On March 16, Seeya Technology Corp. (688781.SH) initiated its IPO subscription phase, setting an issue price of 22.68 yuan per share. The maximum subscription limit is 14,000 shares. The listing is on the Shanghai Stock Exchange's STAR Market, with Guotai Junan Securities serving as the lead underwriter.
According to the prospectus, Seeya Technology is a globally leading provider of comprehensive microdisplay solutions. Its core product is silicon-based OLED microdisplays, and it offers value-added services including strategic product development, optical systems, and complete XR solutions. The company is the world's first to achieve mass production of silicon-based OLED microdisplays using 12-inch wafer backplanes. It is also among the few technology firms globally with full in-house R&D capabilities spanning "display chips + microdisplays + optical systems."
Designated by the Ministry of Industry and Information Technology as a national leader in the new display industry chain, Seeya Technology has been entrusted with leading tasks such as tackling key iconic product challenges in the silicon-based OLED sector to enhance the resilience and security of the new display supply chain. Upholding a principle of "independent controllability," the company continuously advances key technologies and processes while fostering domestic equipment and material suppliers to diversify the upstream supply chain.
The silicon-based OLED microdisplay market has long been dominated by foreign manufacturers. As downstream applications rapidly expand, the industrial significance of these microdisplays continues to grow. From its inception, Seeya Technology aimed to become a top global provider of integrated microdisplay solutions. It has innovatively developed core technologies including strong microcavity silicon-based OLED, crosstalk cutoff technology, and high-efficiency stacked full-color OLED, consistently pushing performance boundaries and transitioning from catching up to leading the field.
Currently, the company's core silicon-based OLED microdisplay products meet or exceed key performance indicators of comparable Sony products. According to a Frost & Sullivan report, in 2024, only Sony and Seeya Technology achieved shipment volumes in the millions. Sony ranked first globally in silicon-based OLED product shipments for XR devices, capturing approximately 50.8% of the market, while Seeya Technology held the second position globally and first domestically, accounting for about 35.2% of total shipments.
Financially, for the years 2022, 2023, 2024, and the first half of 2025, Seeya Technology reported revenues of approximately 190 million yuan, 215 million yuan, 280 million yuan, and 150 million yuan, respectively. Net losses for the same periods were approximately -247 million yuan, -304 million yuan, -247 million yuan, and -123 million yuan.