Li Xiaoming cofounded Chinese landscape design firm Hui Lyu Ecological Technology Groups almost four decades ago to build city gardens and take on ecological projects such as lake restoration. Yet it was a shrewd investment in AI that made Li a billionaire, as it sent the shares of the once struggling firm up almost 1,600% over the last two years.

The 52-year-old chairman of the Shenzhen-listed company has amassed a fortune of $2.8 billion largely based on his stake, according to Forbes estimates. Hui Lyu didn’t respond to a request for comment.

Headquartered in the central city of Wuhan, Hui Lyu has been enjoying market optimism ever since it announced a mid-2024 investment in Tri-light Wuhan Electronics Technology, a privately held company that makes AI-related components such as optical modules and transceivers. Such hardware is widely adopted in AI data centers today to facilitate........

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