Market value exceeds 45.6 billion, the first silicon-based OLED stock is officially listed

On the morning of March 25, Shiya Technology (688781.SH) was listed on the Science and Technology Innovation Board, and the sponsor was Cathay Haitong Securities. As of writing, the stock price is trading at 46 yuan, with a market value of 45.66 billion yuan.

It is reported that Shiya Technology is a provider of overall micro-display solutions. Its core product is silicon-based OLED micro-display, and it provides customers with value-added services including strategic product development, optical systems and XR overall solutions. The company is the first company in the world to achieve large-scale mass production of silicon-based OLED micro-displays based on 12-inch wafer backplanes. It is also one of the few scientific and technological companies in the world with the full-stack self-research capabilities of silicon-based OLED "display chip + micro display + optical system".

According to the prospectus, during this listing, Shiya Technology plans to publicly issue no more than 100 million new shares. After the issuance, the total share capital will not exceed 1 billion shares and the total amount of funds raised will be 2.015 billion yuan, of which approximately 1.609 billion yuan will be used for the "ultra-high-resolution silicon-based OLED micro display device production line expansion project", which will effectively expand the company's 12-inch silicon-based OLED display production capacity to 10.8 million screens;

In addition, 406 million yuan was raised to invest in the "R&D Center Construction Project", which aims to upgrade new display technologies such as silicon-based OLED micro-display driver chips and micro-displays. This project specifically includes the "new generation silicon-based OLED driver chip technology research and development project" and the "high-brightness silicon-based micro-display device research and development project based on stacked white light OLED".

In terms of performance, from 2022 to 2024 and the first half of 2025, the company achieved revenue of 190 million yuan, 215 million yuan, 280 million yuan, and 150 million yuan respectively; net profits attributable to the parent company were -247 million yuan, -304 million yuan, -247 million yuan, and -123 million yuan respectively.

Looking back at the listing history of Shiya Technology: the company launched its IPO in October 2024; completed IPO coaching in June 2025, entered the inquiry stage in July, passed the meeting in December and received registration approval from the China Securities Regulatory Commission; opened subscription in March 2026 and officially landed on the Science and Technology Innovation Board, becoming the "first silicon-based OLED stock" in the A-share market. (Compiled by TrendForce Display)

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