December 8, 2020 --- AFR was pleased to announce the successful closing of its Private Investment in Public Company(PIPE) process. A total amount of 709,999,981.08 Yuan RMB was fully subscribed by two investors, Zhuhai Huafa Industrial Investment Holdings Co., Ltd. and Changsha Shengnong Private Equity Fund Partnership (Limited Partnership). As a result, Zhuhai Huafa Industrial Investment and Changsha Shengnong will each hold 16,175,071 and 713,606 newly issued AFR shares, respectively.

As previously announced, such new funds would enhance AFR’s capabilities in developing and commercializing next-generation thin-film based LiNbO₃ modulators to address a wide range of telecom, data center interconnect, sensing and industrial applications.

Disclaimer: This is not intended as a verbatim English translation of AFR’s public announcement in Chinese. For the accurate interpretation of AFR’s Chinese announcement, please refer to the original Chinese version.