Guoyi Quantum Surges 419.46% on STAR Market Debut, Market Cap RMB 44.09 Billion
Guoyi Quantum Technology (Hefei) Co. , Ltd. listed on Shanghai's STAR Market on August 11, closing at RMB 110.23 per share, up 419.46% from its RMB 21.22 issue price, giving a market capitalization of RMB 44.09 billion. The company, founded in 2016, makes quantum precision measurement instruments and electron microscopes. Revenue grew from RMB 400 million in 2023 to RMB 666 million in 2025, but it remains loss-making, with a 2025 net loss attributable to shareholders of RMB 5.7972 million. It is Hefei's third STAR listing in 2026.
On August 11, Guoyi Quantum Technology (Hefei) Co. , Ltd. listed on the Shanghai Stock Exchange's STAR Market under the code 688828. SH. By the close of trading, the stock stood at RMB 110.23 per share, up 419.46% from its issue price of RMB 21.22, giving the company a total market capitalization of RMB 44.09 billion. It is the third STAR Market listing from Hefei in 2026.
The company, founded in 2016 and based in Hefei, Anhui Province, focuses on the research, development, production, and sale of high-end scientific instruments, primarily quantum precision measurement devices and electron microscopes. Founder He Yu, born in 1992, was admitted to the University of Science and Technology of China's gifted class in 2008. He co-founded the company in 2016 and served as director and general manager, becoming chairman and general manager in May 2021. Another actual controller, Rong Xing, born in 1983, holds a doctorate from the University of Science and Technology of China and previously served as chairman; he is now a director.
Financial data show that from 2023 to 2025, the company's operating revenue was RMB 400 million, RMB 501 million, and RMB 666 million, respectively. Net profit attributable to shareholders was RMB -140 million, RMB -74.0802 million, and RMB -5.7972 million, while net profit excluding non-recurring items was RMB -169 million, RMB -104 million, and RMB -18.878 million. Net cash flow from operating activities improved from RMB -134 million in 2023 and RMB -50.2376 million in 2024 to RMB 118 million in 2025. The company remains loss-making.
Regarding shareholders, He Yu and Rong Xing have been parties to a concert party agreement since July 2017. They do not directly hold shares but indirectly control 27.2% of voting rights through Hefei Sikun. He Yu additionally controls 34.87% of voting rights through other entities. Keda Holdings directly holds 14.75% of shares, making it the second-largest shareholder. Shuhua Technology holds 8.43%, Hillhouse-related entities hold approximately 6%, IDG Capital holds 1.48%, Keda Guochuang holds 2.75%, and iFlytek holds 1.4%.