MaHui | Congratulations to MaHui Member Seeya Technology on STAR Market IPO, Becoming "China's First Domestic Silicon-Based OLED Stock"

On March 25, 2026, Seeya Technology (hereinafter referred to as "Seeya Technology") officially listed on the STAR Market of the Shanghai Stock Exchange**, with the stock code 688781.SH,** becoming the "first domestic silicon-based OLED stock"**.

The company issued 100 million shares to the public at an offering price of RMB 22.68 per share, raising a total of RMB 2.268 billion. As of 11 a.m. today, its total market capitalization exceeded RMB 51 billion.

As a globally scarce leader in silicon-based OLED technology, Seeya Technology's successful IPO on the STAR Market represents not only a new milestone in the company's development journey, but also marks a critical step forward for China's micro-display industry in leading global competition, injecting significant momentum into the development of AI glasses industries in China and worldwide.

Source Code Capital was an important investor in Seeya Technology's Series C financing round, providing continuous support throughout the company's growth. Across the entire AI industry chain, Source Code Capital has also been making systematic strategic bets, from semiconductor materials, equipment, and chips — including ESWIN Material (688783), Biren Technology (06082.HK), Seeya Technology (688781), Gpixel, and Suzhou Xihang Semiconductor Technology Co., Ltd. — to AI + robotics applications such as Unitree, Galaxy Universal, Booster Robotics, and Woan Robotics (06600.HK), and on to models and applications like Moonshot AI, Lovart, Sand.ai, and AI for science with DeepWise, among more than 20 companies.

Li Lulin, Executive Director at Source Code Capital, stated: "Seeya Technology has built a full-stack self-developed moat spanning 'chips + micro-displays + optical systems' through its globally pioneering 12-inch wafer silicon-based OLED mass production technology, breaking the long-standing monopoly of international manufacturers and rising to the top global tier.

Our confidence stems from structural competitive advantages: Seeya Technology was the first to achieve mass production, having established a process generation gap in cost efficiency and production flexibility, while its customer base is deeply anchored to the smart glasses growth track. We firmly believe that when smart glasses truly become part of daily life, silicon-based OLED will become humanity's new interface for perceiving the world, and Seeya Technology will be the lens that lets the world 'see the future.' Old market structures are defined by first movers; new market structures are defined by technological generation gaps. We look forward to marching forward alongside Seeya Technology and jointly witnessing the global rise of China's hard tech strength!"

From left to right: Tie Gu, Founder and Chairman of Seeya Technology; Li Lulin, Executive Director at Source Code Capital

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A Decade-Long Entrepreneurial Journey: Full-Stack Self-Development Forges a World-Leading Systematic Technology

Since its founding in 2016, Seeya Technology has been strategically focused on the R&D and manufacturing of high-performance silicon-based OLED micro-display products. It has now become a globally leading provider of integrated micro-display solutions, with silicon-based OLED micro-displays as its core product, while also offering value-added services including strategic product development, optical systems, and integrated AI glasses solutions. Its products are widely used in mid-to-high-end fields such as AI glasses and drone FPV goggles, as well as in thermal imaging, night vision devices, medical applications, industrial EVFs, and numerous other sectors.

After ten years of dedicated refinement, guided by the philosophy of "because we believe, we see," Seeya Technology has targeted micro-displays as a future industry and persisted on the path of independent innovation. Leveraging a series of key core technologies — including proprietary strong micro-cavity technology for silicon-based OLED, crosstalk truncation technology, high-efficiency tandem OLED full-color technology, low-temperature color filter technology, microlens array technology, and silicon-based OLED pixel current drive circuits — Seeya Technology has continuously pushed the limits of product performance and process technology. It has now established a globally leading systematic technological moat, with internationally leading product performance indicators, and is further expanding its global advantage through rapid technological iteration. It is a globally scarce leader in silicon-based OLED technology.

Silicon-based OLED screen application scenarios

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Core Hardware for the Rapidly Growing AI Glasses Industry: Strong Growth Momentum in the Silicon-Based OLED Market

Silicon-based OLED micro-displays are the core hardware component of AI glasses. Building on long-accumulated technological and R&D strengths, Seeya Technology has established a globally leading competitive market moat through core technological advantages including high resolution, high contrast ratio, low power consumption, and wide color gamut. The company's customer base covers major domestic and international leading terminal manufacturers, and it has established deep strategic partnerships with multiple global top-tier technology companies.

Currently, artificial intelligence is developing at high speed, profoundly transforming how humans work and live. AI technology has generated massive demand for information interaction. With smart glasses terminals deeply integrated with AI technology, AI glasses are regarded as the optimal vehicle for edge AI, with the potential to gradually replace smartphones as the next-generation smart display terminal. The dual resonance of market demand and technological innovation is driving the AI glasses market into an unprecedented period of accelerated growth, creating vast product innovation space and abundant future growth momentum for Seeya Technology.

03

Global Leader in Silicon-Based OLED Micro-Displays: The Future Is in Sight

As a global leader in the silicon-based OLED micro-display field, Seeya Technology's successful IPO represents both market recognition of the company's years of deep technological cultivation and industrial layout, and will inject strong momentum for the company to better seize the explosive opportunities in the AI glasses industry and consolidate its global industry leadership position.

Seeya Technology Hefei campus

The IPO proceeds will be directed toward production line expansion for ultra-high-resolution silicon-based OLED micro-display devices and R&D center construction projects, aimed at further expanding the company's advanced production capacity, accelerating technology R&D and innovation, further consolidating and expanding Seeya Technology's global leading advantage in silicon-based OLED, and building a more robust and internationally competitive comprehensive core capability system spanning "technology, production capacity, customers, supply chain, and talent," creating even greater collaborative value for global customers and ecosystem partners.

Following its listing, Seeya Technology will continue to uphold long-termism, with technological innovation as its core driver and market demand as its key guiding principle, pursuing steady and far-reaching progress while actively contributing to market innovation and industry development in its field.

Silicon-based OLED screen product family

Company Profile: Seeya Technology Co., Ltd. (SeeYA) is a globally leading provider of integrated micro-display solutions. Its core product is the silicon-based OLED micro-display — the core hardware component of AI glasses — and it offers customers value-added services including strategic product development, optical systems, and integrated AI glasses solutions. As a globally scarce leader in silicon-based OLED technology, the company is committed to providing global customers with the finest silicon-based OLED micro-display integrated solutions, with major customers covering numerous leading downstream enterprises both domestically and internationally.