Zhongji Innolight, a Chinese military-listed company, attracted 29 cornerstone investors, including Temasek, ADIA, CPP Investments, BlackRock, Alibaba, and Tencent, committing $3.45 billion, which represents 49% of its targeted $7 billion Hong Kong IPO. The company supplies over half of NVIDIA's 800G optical modules and now holds the largest weight in China's benchmark stock index.
Critical networking component supply for NVIDIA is now tied to a Pentagon-listed Chinese company, creating geopolitical risk for AI infrastructure.