XREAL submits Hong Kong IPO application: ranked first in the global AR market for four consecutive years, entering a new stage of high-quality growth

Ask AI · How will choosing to list in Hong Kong stocks affect XREAL’s global expansion strategy?

Introduction

THECAPITAL

This article has 808 words, approximately 1.1 minutes read time

(April 1, 2026, Hong Kong) Global leading smart glasses company XREAL has officially submitted its listing application to the Hong Kong Stock Exchange, planning to list on the Main Board in 2026. The company will subsequently apply to the China Securities Regulatory Commission for overseas issuance and listing registration notice according to procedures. China International Capital Corporation (CICC) and Citibank (Citi) serve as joint sponsors for this IPO.

As a high-tech company focused on AR glasses, AI glasses, and spatial computing technology, XREAL leverages its strong foundational technological advantages to demonstrate a powerful global market dominance. According to iResearch data, based on sales revenue, XREAL has maintained the top position in the global AR glasses market for four consecutive years from 2022 to 2025; in the broader smart glasses market, XREAL ranked second globally and first in China in 2025.

The prospectus shows that XREAL has entered a stage of high-quality growth. In 2025, the company achieved operating revenue of 516 million RMB, with overseas market revenue accounting for as much as 71.0%. Benefiting from scale effects and a high-end strategy, the company’s profitability has significantly increased, with gross margin rising sharply from 22.1% historically to 35.2%. Meanwhile, the substantial improvement in brand influence and operational efficiency has created a virtuous cycle of commercialization growth, with sales and distribution expense ratio dropping to 25.4%, demonstrating strong self-sustaining capabilities.

At the technological and product level, XREAL has built a core moat of “self-developed optical engine + self-developed chips.” Its Air series and One series products are widely recognized by consumers worldwide. Facing market opportunities in 2026, XREAL announced a full product line matrix blueprint, including: the popularization-oriented glasses “Project Helen” for the mass market; the professional e-sports glasses “R1” in cooperation with top e-sports brand ROG (Republic of Gamers); and the next-generation flagship XR product “Project Aura,” jointly developed with Google and deeply integrated with spatial computing and multimodal AI capabilities.

XREAL’s rapid growth has earned deep recognition from top global capital. The company has gone through multiple rounds of financing, with an investor matrix covering Alibaba Group, Kuaishou, iQIYI, Luxshare Precision, Gentle Monster, NIO Capital, Yunfeng Fund, Pudong Venture Capital, Sequoia Capital China, Hillhouse Capital, Huachuang Capital, China Internet Investment Fund, Jinpu Investment, CPE Yuanfeng, Houxue Capital, and Wuxi New Investment, among industry giants and top-tier institutions.

In the future, leveraging the Hong Kong stock capital market, XREAL will continue to solidify its leading position in the global market, committed to bringing more excellent products to consumers worldwide and opening a new era of smart hardware.

# 线索爆料 # [email protected]

Media cooperation: 010-84464881