According to the Hong Kong Stock Exchange disclosure on August 30, Nazhen Technology has successfully passed its listing hearing for the Main Board, with Citigroup and CITIC Securities serving as joint sponsors. The company is a mature provider of optical communication and connectivity products, specializing in the R&D, manufacturing, and sales of optical modules, optical chips, and optical network terminals for both domestic and international clients.

Based on global optical module revenue in 2025, the company captured a 4.0% market share, ranking fifth among all professional optical module manufacturers worldwide. In China specifically, it holds a 10.1% market share, placing it third among global professional optical module vendors. The firm is also among a select group of enterprises worldwide that possess both optical module and optical chip development and manufacturing capabilities.

With 1,581 patents and 716 pending patent applications globally, Nazhen Technology has initiated or joined 18 industry standardization organizations and contributed to the drafting of 61 industry standards. Leveraging cross-regional R&D networks in Qingdao, Wuhan, Silicon Valley, and Singapore, the company has built a comprehensive portfolio of core technologies and products spanning all major segments of the optical communication value chain.

In the optical module segment, the company has developed proprietary expertise in circuit design and core packaging technologies, including transistor outline packaging (TO-CAN), BOX, chip-on-board (COB), and silicon photonics packaging. For optical chip design, it has successfully established two mature processing platforms for buried heterostructure and ridge waveguide technologies. The company also possesses unique capabilities for developing a range of optical network terminal products.

Currently, Nazhen Technology operates four manufacturing bases located in Qingdao, Jiangmen, Thailand, and the United States. For the fiscal years 2023, 2024, 2025, and the six months ended June 30, 2026, the Qingdao facility recorded optical module utilization rates of 61.5%, 76.2%, 76.0%, and 65.6%, respectively, with optical chip utilization at 68.2%, 42.7%, 72.2%, and 94.1%. The Jiangmen base posted optical module utilization of 64.1%, 84.9%, 83.4%, and 76.3%, alongside optical network terminal utilization of 76.5%, 74.0%, 72.6%, and 75.9%. Thailand's facility achieved optical module utilization of 37.1%, 68.3%, 65.0%, and 69.6% over the same periods.

The company is currently upgrading and expanding its optical module and optical chip manufacturing sites in China, Thailand, and the United States. Additionally, plans are underway to establish a new R&D and production campus in Xiamen, focused on the development and manufacturing of high-end laser chips.

Financially, Nazhen Technology generated revenues of approximately RMB 4.239 billion, RMB 5.087 billion, RMB 8.355 billion, and RMB 5.393 billion for fiscal years 2023, 2024, 2025, and the six months ended June 30, 2026, respectively. During the same periods, the company recorded net profits of roughly RMB 216 million, RMB 89.49 million, RMB 873 million, and RMB 661 million.