On July 27, 2023, Shijia Photons signed an "Investment Intent Agreement" with Yuhang Optoelectronics Technology (Shanghai) Co., Ltd. (hereinafter referred to as "Yuhang Optoelectronics"). The company intended to invest in Yuhang Optoelectronics to participate in the acquisition of the Chinese assets and related business of American AOI, specifically the "Optical Communication Module and Equipment Division" under AOI.

Yuhang Optoelectronics is a holding company specifically established for the acquisition of AOI's Chinese assets and related business. Shijia Photons planned to invest between RMB 150 million and RMB 200 million in Yuhang Optoelectronics, based on its post-investment valuation of RMB 1.1 billion, to acquire up to 30% of the equity, participating in Yuhang Optoelectronics' acquisition of AOI's Chinese assets and related business.

However, in September of the same year, AOI notified Yuhang Optoelectronics of the termination of the Sale and Purchase Agreement (SPA) signed by both parties for the acquisition. This marked a substantive collapse of the acquisition plan.

In a recent announcement, Shijia Photons stated that the company had actively communicated and negotiated with Yuhang Optoelectronics regarding the transaction. However, the parties failed to sign the formal transaction documents before December 30, 2023. According to the provisions of the "Investment Intent Agreement," the agreement expired, and the company is no longer bound by its terms, without constituting a breach.