Eoptolink seeks $5bn Hong Kong listing on AI optics boom
A Chinese maker of optical transceivers that supply Google and Amazon is seeking up to $5bn in Hong Kong, exposing the deep interdependence between US tech giants and Chinese hardware in the global AI buildout.
Eoptolink has filed for a secondary listing in Hong Kong that could raise between $4bn and $5bn. The Shenzhen-listed company, which makes high-speed optical transceivers that connect servers inside artificial intelligence data centres, previously eyed just $3bn in April. The revised target reflects fierce investor appetite for the physical infrastructure behind the AI boom.
The company's 2025 results justify the valuation. Revenue reached roughly 24.8bn yuan, or $3.7bn, while net profit surged 236% to approximately $1.4bn. Its Shenzhen shares have climbed almost 80% this year. The listing still requires approval from shareholders, Chinese regulators, and Hong Kong authorities.
Eoptolink's transceivers convert electrical signals into light, moving vast amounts of data between chips at the speeds required for AI training and inference. Its 800G and 1.6T modules are critical to scaling these clusters. Customers include Google, Microsoft, and Amazon, which collectively spend around $700bn a year on infrastructure.
For European policymakers watching the transatlantic tech rivalry, Eoptolink highlights a stubborn geopolitical paradox. Even as Washington and Beijing attempt to decouple their economies, America's AI infrastructure runs heavily on Chinese optical components. Unlike advanced semiconductors, optics have so far escaped US export controls, leaving a critical supply chain link intact.
The listing also underscores Hong Kong's rising role as the financial gateway for Chinese tech companies facing barriers in the US and EU. The city now handles more than half of China's chip imports. Eoptolink joins a queue of AI-adjacent firms heading there, including Baidu's chip unit, which is targeting a $50bn listing, and Apple suppliers retooling for AI hardware.
The primary risk for investors is the concentration of Eoptolink's fortunes on the continued spending habits of a few American hyperscalers. Markets are increasingly questioning whether massive AI capital expenditure will yield corresponding returns. If the buildout stalls, the companies selling the essential plumbing of the data centre will suffer the same fate as the chipmakers and software developers.
