Shanghai Xizhi Technology Co., Ltd.

Lightelligence is a scarce listed global AI photonic-computing asset, with 18C shares trading roughly 2x above the IPO price within five weeks of listing. Revenue was only RMB 106 million in 2025, with large accounting losses but about RMB 270 million of adjusted operating losses and roughly five years of post-IPO cash runway. Rating Avoid: the company holds 88.3% of the narrow China independent scale-up optical interconnect segment, but Huawei has 98.4% of the overall market and Lightelligence only about 1.4%.

Lightelligence is a Hong Kong-listed AI silicon photonics company whose optical interconnect business is stronger than optical computing today. Revenue was only RMB 106 million in 2025, while the company lost RMB 1.342 billion and the HK$569.5 share price leaves no margin of safety. Research rating Avoid: promising technology, but current pricing has pulled forward too much commercialization success.