A newly established investment platform by Zhongji Innolight Co., Ltd. (300308.SZ) has made its first A-share investment, targeting a printed circuit board (PCB) leader in the upstream optical module supply chain.
On the evening of August 11, PCB giant Avary Holding(Shenzhen) Co.,Limited (002938.SZ) disclosed its 2026 semi-annual report, revealing that Zhongji Innolight Co., Ltd.’s wholly-owned subsidiary, Zhongji Innolight (Shanghai) Investment Co., Ltd. (referred to as "Innolight Investment"), had entered its top ten shareholder list. Innolight Investment holds 24 million shares, making it the company's fourth-largest shareholder. Based on Avary Holding's closing price of 95.72 yuan per share on August 13, the market value of Innolight Investment's stake is about 2.3 billion yuan.
Public records show that Innolight Investment was established in July 2025 with a registered capital of 300 million yuan. It is 100% owned by Zhongji Innolight Co., Ltd. and its business scope includes investment management and engaging in investment activities with its own funds. According to reports, Innolight Investment had not previously appeared in the A-share market, and this investment marks its first public move since its establishment. The semi-annual report indicates that its 24 million shares are all unrestricted tradable shares, representing a 1.04% stake. Other than Avary Holding, Innolight Investment has only invested in one other entity, Suzhou Ganrong Fengyuan Phase II Venture Capital Partnership (Limited Partnership), according to Tianyancha.
Why did Innolight Investment choose Avary Holding? From an industrial perspective, the answer points to supply chain synergy. Avary Holding(Shenzhen) Co.,Limited specializes in the research, development, design, manufacturing, and sales of various printed circuit boards (PCBs), including those for communications, consumer electronics, computers, automotive servers, and other applications, including optical modules. Optical module PCBs are critical circuit boards that enable photoelectric signal conversion, transmission, and heat dissipation within optical modules, making them a key upstream component in the optical module supply chain.
Avary Holding's semi-annual report itself is noteworthy. Data shows that for the first half of 2026, the company achieved revenue of 17.217 billion yuan, a year-on-year increase of 5.14%. Net profit attributable to the parent company was 1.284 billion yuan, up 4.11% year-on-year, while net profit excluding non-recurring gains and losses was 892 million yuan, a decline of 22.31% year-on-year. During a performance briefing on August 12, Avary Holding stated that thanks to its recent strategic layout in the computing power sector, boards for AI servers and high-speed optical modules have achieved large-scale production and batch delivery. During the reporting period, revenue from automotive and server boards reached 2.267 billion yuan, up 181.58% year-on-year, with AI server PCB revenue approaching 1 billion yuan and high-speed optical module PCB revenue exceeding 600 million yuan. The gross margin for this segment stood at 37.42%.
Zhongji Innolight Co., Ltd. itself has demonstrated strong performance. The company reported first-quarter 2026 revenue of 19.496 billion yuan, a year-on-year increase of 192.12%, and net profit attributable to the parent company of 5.735 billion yuan, up 262.28% year-on-year. On July 30, the company's H-shares were listed on the Hong Kong Stock Exchange, making it a core computing power asset listed on both the A-share and H-share markets.