Accsys Technologies, a leading optical module manufacturer, has formally initiated preparations for a dual listing on both the A-share and H-share markets. On September 5th, the company announced that its eighth board of directors' tenth meeting had approved the appointment of Grant Thornton (Hong Kong) as the independent auditor for its proposed H-share issuance and listing on the Main Board of the Hong Kong Stock Exchange. This proposal is still subject to approval at the company's first extraordinary shareholders' meeting in 2026, marking a significant step forward in the H-share listing process.

Just as the Hong Kong listing momentum builds, the company has released a strong interim financial report. According to its 2026 half-year report, revenue reached RMB 6.61 billion, a year-over-year increase of 26.07%. Net profit attributable to shareholders surged 56.34% to RMB 582 million, while non-GAAP net profit climbed 57.77% to RMB 568 million. The company attributes this growth to the accelerating global investment in AI computing power, which has spurred robust demand for data center optical modules, with its key products maintaining a leading bid-win share.

By product segment, transmission-related revenue jumped 50.51% year-over-year to RMB 2.28 billion. Regionally, overseas revenue soared 73.79% to RMB 2.27 billion, representing 34.41% of total revenue, up from the prior period. According to Omdia, the company now holds a 5.1% global market share in optical devices, ranking fifth worldwide, and secures third place in the access optical device segment with an 8.3% share.

The impressive growth is underpinned by aggressive inventory building and capacity expansion. As of June 30th, inventory stood at RMB 9.07 billion, a 58% increase from RMB 5.75 billion at the start of the year, accounting for nearly 40% of total assets. This inventory buildup contributed to a negative operating cash flow of RMB -1.24 billion in the first half. Meanwhile, the company completed a private placement on June 16th, raising approximately RMB 3.5 billion at an issue price of RMB 167.55 per share, with proceeds directed toward projects like "Computing Center Optical Connectivity and High-Speed Optical Transmission Product Manufacturing." Total assets grew 40.87% from the beginning of the year to RMB 23.02 billion.

As of the close on September 5th, the company's shares were trading at RMB 167.7, giving it a market capitalization of approximately RMB 138.8 billion. This represents a 40% decline from the peak of RMB 279 seen on June 26th, and the stock's price-to-earnings ratio remains elevated at around 120 times. Notably, the current share price has essentially reverted to the level of its June private placement. In terms of ownership, Fiberhome Telecommunication Technologies Co., Ltd. is the largest shareholder with a 35.22% stake, while the ultimate controlling shareholder is China Information and Communication Technologies Group Corporation.

Further, the company has proposed an interim dividend of RMB 3.7 (pre-tax) per 10 shares, based on its total share capital of approximately 828 million shares, totaling about RMB 306 million. Industry analysts suggest that with overseas revenue expanding rapidly and internationalization accelerating, a Hong Kong listing could broaden financing channels and boost the company's profile in global capital markets. However, they caution that the high valuation, strained operating cash flow due to inventory buildup, and intense competition within the optical communication sector remain key risk factors to monitor.