Jones Tech PLC Class A

Zhongji Innolight and Jones Tech both announced after market close on September 30 that Zhongji Innolight had agreed to acquire a combined 31.3725 million shares held by Jones Tech's controlling shareholders Wu Xiaoning, Ye Lu, and Hanwu, representing 10.47% of Jones Tech's total share capital, for a total transfer price of 1.747 billion yuan, with registration completed on September 29, 2026. Following the transfer, Zhongji Innolight became a shareholder holding more than 5% of Jones Tech, while Jones Tech's controlling shareholder and actual controller remained unchanged. Jones Tech is mainly engaged in the research, development, production, and sales of high-performance thermal conductive materials and EMI shielding materials, with products widely used in digital infrastructure segments such as 5G communications and next-generation advanced communications, data centers, and computing power centers. In the first half of 2026, Jones Tech reported revenue of 828 million yuan, up 10.66% year on year, net profit attributable to the parent of 138 million yuan, up 13.59%, and non-GAAP net profit growth of 19.96%. On September 30, Zhongji Innolight's A-shares fell 0.56% to 808.44 yuan per share, extending losses to five consecutive trading days, with a latest market value of 958.8 billion yuan; Jones Tech rose 0.67% to 108.1 yuan per share, with a latest market value of 32.3 billion yuan and a cumulative gain of more than 122% so far this year.

Jones Tech again hit the 20 percent daily limit-up on August 18, marking three consecutive limit-up sessions, closing at 97 yuan per share with a total market value of 29.1 billion yuan. Earlier, Zhongji Innolight announced plans to acquire, through a cash agreement, a combined 10.47 percent stake held by Jones Tech's controlling shareholders Wu Xiaoning, Ye Lu, and Han Wu, also known as Wu Han, at a transfer price of 55.70 yuan per share, for a total transaction value of 1.747 billion yuan. After the deal, Zhongji Innolight will become a shareholder holding more than 5 percent. Zhongji Innolight said Jones Tech's high-performance thermal conductive materials and EMI shielding materials can be widely used in digital infrastructure fields such as 5G communications, data centers, and computing power centers. In the future, as high-end optical modules such as 800G and 1.6T ramp up, demand for heat dissipation will increase significantly, and the company expects strong synergies. Jones Tech announced on August 17 that its closing price deviation over the three consecutive trading days from August 13 to 17 exceeded 30 percent cumulatively, which constitutes abnormal stock trading volatility. After verification, there were no undisclosed material matters that should have been disclosed, and the controlling shareholders and actual controller did not buy or sell company shares during the period of abnormal volatility.

Jones Tech surged by the 20 percent daily limit shortly after the market opened this morning, notching its third consecutive limit-up session. On the evening of August 13, Zhongji Innolight announced that, based on its recognition of Jones Tech's long-term investment value, the company signed a share transfer agreement with Jones Tech's controlling shareholders Wu Xiaoning, Ye Lu, and Han Wu. Zhongji Innolight plans to acquire 31.3725 million unrestricted tradable shares of Jones Tech in cash, representing 10.47 percent of its total share capital, at a transfer price of 55.70 yuan per share, for a total consideration of 1.747 billion yuan.

Nvidia announced that its Spectrum-X Ethernet silicon photonics switches have entered full mass production, driving a broad rally in A-share CPO concept stocks. On August 17, Jones Tech scored a second consecutive 20 percent daily limit, while T&S Communications and TZTEK Technology rose more than 10 percent. Gongjin Electronics and Tianyang New Materials hit their daily limits, and Shijia Photons and TFC Communication followed higher. The switch is the world's first 200 gigabit per lane CPO Ethernet switch system to enter mass production, cutting the number of lasers to one quarter of traditional designs, reducing power consumption to one fifth, lowering optical loss from about 22 decibels to about 4 decibels, and improving signal integrity by 64 times. Among overseas suppliers, Lumentum expects scale-up products to begin volume shipments in the second half of 2027, while Coherent's scale-out CPO will start contributing revenue in the second half of this year. Both Guolian Minsheng Securities and Sinolink Securities are bullish on the industry opportunities from accelerating CPO adoption.

On the morning of August 14, the liquid cooling server concept sector was active. Jones Tech hit the 20 percent daily limit up, Aihua Group and Kangsheng Co. also hit limit up, while Jintian Copper, Siquan New Materials, and Yidong Electronics followed higher. On the news front, China's first national standard for data center liquid cooling, GB/T48023-2026 Technical Specification for Cold Plate Liquid Cooling Systems in Data Centers, led by Sugon Data Energy under Sugon, was officially approved and released, and will take effect on February 1, 2027. The standard systematically regulates technical requirements and testing methods for cold plate liquid cooling systems and key components for the first time, covering the entire process from system design, component requirements, hydraulic calculations, testing and verification, to deployment and operation and maintenance. Guotai Haitong Securities analysis pointed out that generative AI and large model training are driving server rack power density steadily higher, traditional air cooling is gradually hitting physical limits, and liquid cooling has shifted from an alternative for high-performance computing to a core support for next-generation computing infrastructure. China continues to tighten PUE control indicators for data centers, with new large and ultra-large data centers required to gradually reduce PUE to below 1.3, and energy-saving policies are shifting from advocacy to mandatory access constraints, forcing intelligent computing centers to increase liquid cooling deployment. Multiple institutions view the third quarter of this year as a watershed for industry performance. Zheshang Securities judges that large-scale shipments of Nvidia VR200 cabinets are the core driver, and upstream component makers are expected to receive concentrated batch orders in the third quarter. Overseas leaders' earnings also released positive signals. Vertiv reported second-quarter revenue of 3.274 billion US dollars, up 24 percent year on year, adjusted operating profit jumped 51 percent year on year, and backlog reached 15 billion US dollars. The company raised its full-year guidance and said liquid cooling order demand is strong.

Jones Tech announced that its controlling shareholder, actual controller, and concert parties Wu Xiaoning, Ye Lu, and Hanwu Wu Han plan to transfer 31.3725 million shares, representing 10.47% of the company's total share capital, to Zhongji Innolight via a negotiated deal at 55.70 yuan per share, for a total consideration of 1.747 billion yuan. After the transfer, the transferring parties' combined shareholding will fall from 41.90% to 31.42%, while Zhongji Innolight will hold 10.47% and become a shareholder with more than 5% of the company. This negotiated transfer does not trigger a mandatory tender offer and will not result in a change of the company's controlling shareholder or actual controller.

Jones Tech announced that as of July 31, 2026, it had repurchased 420,000 shares, representing 0.14 percent of total share capital, at prices ranging from 46.76 yuan to 48.95 yuan per share, for a total transaction amount of 19.99 million yuan. In the first quarter of 2026, the company achieved revenue of 389 million yuan and net profit attributable to the parent of 64.78 million yuan.

Jones Tech announced that on July 24, the company completed its first buyback of 300,000 shares, accounting for 0.10% of total share capital, at a price range of 46.76 yuan to 48.95 yuan per share, with a total transaction value of 14.43 million yuan. In the first quarter of 2026, the company achieved revenue of 389 million yuan and net profit attributable to the parent of 64.78 million yuan.