Recently, a new twist has emerged in the overseas logistics theft scandal involving optical modules from Dongshan Precision’s (002384.SZ) subsidiary. A netizen claimed to have spotted a listing on the second-hand trading platform Xianyu for an 800G high-speed optical module branded as Source Photonics, priced at just 950 yuan (about $130). The seller’s location was listed as Hong Kong, and “Source Photonics” is indeed Dongshan Precision’s subsidiary.
On July 27, our journalist searched Xianyu using the keyword “Source Photonics 800G optical module” and found no active listings for such products.
According to a previous post from a netizen, a listing for a “Brand New Source 800G OSFP FR4 Optical Module” appeared on Xianyu, with a fixed price of 950 yuan. The seller’s IP location was Hong Kong. The product description claimed it was an original, fully packaged item suitable for expanding data center server computing clusters. It also noted “individual buyers not interested, bulk purchases negotiable via private chat.”
Based on the product model and brand logo, this optical module matches the key computing modules from Source Photonics, which were highlighted on the overseas theft list. Screenshots online show comments under the listing, such as “Can you give a discount for Dongshan Precision shareholders?” and “You didn’t steal the inventory, did you?” Others privately messaged asking, “Is this from Dongshan Precision’s loss?” The seller reportedly read the messages but didn’t respond.
Industry insiders note that 800G high-speed optical modules, a must-have for the current AI supply chain, typically sell for thousands or even tens of thousands of yuan each through legitimate overseas channels. The 950 yuan price tag is way below fair market value. The seller’s refusal to explain the source and avoidance of questions about the theft only fuel suspicions that the goods came from shady channels.
As of now, Dongshan Precision has not publicly addressed the appearance of these suspicious modules on Xianyu.
Tracing back to the incident’s origin, rumors surfaced in early July that Source Photonics, a wholly-owned subsidiary of Dongshan Precision, had suffered a theft in June of a batch of DML optical chips, 800G OSFP FR4 optical modules (both finished and semi-finished) during overseas warehousing and cross-border logistics. Online estimates valued the stolen goods at up to $27 million (around 2 billion yuan) at retail prices, sparking investor fears over order delivery defaults and major asset write-downs.
The rumors directly triggered sharp short-term volatility in Dongshan Precision’s stock price, with shares hitting the daily limit down on July 17 and July 20 consecutively.
Faced with the escalating rumors, Dongshan Precision responded on July 23 via the Shenzhen Stock Exchange’s interactive platform. The company confirmed that in June 2026, a batch of optical modules from its subsidiary was indeed lost or stolen during cross-border transport. It reported the incident to authorities immediately upon discovery and notified the cargo transport insurance provider to start the claims process.
The company clarified that all affected goods were fully insured, and based on the insurance terms, a full payout is highly likely. “The company estimates that the loss from this batch will not materially impact our profits and does not exceed 10% of last year’s audited net profit. The impact on business performance is minimal, and our operations remain stable and orderly,” the statement read.
According to Tianyancha data, Suzhou Dongshan Precision Manufacturing Co., Ltd., founded in 1998, specializes in computers, communications, and other electronic equipment manufacturing. It has a registered capital of 1,831,607,532 yuan and completed a private placement in 2025, raising 1.404 billion yuan.
Dongshan Precision is primarily involved in the global design, production, and sale of electronic circuits, optical modules (including optical chips), precision components, and optoelectronic display modules. Its products serve consumer electronics, automotive, data centers, communication equipment, and industrial control devices.
The optical module business took off after Dongshan Precision acquired Source Photonics shares in 2025, entering the optical module market. Source Photonics, consolidated in October last year, quickly became the company’s core profit growth engine.
On July 14, Dongshan Precision disclosed that thanks to AI computing infrastructure construction, its first-half performance saw a significant surge. The company expects net profit attributable to shareholders between 2.9 billion and 3.0 billion yuan, a year-over-year increase of 282.58% to 295.78%. Non-recurring net profit is projected at 2.4 billion to 2.5 billion yuan, up 265.41% to 280.63%.
The company’s half-year net profit is projected to be more than double last year’s full-year figure. In 2025, Dongshan Precision achieved annual revenue of 40.125 billion yuan, up 9.12%, and net profit attributable to shareholders of 1.386 billion yuan, up 27.67%.
In the first quarter of this year, Dongshan Precision reported revenue of 13.138 billion yuan, up 52.72% year-over-year, and net profit attributable to shareholders of 1.11 billion yuan, up 143.47%.
On July 20, Dongshan Precision announced plans to repurchase company shares through centralized bidding, using its own funds or other legal sources, with a total buyback amount of 200 to 300 million yuan at a price not exceeding 367.04 yuan per share. The repurchased shares will be used for employee stock ownership plans or equity incentives, with implementation within 12 months from board approval.
