POET holds a good hand of cards in this SPX discussion, even with all the BS rules of the Shanghai Exchange.

The whole company is worth nothing without POET's optical interposer.

SPX will still need to buy these OI chips from POET. If the deal is not good for POET, they can increase the margins on whatever sweetheart deal SPX is getting now as a partnered company.

SPX will want to be relevant in the 800G space and beyond, so there is ample reason to keep things productive with POET.

The Chinese market is vast, so both POET and Sanan have a strong mutual interest in working together. 

With the Foxconn deal, POET has partnered with a behemoth. It creates options for POET that are obvious to anyone negotiating with POET.