A direct investment project under CICC Capital’s fund—Shiya Technology listed on the STAR Market of the Shanghai Stock Exchange (SSE STAR Market)

On March 25, 2026, Visiay Technology Co., Ltd. (hereinafter referred to as “Visiay Technology,” 688781.SH), a globally leading provider of microdisplay end-to-end solutions, officially listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange. A fund under CICC Capital participated in Visiay Technology’s Series A financing in 2020. This investment is an important practice of CICC Capital in helping domestic companies break the long-term monopoly by overseas manufacturers in the silicon-based OLED microdisplay industry, promote domestic industrialization of the new display industry chain, and continuously drive R&D innovation.

About Visiay Technology

Visiay Technology was founded in 2016. It is a globally leading provider of microdisplay end-to-end solutions. Its core product is silicon-based OLED microdisplays, and it also provides value-added services to customers, including strategic product development, optical system and end-to-end XR solutions, among others. The company is the first globally to achieve large-scale production of silicon-based OLED microdisplay screens based on a 12-inch wafer backplane, and it is also one of the few companies worldwide that possesses full-stack in-house R&D capabilities across “display chips + microdisplay screens + optical systems” for silicon-based OLED. It is a Science and Technology Innovation enterprise.

For a long time, the microdisplay industry in which the company operates has been monopolized by overseas enterprises such as Sony of Japan and eMagin of the United States. Since its founding, the company has positioned itself to become a globally leading provider of microdisplay end-to-end solutions, and has innovatively developed a series of core technologies, including silicon-based OLED strong microcavity technology, continuously pushing beyond the performance limits of its products. Today, the company’s core product, silicon-based OLED microdisplays, has already met or exceeded Sony-comparable products in key performance indicators, and has achieved shipments to global leading terminal manufacturers such as ByteDance, Infinix Innovation, RayNeo, Lenovo, and others. In 2024, the company ranked second globally—first in the PRC—in terms of shipment volume of silicon-based OLED products for XR devices, accounting for approximately 35.2% of total market shipments.

The company occupies an important position in China’s silicon-based OLED industry chain. As an industry-leading enterprise, it leads key tasks such as tackling silicon-based OLED’s flagship product programs, thereby improving the resilience and security level of the supply chain of the new display industry chain. The company has led major national special projects for two consecutive years, led Shanghai municipal-level industry transformation and upgrading development special projects and the Science and Technology Innovation Action Plan’s Metaverse special project, and has also led seven key special projects at the provincial level in Anhui—covering science and technology innovation and industrial breakthroughs—for five consecutive years. Among them, the company’s “ultra-high-resolution silicon-based OLED display devices,” recognized as the results of the 2020 key field product shortcoming-bridging and key technology tackling project in Anhui Province, broke the monopoly situation of overseas enterprises such as Sony over related products. Its product technology level is internationally leading and has filled a gap in the domestic industry.

In the future, the company will seize the development opportunities of the silicon-based OLED market in the AI era. Based on its strong technological capabilities and stable and reliable product delivery, it will further accelerate penetration into the XR market, while continuously increasing its market share in traditional professional markets, striving to become the world’s No. 1 provider of microdisplay end-to-end solutions in the future.

Profile of CICC Capital

As CICC’s private investment fund business operations and management platform, CICC Capital engages in domestic and overseas private equity investment fund businesses. It is a leading and internationally influential comprehensive private equity investment management institution in China. CICC Capital is committed to becoming a private fund management platform with strong brand influence, outstanding fundraising and investment capabilities, and well-established front- and back-office management capabilities. The types of funds it manages include RMB equity investment funds, RMB fund-of-funds, USD equity investment funds, and real estate infrastructure funds, among others.

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