If you follow the networking world, and especially if you’re a Peplink user, you probably saw the big news today. Plover Bay Technologies (SEHK: 1523), the Hong Kong-listed parent company behind Peplink, has officially announced plans to spin off Peplink Holdings Ltd. as a separately listed company on the Nasdaq stock exchange. The transaction has already been approved by the Hong Kong Stock Exchange and is expected to close before the end of 2026, pending shareholder approval and U.S. regulatory clearance.
This is a significant development, and to understand why it matters, it helps to know the backstory of how Peplink ended up listed only on the Hong Kong market in the first place, and why a Nasdaq listing could be a game-changer.
A Brief History: From Peplink to Plover Bay
Peplink was founded in 2006 with a straightforward mission: design user-friendly networking products that make internet connectivity more reliable. In 2007, the company established Pepwave as a subsidiary focused on wireless networking products. By 2009, they had filed their first patent for WAN-bonding technology in the U.S., the technology that would eventually become SpeedFusion, a core differentiator that Peplink users know and rely on today.
The company grew steadily through the early 2010s, building out teams in Malaysia for support services and earning that SpeedFusion patent grant in the U.S. in 2015. That same year, the company went public, but not on a U.S. exchange. Instead, it listed as Plover Bay Technologies Limited on the Hong Kong Stock Exchange under stock code 1523.
Why Hong Kong? And Why That Matters
When Plover Bay listed on the HKEX in 2015, it made sense for a Hong Kong-headquartered company. The founding team and operations were based in Lai Chi Kok, Kowloon, and the Hong Kong market was a natural fit. The company quickly earned recognition, winning the Hong Kong Economic Journal’s “Rising Star” listed company award in 2016.
But here’s the thing that many Peplink customers in North America and Europe probably don’t realize: the company that makes their routers has been a publicly traded company for nearly a decade, just not on any exchange most Western investors would ever look at. The Hong Kong Stock Exchange operates in a completely different time zone, uses Hong Kong dollars, and has its own set of regulatory and disclosure requirements. For the average U.S. institutional investor, retail investor, or even an industry analyst covering the networking space, Plover Bay has essentially been invisible from a stock market perspective.
This matters because Peplink’s business has increasingly become a North American story. In fiscal year 2024, North America accounted for 64% of Plover Bay’s total revenue, up from about 58% the year before. The North American market generated roughly $74.8 million in revenue, growing at a staggering 37.5% year-over-year. Meanwhile, the company’s revenue from Asia actually declined by about 12%.
In other words, nearly two-thirds of Peplink’s revenue comes from North America, but the company’s stock has been trading exclusively on an exchange that North American investors generally don’t access. That’s a significant disconnect.
Why a Nasdaq Listing Is a Big Deal
There are several reasons why spinning off Peplink Holdings as a Nasdaq-listed entity could be transformative.
Visibility and Valuation. Companies listed on major U.S. exchanges like Nasdaq tend to receive significantly more analyst coverage, media attention, and institutional investor interest than those listed only on the HKEX. This additional visibility often translates to higher valuations. Plover Bay’s full-year 2024 revenue hit $116.8 million with net profit of $38 million. Those are strong numbers for a growth company, yet coverage from U.S.-based research firms has been minimal. A Nasdaq listing changes that equation entirely.
Access to U.S. Capital Markets. Being listed on Nasdaq gives Peplink direct access to the deepest capital markets in the world. If the company wants to raise capital for acquisitions, R&D expansion, or to accelerate growth in new verticals like maritime, public safety, or autonomous vehicles, a Nasdaq listing makes that dramatically easier.
Customer and Partner Confidence. For enterprise and government customers, especially U.S. federal agencies, buying networking equipment from a Nasdaq-listed American entity carries different connotations than purchasing from a subsidiary of a Hong Kong-listed company. In a regulatory environment where Chinese-manufactured networking equipment (like TP-Link routers) has faced scrutiny over security concerns, Peplink’s position is already strong. Their routers are manufactured in Taiwan and don’t store user data. A U.S. listing further solidifies that positioning.
Alignment with Revenue Geography. When your biggest and fastest-growing market is North America, it simply makes strategic sense to have your stock listed where your customers and partners operate. It aligns the company’s investor base with its customer base.
The Growth Story Behind the Spinoff
The timing of this spinoff isn’t random. Plover Bay has been on a remarkable growth trajectory. Revenue has grown consistently at 15-20% annually, with 2024 delivering an accelerated 24% growth rate. Net profit margins have expanded from around 18% in the early years to approximately 30% today, demonstrating strong operating leverage.
Several catalysts are driving this growth. The Peplink-Starlink partnership, established in early 2024, has been a major demand driver. Peplink’s SD-WAN routers work seamlessly with Starlink terminals, allowing users to bond satellite connections with cellular and wired links for enhanced reliability. For industries like maritime, mining, construction, and emergency services operating in remote locations, this combination has been compelling. The company has also built out a channel partner network exceeding 400 partners.
Recurring revenue has become an increasingly important part of the business model. Software licensing through InControl2, warranty and support services, and Peplink eSIM data plans now make up about 29% of total revenue, with subscription adoption rates climbing to 34%. Management has targeted growing recurring revenue to around 35% of the business.
The company has also maintained an unusually generous dividend payout ratio, consistently above 90% over the past several years, which demonstrates confidence in cash flow generation and a shareholder-friendly approach.
What This Means for Peplink Users
For existing Peplink customers and channel partners, this spinoff is largely positive. A well-funded, more visible Peplink can invest more aggressively in R&D, expand its product lineup, and continue building out the ecosystem of routers, cloud management software, and subscription services that users depend on.
It also signals maturity. Peplink has grown from a scrappy Hong Kong startup into a global networking company with products deployed across public safety agencies, transportation fleets, maritime vessels, construction sites, healthcare facilities, and enterprise offices worldwide. A Nasdaq listing is the kind of move that reflects where the company is heading, not just where it’s been.
5Gstore Take
We’ve been selling and supporting Peplink products for years, and this news is exciting for the entire Peplink ecosystem. A Nasdaq listing brings more visibility, more investment, and more confidence to a brand that many of our customers already trust for mission-critical connectivity. If you’re considering Peplink for your next deployment, whether it’s a Balance 20X for a small office, a MAX Transit Duo for a mobile command vehicle, or an HD4 MBX for a maritime fleet, this is a company that’s only getting stronger.
Have questions about Peplink products or want help designing a network solution? Contact the 5Gstore team. We’re here to help.
FAQ
What is the Peplink spinoff? Plover Bay Technologies, Peplink’s parent company listed on the Hong Kong Stock Exchange, has announced plans to spin off Peplink Holdings Ltd. as a separately listed company on the Nasdaq stock exchange.
When will Peplink be listed on Nasdaq? The transaction is expected to close before the end of 2026, subject to shareholder approval and U.S. regulatory clearance.
Will this change Peplink’s products or support? No. The spinoff is a corporate and financial restructuring. Peplink’s products, firmware updates, InControl2 cloud management, and support channels are expected to continue as normal.
Why is Peplink moving to Nasdaq? With 64% of revenue coming from North America, a U.S. listing better aligns the company’s investor base with its customer base and provides access to deeper capital markets for future growth.
Is Plover Bay going away? Plover Bay Technologies will remain listed on the Hong Kong Stock Exchange. The spinoff creates a separate Peplink Holdings entity for the Nasdaq listing.
