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Private Placement Announcement Aug 13, 2020

AFR is undergoing a Private Investment in Public Company (PIPE) process to raise funds for R&D, LiNbO3 high-speed modulator chip industrialization and additional working capital by an amount not exceeding 710 million RMB. Encouraged by the future customer needs and technology trends in the optical communications industry, AFR is committed to expanding the existing product offerings and research field, as showcased in the recent addition of LiNbO3 optical modulators for coherent 400G/600G, coherent 100G/200G, single drive 10G and analog 20-40G applications. After the PIPE process is completed, AFR plans to reach the annual capacity of LiNbO3 modulators up to 80,000 units.

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AFR plans to maximize the market opportunities and technical capabilities of the LiNbO3 series high-speed optical modulators in the fields of communications and sensing. With the advantages in technology development, quality control, cost control, market development and more, AFR is poised to lead in the telecom grade LiNbO3 high-speed optical modulator chips and modules. Meanwhile, AFR is building a professional R&D team for developing the next-generation modulator LiNbO3 thin-film platform, in an effort to further enhance AFR’s capabilities and market positions in telecom 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.


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