025 AI optical transceiver revenue, Crealights ranks 8th globally among Chinese vendors with a 1.6% global market share.

Full-Stack Silicon Photonics Know-how Builds Core Competitive Moat

Years of dedicated R&D have equipped Crealights with end-to-end full-stack capabilities spanning silicon photonics chip design through optical transceiver manufacturing, securing industry-leading SiPh strengths. Per Frost & Sullivan, it ranks among the world’s rare firms with in-house capacity for both SiPh chip design and mass production of SiPh transceivers.

Most SiPh players focus only on one industrial segment — either packaging modules with outsourced chips or designing chips without manufacturing operations. Crealights took a far higher-barrier route: self-developing full workflows including SiPh chip design, wafer testing, optical coupling and module production via its proprietary Wafer-In, Module-Out (WIMO) integrated platform. All on-site procedures from incoming wafer inspection, dicing and thinning to silicon engine assembly and final testing are completed internally.

Its self-built SiPh device library, combined with multi-physics simulation and real wafer test data, iteratively refines device models for precise design and stable production. Mass production of transceivers with self-designed SiPh chips on 12-inch wafers slashes chip costs while guaranteeing consistent quality and reliable deliveries. This scarce full-stack agility enables fast customised product development matching AI computing’s rapid upgrade cycles.

As one of China’s earliest SiPh startups, Crealights initiated SiPh R&D back in 2020. At that time, the global SiPh supply chain was immature with limited commercial wafer testing equipment, pushing the company to build full in-house workflows and form irreplicable technical barriers. Its robust tech system covers chip design, optoelectronic engineering, advanced manufacturing and automation; all its 400G+ products adopt proprietary SiPh technology. By end-2025, R&D staff accounted for over 45% of total headcount, with sustained heavy R&D investment to sustain technological leadership.

Pioneering Next-Gen AI Interconnect: Forward NPO & CPO Layout

Beyond standard transceivers, Crealights has pre-emptively invested in next-gen AI interconnect technologies: Near-Package Optics (NPO) and Co-Packaged Optics (CPO).

As AI computing evolves from scale-out to scale-up architecture, NPO/CPO will dominate AI cluster interconnections thanks to superior bandwidth density, lower power consumption and reduced latency, capturing a far larger market than traditional transceivers.

Crealights has delivered tangible technical breakthroughs. At OFC 2026, it unveiled 3.2T/6.4T NPO optical engines built on 2.5D flip-chip multi-chip integration. Its SiPh interposer-based transceiver technology won the prestigious Lightwave Innovation Award, earning global industry recognition for innovation.

In Q2 2026, the firm sealed a strategic partnership with Biwin Storage, a leading A-share memory and advanced packaging player, to outsource 2.5D/3D packaging of its SiPh optical engines. Packaged prototypes have been sent to clients for validation, with small-batch production slated for H2 2026 and mass commercial delivery in 2027.

Outlook: Capturing AI Computing Revolution to Deliver Sustained Value

Explosive AI compute demand is reshaping data centre infrastructure. As GPU clusters scale from thousands to tens of thousands of cards, high-speed interconnection has become a critical performance bottleneck. Crealights’ full-stack SiPh technology delivers wider, faster and more power-efficient data pathways for AI clusters.

With new manufacturing bases in Nantong and Nanjing coming online to unlock scale economies, plus accelerated commercialisation of 1.6T transceivers and 6.4T NPO products, gross margins are set to improve materially, marking an inflection point for financial performance.

Leveraging its HKEX listing, Crealights will deepen SiPh R&D, speed up NPO/CPO industrialisation and reinforce its leading position in AI data centre interconnection. It will supply core infrastructure for global AI computing and generate long-term value for customers and shareholders alike.