Shiya Technology's market value reaches 50 billion, marking the first Sci-Tech Innovation Board IPO of the Year of the Horse.

Ask AI · How can Hefei’s industrial ecosystem help Visiya Technology become a super IPO?

It’s also Hefei.

Jiedu — Daily IPO news: Today (March 25), Visiya Technology officially listed on the STAR Market. The IPO offering price was 22.68 yuan per share. It surged 120% at the open, with its market value surpassing 50 billion yuan.

Maybe the outside world is somewhat unfamiliar with Visiya Technology, but the person steering the ship behind it, Gu Tie, has quite a résumé. He graduated from Fudan University in his early years, and then later went abroad to study for a PhD. As early as 2011, he founded Eirui Technology, earning his first listed company. Six years later, Gu Tie now again arrives at the moment of ringing the IPO bell.

“Day and night shine with glory; and yet—Fudan again.” Thus, not only did he achieve a typical Fudan-affiliated IPO, but it is also Hefei’s super IPO this year.

Fudan alumnus steering the helm

Earning the second STAR Market IPO

This is the second time Gu Tie has stood on the stage of ringing the opening bell.

Born in 1968 in Mudanjiang, Heilongjiang, Gu Tie graduated from Fudan University’s Department of Physics in his early years. Later, he chose to study in the United States, arriving at Pennsylvania State University, where he obtained a PhD in Engineering. After graduating, Gu Tie worked for many years before becoming General Manager of the General Research and Development Center (Shanghai) in 2002. During his time there, he participated in the establishment of the United States’ first Generation 2 TFT-LCD production line, and led the R&D and manufacturing of the world’s first digital X-ray machine for the thoracic cavity.

Gu Tie’s career at General ended in 2006. That year, he joined Shanghai Tianma Micro Electronics Co., Ltd., serving as a director and general manager—a tenure of eight years. At that time, the global market for digital X-ray detector technology was basically monopolized by overseas giants, which also made X-ray medical imaging equipment very expensive. This led to the first idea of entrepreneurship in Gu Tie’s mind.

So in 2011, Gu Tie, together with three founding partners, established Yirui Technology, a provider of core components and comprehensive solutions for digital X-ray systems. Six years later, he secured his first IPO—Yirui Technology successfully listed on the STAR Market, with the latest market value of 24 billion yuan.

It was precisely during this period that, with Gu Tie at the core, the founding management team, through sharp forward-looking insights, recognized the huge future development demand in the microdisplay industry. In 2016, they established Visiya Co., Ltd., i.e., the predecessor of Visiya Technology, and in the following year moved the headquarters to Hefei.

The prospectus mentions that at the time of its founding, management including Gu Tie judged that XR devices would be the next general-purpose computing platform—making AI edge devices based on spatial computing the best carrier—while silicon-based OLED microdisplays would become the core hardware of XR devices. Therefore, Visiya Technology strategically positioned itself around silicon-based OLED microdisplays, and planned its optical system solutions and end-to-end XR overall solutions.

At that time, Visiya Technology invested US$300 million at once, and in 2017 began building an OLED 300-millimeter microdisplay production line. After the wafer fab went into operation, its annual capacity was about 20 million displays.

In 2022, Qualcomm released the Snapdragon XR2 wireless AR smart glasses reference design, which adopted dual OLEDoS displays supplied by Visiya Technology. To date, Visiya Technology has formed a product lineup covering different sizes—from 0.3 inches to 1.4 inches—with different specifications.

Visiya Technology’s IPO journey began last June, taking 9 months to successfully open the door to the STAR Market. The helm master behind it, Gu Tie, once again stood on the stage of ringing the IPO bell.

ByteDance and InfiRay are customers

DJI also invested

A single prospectus unveils Visiya Technology’s mysterious identity.

As Visiya Technology’s core product, what exactly is the silicon-based OLED micro display? According to the prospectus, this type of display is an OLED display device made using single-crystal silicon as the driving backplane. It can integrate the display driver chips that are traditionally externally bonded into the silicon-based backplane. Pixel size is one-tenth that of traditional display devices.

And according to a report by Frost & Sullivan, in 2024, among manufacturers that have achieved million-level shipment volumes in the industry, only Sony and Visiya Technology—Sony ranked first globally in shipment volume of silicon-based OLED products for XR devices in 2024, accounting for about 50.8% of total market shipments; Visiya Technology ranked second globally and first in China’s domestic market, accounting for about 35.2% of total market shipments.

From the application side, Visiya Technology’s products have entered multiple high-end display scenarios such as AR glasses, VR headsets, drone video transmission, medical headsets, and night-vision devices, and have achieved shipments to global top-tier terminal manufacturers including ByteDance, InfiRay Innovative, Raybird, and Lenovo. Notably, another imaging giant, DJI, also appears in Visiya Technology’s shareholder roster. The former’s subsidiary, Shanghai Feilai, holds 3.2%, ranking as the ninth largest shareholder.

With this, silicon-based OLED products also support about half of Visiya Technology’s revenue. The prospectus discloses that in the reporting period, silicon-based OLED products accounted for 61.71%, 73.13%, 79.70%, and 85.98% of the company’s main business revenue, serving as the major source of main business revenue.

But it should be noted that Visiya Technology has not yet escaped the situation of being loss-making. The prospectus shows that Visiya Technology’s revenue from 2022 to the first half of 2025 was 190 million yuan, 215 million yuan, 280 million yuan, and 150 million yuan, respectively. Net losses were 227 million yuan, 300 million yuan, 247 million yuan, and 123 million yuan, respectively.

In response, Visiya Technology also candidly stated in the prospectus that in the short term, it is still expected that it cannot achieve profitability, and accumulated undisposed losses cannot be made up.

Looking through Visiya Technology’s shareholder lineup, it has gathered nearly 50 institutional shareholders in one sweep, including not only Lianxin Capital, CMB International, Guangzhou OptiTech, CNI Capital, DJI, Yushang Capital, Huaden International, AXS Optics Valley, Yikehui Investment, Jizhi Technology, Guoyao Venture Capital, Xiaomi Yangtze Fund, Source Code Capital, CICC Qicheng, Zhuhai Huajin Lingchuang Fund, Tianshi Capital, and more… The length of the list is astonishing.

Among the top ten, two key figures appear—Jingce Electronics and GoerTek, ranked as the second and third largest shareholders, respectively. Among them, Jingce Electronics is Visiya Technology’s supplier; GoerTek both provides funding and orders. The prospectus shows that in 2024 and in the first half of 2025, Visiya Technology’s sales to GoerTek were 3.1946 million yuan and 1.7116 million yuan, respectively.

By this point, parties from all directions have converged in Hefei, joining forces to create yet another super IPO.

Why Hefei?

Looking back at Visiya Technology’s rise, Hefei is also a role that cannot be ignored.

Wang Hualiang, then deputy director of the Anhui Provincial Department of Economy and Information Technology, revealed in a report by People’s Daily that, “After going to investigate Visiya Technology in April 2017, it was determined that they have important significance for Hefei’s new display industry chain—extending it and filling gaps.” The two sides quickly agreed on the company’s landing in Hefei’s High-Tech Zone in Xinzhanzhen.

However, at that time Visiya Technology, as a start-up, with early investments including product R&D and equipment procurement, had at one point constrained the company’s development. At a critical moment, Hefei Xinzhanzhen Industrial Investment and Hefei Industrial Guidance Fund injected capital into the company in a timely manner through an investment approach combining “debt + equity.”

With Visiya Technology’s bell-ringing moment, this fertile land of innovation in Hefei bore yet another major fruit. As a result, Hefei has 96 listed companies, including 89 A-share listed companies; it has 21 STAR Market listed companies, ranking 6th among cities nationwide and 2nd among provincial capitals.

“Industry gathers, and the city flourishes.” When people talk about Hefei’s new display industry, outsiders will almost immediately think of BOE. In 2008, BOE moved into Hefei, making Hefei’s new display industry famous in one battle.

Starting from BOE’s Hefei Gen-6 line, Hefei repeatedly “pulled lines,” continuously “wove the net,” and successively built the domestic first Gen-6 TFT-LCD line, the first Gen-8.5 TFT-LCD line using oxide semiconductor technology, and the domestic largest-scale OGS touch panel production line…

As the saying goes, one enterprise can grow a business to greater scale, and a group of enterprises can strengthen an industry. To this day, the new display industry, as a key part of Hefei’s “6+5+X” industrial clusters, has become one of the advantageous industries driving Hefei’s economic growth. It has been selected successively as a National Demonstration Base for New Industrialization Industry and a National-level Strategic Emerging Industry Cluster.

At the same time, Hefei insists on “science and innovation + industry,” continuously building industrial advantages. By leveraging the “lead goose” role of leading enterprises, it has formed innovation consortiums connecting industry, universities, and research institutes as well as the upstream and downstream supply chain. It has built multi-level innovation carriers. To date, it has established more than 40 provincial- and above-level technology innovation platforms of various kinds for new displays, with annual R&D investment intensity exceeding 5% on average.

Earlier data showed that in 2024, the output value of Hefei’s new display industry was 123.535 billion yuan, a year-on-year increase of 21.5%. From January to September 2025, the industry’s output value grew 20.9% year-on-year, with the industry scale staying firmly in the first-tier position domestically.

Today, Hefei has gathered more than 190 industry-leading companies such as BOE, Visionox, Corning, and Visiya Technology. It also has technological route reserves across seven major areas, including liquid crystal display, flexible display, holographic display, laser display, quantum dot display, microdisplay, and MiniLED display, forming an end-to-end industrial chain layout “from sand to finished devices.”

There is no doubt that this has become a major hub for the new display industry. From following to competing to leading, Hefei has stepped onto a new path of industrial development.