All In FutureTech Alliance Inc. Announces Filing of Form 8-K for HyalRoute Acquisition Transaction and Releases HyalRoute Business Overview and Financial Data
Rhea-AI Summary
All In FutureTech Alliance (Nasdaq: AGAE) filed a Form 8-K on its previously announced plan to acquire HyalRoute Fiber Optic Group at US$10.00 per share and released HyalRoute’s business overview and financial data.
HyalRoute operates about 85,000 km of terrestrial fiber and 25,000 km of submarine cables in ASEAN, with infrastructure assets of roughly US$4.0B and net assets of US$3.0B. Historical financials from 2016–2025, third-party valuation references, and projections tied to fiber and AI demand are included, along with a planned US$300M AI supercomputing center.
Positive
- HyalRoute fiber backbone assets ~US$4.0B and net assets ~US$3.0B
- Approximately 85,000 km terrestrial and 25,000 km submarine fiber networks in ASEAN
- Blue-chip customer base including major telecom operators, governments and multinationals
- HyalRoute returned to profitability by 2024–2025 after earlier losses
- Planned US$300M silicon photonics AI supercomputing center investment
- Multiple investment banks previously discussed equity valuation up to US$10.0B
Negative
- Revenue dropped and net losses recorded in 2020 and 2021
- 2019 NYSE listing plan was withdrawn following the COVID-19 outbreak
News Market Reaction – AGAE
In the May 26 session, AGAE gained 4.47%, reflecting a moderate positive market reaction. Argus tracked a peak move of +6.5% during that session. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 22 | HyalRoute acquisition terms | Positive | -3.7% | AGAE agrees to acquire 57.67% of HyalRoute for US$2.3068B in stock. |
| May 21 | Nasdaq notice, compliance | Negative | -3.7% | Nasdaq cites delinquent 10-K and 10-Q, adding delisting risk despite 10-K filing. |
| May 18 | Name change, strategy | Positive | +7.0% | Company rebrands to All In FutureTech Alliance with AI and fiber focus. |
| May 11 | Reverse split proposal | Negative | -13.0% | Plans special meeting to approve 1-for-2 to 1-for-25 reverse split. |
| May 11 | Nasdaq delisting risk | Negative | -13.0% | Nasdaq staff issues delisting determination over bid price and late 10-K. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
News reactions mostly align with sentiment; the HyalRoute acquisition headline on May 22 was a notable divergence, drawing a negative move despite strategically positive content.
Over the past few weeks, AGAE has been undergoing a rapid strategic pivot. On May 11, Nasdaq bid-price and reverse-split news coincided with sharp declines. A name change and AI-focused repositioning on May 18 saw a positive reaction. Subsequent Nasdaq compliance updates and the HyalRoute acquisition announcement on May 21–22 drew selling pressure. Today’s detailed Form 8-K and HyalRoute financial overview deepen the same acquisition narrative, against a backdrop of listing-risk headlines and capital-structure proposals.
Key Terms
form 8-k regulatory
fiber-to-the-home (ftth) technical
g.652.d optical fiber technical
power usage effectiveness (pue) technical
silicon photonics technical
co-packaged optics (cpo) technical
iru-based financial
gpu technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEW YORK, May 26, 2026 (GLOBE NEWSWIRE) -- All In FutureTech Alliance Inc. (Nasdaq: AGAE) (“AIFA” or the “Company”) today announced that it has filed a Current Report on Form 8-K with the U.S. Securities and Exchange Commission (the “SEC”) relating to the Company’s previously announced transaction to acquire HyalRoute Fiber Optic Group (“HyalRoute”) at a price of US
As part of the filing, the Company also released supplemental information provided by the transaction seller regarding HyalRoute’s business operations, infrastructure assets, strategic positioning, and projected financial performance. Details of the materials are set forth below:
Overview of HyalRoute Group and Financial Outlook
HyalRoute Communication Group Limited is a leading fiber-optic network and digital infrastructure company in ASEAN, founded in 2006. Over nearly two decades of development, HyalRoute has established approximately 85,000 kilometers of terrestrial fiber-optic backbone networks and approximately 25,000 kilometers of international submarine fiber-optic cable networks. The Company provides critical infrastructure services including backbone fiber connectivity, cross-border data transmission, submarine cable interconnection, and high-performance computing resources. Revenue is primarily generated through the sale and leasing of backbone network capacity, fiber-to-the-home (FTTH) access networks, and computing infrastructure/data center services, alongside value-added services such as international gateway connectivity.
As a rare neutral telecommunications infrastructure operators in Southeast Asia and a global leader in optical communication with extensive cross-border regional coverage capabilities, HyalRoute is strategically positioned at the convergence of three major industry growth drivers: the global fiber-optic supercycle, accelerating AI computing infrastructure demand, and the rapid expansion of the digital economy across ASEAN markets. Through its integrated “Fiber Network + Compute” strategy, the Company aims to address the rapidly increasing global and regional demand for connectivity, data transmission capacity, and AI infrastructure services.
I. Corporate Structure and Business Overview
HyalRoute began expanding into Southeast Asia in 2006 through the construction of regional fiber-optic backbone networks. The Company subsequently established operating subsidiaries across multiple ASEAN countries, including Singapore, Malaysia, the Philippines, and Cambodia, and has since developed into one of the region’s leading neutral fiber-optic network platform providers and a global leader in optical communication.
The Company serves a diversified blue-chip customer base consisting primarily of leading domestic telecommunications operators, government networks, international carriers, and multinational enterprises. Key customers include Smart Communications, Globe Telecom, PLDT, SEATEL, Ooredoo, Mytel, Qatar Broadband, the Cambodia National Power Company, ABA Bank, China Telecom, and China National Petroleum Corporation, among others.
In addition to its terrestrial backbone network assets, HyalRoute owns strategic cross-border international submarine fiber-optic cable resources and is currently developing an ASEAN silicon photonics AI supercomputing center initiative. This is expected to create a highly defensible and integrated infrastructure platform combining “Fiber Networks + Submarine Cables + AI Compute Infrastructure,” with significant barriers to entry.
HyalRoute controls highly strategic and scarce infrastructure assets across multiple ASEAN countries. In 2019, the Company submitted an application for a proposed listing on the NYSE. At that time, Morgan Stanley and Goldman Sachs acted as lead underwriters. Based on analyses conducted during the proposed listing process, Morgan Stanley estimated HyalRoute’s equity valuation at approximately US
II. HyalRoute Group Network Resources and Infrastructure Assets
1. ASEAN Fiber-Optic Backbone Networks
At present, HyalRoute Communication Group has constructed approximately 85,000 kilometers of fiber-optic backbone networks across ASEAN countries, representing total infrastructure assets of approximately US
In the Philippines, HyalRoute became the first company to enter into an agreement with the Philippine Department of Information and Communications Technology (“DICT”) under the country’s shared fiber and tower infrastructure policy framework. Following the execution of the agreement in May 2019, the Company completed the construction of approximately 20,000 kilometers of fiber-optic network infrastructure between 2019 and 2021, representing approximately 9.67 million fiber core-kilometers. This included approximately 18,000 kilometers of backbone fiber network and approximately 2,000 kilometers of metropolitan area network infrastructure, with initial aggregate investment of approximately US
In Cambodia, HyalRoute obtained a 15-year exclusive investment and operating concession in 2007, together with a 35-year telecommunications operating license. In 2016, the Company further secured a wireless telecommunications tower project license. HyalRoute has since achieved
Across several additional ASEAN markets, including Myanmar, HyalRoute has constructed approximately 26,000 kilometers of additional fiber-optic backbone networks. The Company is widely recognized as one of the leading backbone fiber infrastructure operators in the ASEAN region.
2. AAE Submarine Cable System (Connecting Asia, Europe, Africa and North America)
In 2016, HyalRoute became a consortium member of the AAE submarine cable system. In 2019, the Company entered into a 20-year master supply agreement with PLCN, establishing one of the first trans-Pacific cable routes directly connecting Hong Kong and the United States.
HyalRoute currently owns approximately 1,700 Gbps of transmission capacity on the AAE submarine cable network. Through the AAE-1 submarine cable system, the Company is able to provide connectivity across 19 countries spanning Asia, Europe, Africa, and North America. The network extends approximately 25,000 kilometers in total length, making it one of the world’s longest submarine cable systems.
The cable infrastructure traverses the Malay Peninsula and interconnects networks across Cambodia, Malaysia, Thailand, Myanmar, Laos, and other regional markets, while also forming a major trans-Pacific communications corridor linking Hong Kong and the United States.
3. Centralized AI Computing Infrastructure Platform
HyalRoute Communication Group is currently developing a next-generation silicon photonics AI supercomputing center in ASEAN designed to serve Southeast Asia, global enterprise customers, and strategic industry applications. The project is intended to become one of the world’s leading AI compute infrastructure platforms.
The supercomputing center is being designed around the latest 2026-generation silicon photonics co-packaged optics (“CPO”) architecture and is expected to deploy NVIDIA Vera Rubin flagship GPU clusters with FP8 computing performance of up to 400 PFLOPS. The infrastructure integrates a fully silicon-photonics-based high-speed CPO interconnect network, featuring single-link transmission capacity of 1.6T to 3.2T and total cluster switching capacity exceeding 102.4 Tb/s, together with immersion liquid-cooling systems designed to achieve industry-leading energy efficiency with a targeted Power Usage Effectiveness (“PUE”) ratio of approximately 1.08 to 1.10.
At the software layer, the platform is expected to incorporate a proprietary silicon photonics compute operating system and intelligent resource scheduling platform capable of supporting trillion-parameter large language model training and inference workloads, with targeted compute resource utilization rates exceeding
The project further incorporates solar-powered renewable energy generation and energy storage systems designed to establish a zero-carbon green computing infrastructure platform. HyalRoute is also actively collaborating with leading universities and semiconductor technology partners to advance ongoing technological innovation and platform optimization, with the objective of creating a future-oriented benchmark infrastructure platform characterized by high performance, advanced security standards, and environmentally sustainable operations.
The total planned investment for the AI supercomputing center is approximately US
Strategically, the computing center is intended to leverage HyalRoute’s extensive regional fiber-optic network infrastructure to support large-scale international scientific research initiatives, enterprise AI model training and inference workloads, and compute-intensive digital twin applications for smart cities and large-scale digital infrastructure projects globally. Management believes the platform will serve as a critical foundational infrastructure layer supporting the continued development of the international digital economy and next-generation technological innovation ecosystems.
III. Historical Financial Performance and Valuation of HyalRoute Group
1. Historical Financial Performance
Based on audited reports and financial statements covering the period from 2016 through 2025, the core financial metrics of HyalRoute Communication Group are summarized below (US
| Year | Revenue | Net Income (Loss) | EBITDA | Net Assets | Total Assets |
| 2016 | 2.00 | 0.80 | 1.50 | 11.0 | 19.3 |
| 2017 | 2.40 | 1.10 | 1.90 | 14.4 | 22.3 |
| 2018 | 3.37 | 1.46 | 2.60 | 19.1 | 28.3 |
| 2019 | 3.55 | 1.27 | 2.68 | 23.79 | 34.50 |
| 2020 | 1.38 | (3.44) | (1.77) | 20.34 | 36.26 |
| 2021 | 1.35 | (0.75) | 0.98 | 20.2 | 35.7 |
| 2024 | 1.20 | 0.602 | — | 27.56 | 37.41 |
| 2025 | 2.19 | 1.085 | — | 28.64 | 39.98 |
2. Independent Valuation References
In 2024, Hurun Research Institute included HyalRoute Group in its Global Unicorn Ranking and assigned the Company an estimated valuation of approximately RMB 23 billion (equivalent to approximately US
IV. Projected Core Financial Performance (2026–2028)
The global fiber-optic infrastructure market is currently experiencing a historic supercycle characterized by significant supply-demand imbalances and substantial pricing increases. As of April 2026, spot pricing for G.652.D optical fiber had increased by approximately
At the same time, global AI computing demand has continued to accelerate rapidly. Rental pricing for high-performance GPU computing resources increased from approximately US
In parallel, the Southeast Asian fixed telecommunications services market is projected to maintain stable annual growth of approximately
Management believes these macroeconomic and industry dynamics provide strong foundational support for the continued growth of HyalRoute Communication Group’s fiber network operations and AI computing infrastructure businesses during the 2026–2028 forecast period.
(I) Regional Fiber Network Revenue Forecast and Revenue Composition
Based on prevailing global market conditions, long-haul dark fiber infrastructure pricing is currently estimated at approximately US
HyalRoute’s customer base primarily consists of Tier-1 telecommunications operators, multinational enterprises, and government dedicated network clients. Enterprise-grade infrastructure services are generally priced at materially higher levels than consumer telecommunications services due to the mission-critical nature of bandwidth reliability, cross-border connectivity, and secure transmission requirements.
As a neutral backbone fiber infrastructure operator, HyalRoute primarily serves leading telecommunications carriers, government communications networks, and multinational enterprise customers across ASEAN markets. Management therefore believes the Company’s pricing structure and revenue generation capability are positioned significantly above typical consumer-market telecommunications benchmarks.
Based on the Company’s existing customer base and ongoing business development initiatives, management projects the following customer composition profile over the next three years:
| Customer Category | Estimated Number of Customers | Average Annual Revenue per Customer | Estimated Revenue Contribution |
| Large Telecommunications Operators | 8–12 customers | US | |
| Government / Public Utility Clients | 15–20 customers | US | |
| Multinational Enterprises / Financial Institutions | 50–80 customers | US | |
| Small and Medium-Sized ISPs / Enterprise Clients | 200–300 customers | US | |
In addition, based on prevailing market practices across Southeast Asia, benchmark pricing for telecommunications infrastructure services is generally as follows:
- Backbone fiber leasing services (IRU-based 10G–50G bandwidth): approximately US
$15,000 t o US$30,000 per month per link; - Metropolitan fiber leasing services: approximately US
$5,000 t o US$15,000 per month per link; - Enterprise-grade IP transit bandwidth services: approximately US
$1 t o US$2 per Mbps per month, with pricing for large-volume customers typically ranging between US$0.5 and US$0.8 per Mbps per month; - FTTH access services (enterprise and premium residential customers): approximately US
$100 t o US$300 per line per month (with HyalRoute’s Cambodia access network currently covering more than 300,000 users).
1. Philippines (Approximately 35,000 Kilometers of Fiber Network Infrastructure)
The Philippines currently maintains some of the highest broadband pricing levels in Southeast Asia, with average monthly broadband fees of approximately US
HyalRoute Communication Group has constructed approximately 35,000 kilometers of fiber-optic network infrastructure in the Philippines. Management projects annual revenue contribution from the Philippines market of approximately US
Projected annual revenue is expected to increase to approximately US
2. Cambodia (Approximately 23,000 Kilometers of Fiber Network Infrastructure)
As the only owner and operator of direct-buried national backbone fiber infrastructure in Cambodia, HyalRoute benefits from exclusive operating rights and strategically advantaged market positioning. Management believes this supports stronger revenue generation capability per kilometer relative to regional peers, including the Philippines.
However, given Cambodia’s relatively smaller telecommunications market and lower average broadband pricing levels (approximately US
The Company’s FTTH access services currently cover approximately 300,000 users and are expected to begin contributing incremental recurring revenue growth from 2026 onward.
Management projects annual Cambodia market revenue of approximately US
3. Other ASEAN Markets (Approximately 26,000 Kilometers of Fiber Network Infrastructure)
HyalRoute’s additional ASEAN fiber network assets are primarily located across Myanmar, Laos, Thailand, and other regional markets.
Broadband pricing across these markets varies significantly. For example, average broadband pricing is currently estimated at approximately US
Revenue generated from these markets also includes cross-border data transmission services and leasing revenue associated with AAE-1 submarine cable network capacity, which management expects will continue supporting stable long-term revenue growth.
Management projects annual revenue from these additional ASEAN markets of approximately US
(II) Silicon Photonics AI Supercomputing Center Revenue Forecast
HyalRoute Communication Group is currently deploying a 400 PFLOPS silicon photonics AI supercomputing center in ASEAN featuring full-stack immersion liquid-cooling infrastructure with targeted PUE efficiency ratios of ≤1.18. Total planned investment for the project is approximately US
Leveraging the Company’s proprietary regional backbone fiber-optic network infrastructure, the platform is expected to provide differentiated “network-integrated computing” services capable of dynamically integrating ultra-high-speed connectivity with large-scale AI compute deployment.
Management’s revenue projections are based in part on prevailing 2026 market pricing benchmarks for NVIDIA H100 and B300-equivalent GPU compute leasing services. Current H100-equivalent GPU rental pricing is estimated at approximately US
2027 is expected to represent the first full operational year of the AI supercomputing platform. During this initial operating phase, projected compute utilization rates are estimated at approximately
By 2028, management projects compute utilization rates increasing to approximately
(III) Cost Structure and Operating Assumptions
1. Fiber-optic Network Operating Costs
Based on prevailing telecommunications infrastructure industry standards, annual operations and maintenance (“O&M”) expenses are generally estimated at approximately
Depreciation and amortization (“D&A”) expenses reflect the long-term depreciation profile of fiber-optic infrastructure assets, which typically carry an estimated useful life of approximately 20 years, together with the ongoing capitalization and amortization of newly constructed network assets.
Operating and maintenance expenses primarily include personnel compensation, infrastructure maintenance, testing and monitoring equipment, network operations center (“NOC”) supervision systems, and related technical support functions.
Power consumption and facility lease expenses are expected to increase materially beginning in 2027 following the full-scale commercial operation of the Company’s AI supercomputing center infrastructure.
| Cost Category | 2026 (US | 2027 (US | 2028 (US |
| Operations & Maintenance (O&M) Expenses | 1.0 | 1.2 | 1.5 |
| Depreciation & Amortization (D&A) | 0.2 | 0.3 | 1.0 |
| Other Operating Expenses | 0.05 | 0.05 | 0.1 |
2. Silicon Photonics AI Supercomputing Center Operating Costs
| Cost Category | 2027 (US | 2028 (US | Reference Assumptions |
| Equipment Depreciation | 0.3 | 0.5 | Typical depreciation cycle of approximately 3–5 years; generally represents approximately |
| Power Expenses | 0.2 | 0.6 | Power costs estimated at approximately |
| Liquid Cooling & Infrastructure Operations | 0.1 | 0.3 | Estimated at approximately |
| Management & Personnel Expenses | 0.1 | 0.2 | Estimated at approximately |
| Total AI Compute Operating Costs | 0.7 | 1.6 | |
(IV) Summary of Projected Core Financial Metrics
| FINANCIAL METRICS (US | 2026 | 2027 | 2028 | |||
| I. TOTAL REVENUE | 2.80 | 5.30 | 9.30 | |||
| (I) FIBER-OPTIC NETWORK OPERATIONS REVENUE | 2.80 | 4.30 | 6.20 | |||
| — PHILIPPINES OPERATIONS | 1.30 | 2.00 | 3.00 | |||
| — CAMBODIA OPERATIONS | 1.10 | 1.45 | 1.80 | |||
| — OTHER ASEAN MARKETS | 0.40 | 0.55 | 0.70 | |||
| (II) SILICON PHOTONICS AI SUPERCOMPUTING CENTER REVENUE | 0.00 | 1.00 | 3.10 | |||
| — AI COMPUTE LEASING REVENUE | 0.00 | 0.85 | 2.70 | |||
| — VALUE-ADDED SERVICE REVENUE | 0.00 | 0.15 | 0.40 | |||
| II. OPERATING COSTS | 1.25 | 2.45 | 4.20 | |||
| — FIBER-OPTIC NETWORK OPERATIONS & MAINTENANCE EXPENSES | 1.00 | 1.20 | 1.50 | |||
| — AI COMPUTE INFRASTRUCTURE OPERATING COSTS | 0.00 | 0.40 | 1.60 | |||
| — DEPRECIATION & AMORTIZATION | 0.20 | 0.80 | 1.00 | |||
| — OTHER OPERATING EXPENSES | 0.05 | 0.05 | 0.10 | |||
| III. OPERATING PROFIT | 1.55 | 2.85 | 5.10 | |||
| IV. NET PROFIT AFTER TAX | 1.40 | 2.60 | 4.70 | |||
| NET PROFIT MARGIN | ||||||
| SHAREHOLDERS’ EQUITY / NET ASSETS | 30.0 | 32.6 | 37.3 | |||
About All In FutureTech Alliance Inc. (AIFA)
All In FutureTech Alliance Inc. (Nasdaq: AGAE), formerly known as Allied Gaming & Entertainment Inc, is growth-oriented company undergoing a strategic transformation from a global experiential entertainment business into an AI-focused digital infrastructure platform. The Company is pursuing opportunities in artificial intelligence infrastructure, silicon photonics-enabled compute, cross-border fiber-optical network transmission, digital infrastructure services, and technology-enabled growth initiatives. Through its proposed AIFA strategic platform, AIFA aims to build an integrated ecosystem combining AI compute capacity, fiber-optic network infrastructure, AI education and AI applications to support long-term value creation.
Contact:
Investor Relations: ir@alliedgaming.gg
Forward Looking Statements
This press release contains certain forward-looking statements under federal securities laws. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “intend” or “continue,” the negative of such terms, or other comparable terminology. These statements include, but are not limited to, statements regarding the Company’s intention to request a hearing before the Panel; the expected stay of any suspension or delisting action pending such hearing; the Company’s ability to present a compliance plan and restore compliance with the Minimum Bid Price Requirement; and the Company’s ability to file the Delinquent 10-K. These forward-looking statements are based on current expectations, estimates, assumptions, and projections and involve known and unknown risks, uncertainties, and other factors—many of which are beyond the Company’s control—that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Important factors that may affect actual results include, among others, the Company’s ability to execute its growth strategy; the outcome of the Nasdaq hearings panel process; market conditions, regulatory changes, operational challenges; and other risks and uncertainties described under “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on June 9, 2025, and in subsequent filings with the SEC. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
