Holding 900 million yuan in cash, Yuanjie Technology, the third most expensive A-share stock, plans to list in Hong Kong! Turned losses last year

On the evening of March 6th, Yuanjie Technology (688498.SH) announced that the company plans to issue overseas-listed shares abroad and apply for listing on the Main Board of the Hong Kong Stock Exchange. The announcement states that this move aims to continuously advance the company’s internationalization strategy and global layout, build an international capital operation platform, enhance overseas financing capabilities, and further improve the company’s capital strength and overall competitiveness.

Yuanjie Technology was established on January 28, 2013, and listed on the STAR Market of the Shanghai Stock Exchange on December 21, 2022. The company is a high-tech enterprise fully developed in semiconductor crystal growth, wafer processing, chip testing, and packaging, with industrial-scale production.

In its second year of listing, Yuanjie Technology’s performance significantly declined, with revenue dropping 48.96% to 144 million yuan, and net profit attributable to the parent company decreasing 80.58% to 19.48 million yuan. In 2024, it recorded its first annual loss since listing, with a net loss attributable to the parent of 6.1339 million yuan.

On February 27th, Yuanjie Technology released its 2025 performance forecast, reporting that during the period, the company’s operating revenue was 601 million yuan, a year-on-year increase of 138.50%; net profit attributable to the parent was 191 million yuan, turning profitable.

During the reporting period, against the backdrop of continuous growth in demand for optical chips driven by the development of artificial intelligence technology, the company optimized resource allocation based on its technical accumulation and product performance, improved resource input efficiency and operational quality. Sales of CW light source products in data centers saw significant growth, with gross profit margins higher than those in the telecommunications market. These factors contributed to revenue and profit growth. The telecommunications business segment remained relatively stable.

Creadoc Finance notes that Yuanjie Technology’s asset-liability ratio is extremely low, less than 10% as of the end of Q3 2025. Although cash and cash equivalents have continued to decline since listing, they still totaled 933 million yuan as of the end of Q3 2025.

Currently, Yuanjie Technology’s overseas business scale is not large. In 2024, the company’s revenue from overseas regions was 237,400 yuan, a year-on-year increase of 28.52%. In the first half of 2025, overseas revenue was 255,600 yuan.

In the secondary market, Yuanjie Technology’s stock price has recently hit new highs multiple times. From September 13, 2024, to January 28, 2026, its stock price increased by over ten times. Its latest price is 850.90 yuan, making it the third most expensive A-share stock after Kweichow Moutai and Cambrian, with a market value of 73.1 billion yuan.

(Source: Shenzhen Business Daily · Creadoc)