Yi Zhongtian has arrived on the Hong Kong stock market! Tianfu Communication submits prospectus, Zou Zhinong makes it to the top 100 richest

By Qiu Hui, Sing Tao Daily reporter, Guangzhou

On April 10, Suzhou Tianfu Optical Communication Co., Ltd. (hereinafter referred to as 'Tianfu Communication', 300394.SZ), a leader in the optical interconnect field, submitted its listing application to the Hong Kong Stock Exchange, planning to build an 'A+H' dual-capital operation platform.

In this IPO, TFC Communication plans to raise funds to expand production capacity, increase investment in cutting-edge technology R&D, pursue strategic investments and acquisitions, and replenish working capital in order to solidify its leading position in the global optical interconnect field.

Driven by the sustained catalyst of AI computing power concepts, TFC Communication's stock price surged approximately eightfold over the past year, securing its place in the core group of A-share optical communication companies known as the 'Yi Zhong Tian' trio (New Easy Shine, Zhongji Xuchuang, and TFC Communication), drawing significant attention from the capital markets.

Notably, Zhongji Xuchuang, the leading company in this group, has already begun preparations for a Hong Kong listing in November 2025, with market rumors suggesting it secretly filed an application in early April.

AI boosts 'ten-bagger stocks,' making Zou Zhinong one of the top hundred wealthiest individuals.

TFC Communication was founded in 2005, starting with ceramic sleeve products, and its initial production base was located in Suzhou. The company later focused on optical device manufacturing and gradually grew into a global leader in the optical components sector.

The founders, Zou Zhinong and Ou Yang, both aged 57, serve as the chairman and chief engineer, and as executive director and general manager of TFC Communication respectively. Zou Zhinong earned his bachelor’s degree in engineering from Jilin University of Technology in July 1991, majoring in mechanical design and manufacturing. Ou Yang received her bachelor’s degree in history from Northeast Normal University in July 1991.

In 2015, TFC Communication listed on the ChiNext board of the Shenzhen Stock Exchange at an issue price of 21.41 yuan per share, with an initial market capitalization of approximately 3 billion yuan.

With the rise of the AI infrastructure wave in 2025, TFC Communication’s A-share price soared, closing at 345.84 yuan per share on April 14, with a total market value climbing to 268.862 billion yuan. Meanwhile, other companies in the CPO space, such as New Easy Shine and Zhongji Xuchuang, also achieved tenfold stock price increases within the last year, creating a 'myth.'

Currently, the Zou Zhinong family holds 37.57% of TFC Communication’s shares as the controlling shareholder. Based on the latest A-share price, their stake is valued at over 100 billion yuan. According to Forbes data from November 2025, Zou Zhinong ranks 76th on the mainland China rich list with a net worth of $6.1 billion.

The number one player in optical devices, with five major clients accounting for ninety percent.

Tianfu Communications is a company that has achieved mass delivery of 800G and 1.6T optical engines globally. The company focuses on ultra-precision, high-density optical interconnects within the CPO (Co-Packaged Optics) architecture and is a core partner for leading global AI computing infrastructure providers in CPO solutions.

CPO restructures the connection method of computing chips by directly packaging optical engines and computing chips on the same substrate, significantly improving energy efficiency and reducing power consumption. It has become an essential foundational technology supporting large-scale AI computing.

According to Frost & Sullivan data, based on external sales revenue in 2025, Tianfu Communications ranks first among global optical device suppliers with an 11.7% market share.

In terms of customer structure, Tianfu Communications' clientele is highly concentrated: in 2025, the top five customers contributed over 90% of revenue, and these customers, who are involved in AI infrastructure, are deeply tied to the world's top AI computing and cloud computing giants.

Currently, Tianfu Communications has established a dual-headquarters layout in 'Suzhou + Singapore' and operates overseas production bases in Thailand and Japan. Its business covers approximately 30 countries and regions globally, with overseas revenue accounting for 75.1% in 2025.

40% net profit margin, employee representative earns the third-highest salary

Leveraging the benefits of the AI competition, Tianfu Communications has achieved leapfrog growth in performance over the past three years: revenues for 2023–2025 were 1.926 billion yuan, 3.226 billion yuan, and 5.115 billion yuan, respectively; corresponding net profits were 736 million yuan, 1.35 billion yuan, and 2.028 billion yuan.

Tianfu Communications' profitability remains stable at a high level. From 2023 to 2025, gross margins were maintained at 53.1%, 56.3%, and 52.9%, respectively, while net profit margins remained consistently around the 40% mark.

The rapid growth in performance drove an increase in executive compensation: In 2024, total compensation for four directors—Zou Zhinong, Ou Yang, Wang Zhihong, and Zhu Songgen—reached 14.54 million yuan, a 204% year-over-year increase; it slightly decreased to 10.69 million yuan in 2025.

Among them, Ou Yang was the highest-paid individual over the past three years, earning over ten million yuan in total, which was 37% higher than Chairman Zou Zhinong.

The second-highest earner is Executive Director and Deputy General Manager Wang Zhihong, who has received a salary of 7.62 million yuan over the past three years. Wang Zhihong is a Taiwan, China national who joined TFC Communication in 2010 and currently oversees the management of TFC Thailand as well as supports overseas sales operations.

In addition, non-executive director Zhu Songgen ranks third in terms of compensation, earning 5.76 million yuan over the last two years. Zhu Songgen is one of the company’s founding employees, responsible for quality control and production management. He was first appointed as a director in December 2023 and concurrently serves as an employee representative director.

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