Huawei, Alibaba, Tencent, Xiaomi, Baidu and ZTE, among others, have expanded their presence in optical communications through investments, including optical chips and optical modules. Huawei, a supplier of optical transmission and access equipment, has invested in upstream technologies including optical chips and silicon photonics, primarily through its investment arm Hubble Technology Investment, spanning indium phosphide (InP) substrates, thin-film lithium niobate, VCSELs and other laser chips, specialty optical fibers, and high-speed connectors. In December 2020, Hubble invested CNY 30 million in Xinyao Semiconductor, a subsidiary of Yunnan Germanium, acquiring a 23.91% stake and becoming its second-largest shareholder; Xinyao focuses on semiconductor materials including InP. Huawei also holds stakes in Yuanjie Semiconductor, Everbright Photonics and Milphoton Semiconductor, and Hubble held a 3.80% stake in specialty optical fiber manufacturer Changjin Photonics ahead of its IPO. Alibaba has invested in silicon photonics modules and optical interconnect chips, with Crealights Technology and Shanghai Xizhi Technology (Lightelligence) among companies to watch. Tencent is also an investor in Xizhi; according to listing documents, Tencent Mobility held a 4.19% stake before its IPO, declining to 3.56% after listing. Tencent has also invested in JaguarMicro and Qting Optoelectronic.