"Shiyai Technology's sci-tech innovation board IPO has been 'inquired', ranking second globally in terms of shipments of silicon-based OLED products for XR devices."

On July 21, Shiyat technology Co., Ltd. (referred to as Shiyat Technology) applied to the Shanghai Stock Exchange Sci-Tech Innovation Board for a change in its listing review status to "under inquiry". Guotai Haitong is its sponsor institution, with plans to raise 2.015 billion yuan. According to the prospectus, Shiyat Technology is a global leading provider of overall micro display solutions, with its core product being silicon-based OLED micro-displays. The company also provides value-added services to its customers including strategic product development, optical systems, and XR overall solutions. The company is the first in the world to achieve mass production of silicon-based OLED micro displays on 12-inch wafers, and one of the few in the world with self-developed capabilities for the entire stack of silicon-based OLED "display chips + micro-displays + optical systems". The company plays a crucial role in China's silicon-based OLED industry chain and has been designated by the Ministry of Industry and Information Technology as a leading enterprise in the national new display industry chain. It has also been tasked with leading missions in key product development for the silicon-based OLED industry, aiming to enhance the resilience and security levels of the new display industry supply chain. The company adheres to the principle of "self-controllability", continuously focusing on essential technological and process breakthroughs and nurturing domestic equipment and material suppliers, in order to diversify the upstream supply chain. The company's technological capabilities and product performance have been widely recognized by downstream markets and customers, successfully integrating into the supply chain systems of numerous leading clients. By the end of the reporting period, the company's main clients include Customer One, Customer Two, Customer Three, Customer Four, ByteDance, Lebi, Lenovo, Customer Five, and Customer Six. Among them, Customer Three, Lebi, and ByteDance account for over 80% of the 2024 global XR market shipments. Silicon-based OLED micro-displays have long been monopolized by overseas manufacturers. With the rapid growth of downstream scenarios, the importance of silicon-based OLED micro displays in the industry continues to rise. Since its inception, the company has positioned itself as a global leading provider of overall micro display solutions, pioneering innovative technologies such as silicon-based OLED strong micro-cavity technology, silicon-based OLED crosstalk cutoff technology, silicon-based high-efficiency stacked OLED full-color technology, among others. The company has continuously pushed the boundaries of product performance, gradually progressing from catching up and following to surpassing and leading. Currently, the company's core product, silicon-based OLED micro displays, has reached or surpassed comparable products from Sony in key performance indicators. According to Frost & Sullivan's report, by 2024, only Sony and the company have achieved shipments in the millions. In 2024, Sony ranked first globally in XR device silicon-based OLED product shipments, accounting for approximately 50.8% of the global market volume; the company ranked second globally and first domestically, with a market share of approximately 35.2%. In terms of financial performance, in the fiscal years 2022, 2023, and 2024, the company's operating income was approximately 190 million yuan, 215 million yuan, and 280 million yuan, respectively. During the same period, the net profit was approximately -247 million yuan, -304 million yuan, and -247 million yuan respectively.