Nazon Technology's application for an initial public offering in Hong Kong, submitted on August 25, 2025, has lapsed as of February 25, 2026, after the six-month validity period expired. Citigroup and CITIC Securities were the joint sponsors for the application. According to the previously filed prospectus, Nazon Technology is a leading full-stack provider of optical communication and connectivity solutions, supplying critical optical communication products for AI computing networks. The company is also one of the few globally with both R&D and mass-production capabilities for optical modules and optical chips. Data from Frost & Sullivan shows that in 2024, Nazon Technology ranked fifth among all specialized optical module manufacturers worldwide by global optical module revenue, and third in the same category by optical module revenue in China. Additionally, according to the same source, the company was among the top five global specialized optical module manufacturers by data center optical module revenue in 2024, ranked in the top three globally for FTTx optical module revenue, and placed in the top three worldwide for optical network terminal box revenue in China.