Recently, the China Securities Regulatory Commission (CSRC) officially accepted the Record Filing application for listing tutoring (here referring to the 'preparation for listing') of Suzhou Myriad Optoelectronics Co., Ltd. (hereinafter referred to as "Myriad Optoelectronics"), marking the official start of this national-level specialized and sophisticated "Little Giant" enterprise in the field of optical passive devices on its journey towards an A-share IPO.

Guotai Junan Securities serves as the tutoring (preparation for listing) institution, with Jiangsu Century Fellows Law Firm acting as the legal advisor and RSM China as the accounting firm.

According to publicly available information, Myriad Optoelectronics was established in November 2015, previously known as Suzhou Kalan Optoelectronics Co., Ltd. It underwent a renaming in February 2026, with a registered capital of approximately 443 million yuan. The legal representative and chairman, Bi Yanwen, directly holds 25.49% of the shares and controls a total of 47.11% of the voting rights through direct and indirect means.

Early on, Myriad Optoelectronics aimed to make breakthroughs in micro-nano optical devices within Wavelength Selective Switches (WSS), a segment long monopolized by overseas entities and considered a "bottleneck". According to the company, after persistent efforts, its product specifications have fully surpassed those of foreign competitors.

Today, the company has established four core technology platforms: optical coating, precision optical processing, wafer-level micro-nano optics, and optical packaging and testing. Among them, the wafer-level micro-nano optics platform encompasses processes such as photolithography etching, precision molding, and nanoimprinting, with product sizes reaching up to 12 inches and feature sizes ranging from sub-100 nanometers to 100 micrometers. The company has accumulated over 140 patent applications and grants.

On the product front, Myriad Optoelectronics has developed core optical components such as microlens arrays, Faraday rotators, and TFF thin-film filters, while continuously deploying customized passive optical components. Its monthly shipments of micro-optical components have reached the million-unit level, and passive optical devices for 800G and 1.6T high-speed optical modules have achieved mass production. Its technical capabilities cover cutting-edge optical interconnect architectures such as XPO, NPO, CPO, and OCS.

The company's business now spans four major fields: optical interconnects, optical displays, optical sensing, and high-end equipment. It has not only deeply integrated into the supply chains of global leading optical module manufacturers but also forged close strategic partnerships with mainstream domestic communication enterprises and smart car manufacturers.

In fact, the sector in which Myriad Optoelectronics operates is entering a high-growth cycle driven by AI computing infrastructure. According to Global Market Insights, the global market value of passive optical components was approximately $58.4 billion in 2025 and is projected to reach $197.4 billion by 2035, with a compound annual growth rate (CAGR) of 13.1%. Among them, driven by the demand for optical interconnects within AI training clusters, the annual growth rate in data center interconnect scenarios is as high as 17.8%.

Myriad Optoelectronics not only deeply benefits from the growing demand for optical communication networks in smart computing centers and traditional data centers but also extends its reach into strategic emerging scenarios such as smart in-vehicle optics, high-end industrial equipment manufacturing, and inter-satellite laser communications. Its advantages in full-stack technology integration and mass production delivery have become increasingly prominent amid the industry's upward trajectory.

Over the past year, Myriad Optoelectronics has made intensive and rapid capital moves. From November 2025 to June 2026, the company's registered capital surged from 13.8518 million yuan to 443 million yuan, an increase of over 18 times in just half a year. In July 2026, the company completed its Pre-IPO financing round, raising 2 billion yuan and attracting institutions such as Guoqi Yuanhe Private Equity Fund, Industrial Mother Machine Industry Investment Fund, and CICC Pucheng Investment.

At the same time, the company accelerated its asset integration, fully incorporating Chengdu Feiruite into its wholly-owned system in May 2026, acquiring 100% of Suzhou Zhongwei Optoelectronics' equity in June, and increasing its stake in Suzhou Gula Optics to 100% in July. Currently, Myriad Optoelectronics has established bases or outlets in Suzhou, Fuzhou, Zhuhai, Tongling, Xianyang, as well as in Thailand and Singapore, taking initial shape in its global layout.

However, behind its rapid expansion, the issue of related-party transactions cannot be overlooked. According to the IPO review inquiry letter of Lieqi Intelligence, which is striving for a listing on the ChiNext board, Lieqi Intelligence's director, Bi Yanwen, also controls Myriad Optoelectronics, and the two companies share overlapping clients—Inno-Light and Accelink Technologies.

Specifically, Myriad Optoelectronics sells passive optical devices to Inno-Light, while its subsidiary, Zhongwei Optoelectronics, sells filters to Accelink Technologies. Lieqi Intelligence, on the other hand, sells optical module packaging and testing equipment to the same group of clients.

This means that two enterprises under the same actual controller share the most core customer resources in the optical module industry chain. While Lieqi Intelligence passed the ChiNext board review in July 2026, with both companies initiating or completing their IPO processes sequentially, the fairness of customer overlap and related-party transactions may become a focal point of regulatory scrutiny.

At present, Myriad Optoelectronics' IPO comes at a critical juncture of accelerated evolution in global AI computing infrastructure. With a decade of technological accumulation and vertical integration capabilities, the company has secured a key position in the optical passive device sector. However, its complex related-party relationships with Lieqi Intelligence and risks associated with customer concentration will be essential questions it must address on its path to going public.

For this company, which has transformed from a "chaser of light" to a "emitter of light," finding a balance between industrial opportunities and governance norms will determine whether it can achieve steady and sustained growth in the future.