AIFA Refutes Allegations
AIFA Issues Formal Statement Refuting Allegations on HyalRoute Group Share Acquisition
All in FutureTech Alliance Inc. (Nasdaq: AIFA) has issued a formal refutation of claims by HyalRoute Communication Group's management that a $2.31 billion share acquisition deal is "false" or "fabricated." Ottawa Sun reported that AIFA announced the deal on May 22, 2026, covering a 57.67% controlling stake in HyalRoute at a reference price of $10.00 per share — all paid in new AIFA common stock.
The dispute pits AIFA and HyalRoute's registered shareholders against the company's on-the-ground management team, led by Group President Ms. Dana Dong. According to Financial Post, AIFA — formerly known as Allied Gaming & Entertainment — says the deal was "formally negotiated and signed" with the company's legal shareholders and that management's denial "disregards the lawful rights" of those shareholders.
Who Sold What to AIFA and Why It Matters
AIFA did not buy shares from HyalRoute's management. It struck deals with four registered shareholders: Rainman Network Ltd., Dece Capital Limited, Fair Cheerful Limited, and Yellow River Fiber Optic Ltd. Pembroke Observer reported that AIFA says the transaction is backed by "a package of equity and rights transaction agreements." AIFA expects support from more than 70% of total equity once a tender offer is finalized.
HyalRoute is not a small prize. The company controls roughly 85,000 km of land-based fiber and 25,000 km of submarine cables across Southeast Asia. Financial Post noted that AIFA values HyalRoute at $4.0 billion in total. By acquiring it, AIFA transforms itself from a gaming company into what it calls an "optics-centered" AI infrastructure platform.
Management Invokes Deceased Founder to Block the Deal
Ms. Dong's team has pushed back hard. The group released statements through Cambodian and social media channels calling the AIFA announcement "false." Notably, management appears to be invoking the name of HyalRoute's late founder and former chairman, Huang Xinglong, to challenge the authority of the selling shareholders. AIFA called this a fight over the "soul" of the company's leadership.
Sault This Week reported that AIFA has reserved the right to pursue legal action against HyalRoute's management for publishing statements that damage the company's reputation. AIFA says such claims "disregard" shareholders' rights under law. The battle is expected to move into courts in Cambodia or the Cayman Islands.
HyalRoute's Debt Crisis Made This Sale Urgent
The acquisition does not happen in a vacuum. HyalRoute has been drowning in debt since Myanmar's 2021 military coup destroyed infrastructure and froze currency flows. In November 2024, Industrial and Commercial Bank of China (ICBC) Asia filed a statutory demand for $95.5 million in unpaid debt. A Hong Kong court cleared the way for winding-up proceedings in the Cayman Islands in August 2025. In plain terms: without a deal, HyalRoute could be liquidated.
Edmonton Sun reported that AIFA's acquisition appears to be a rescue buyout approved by the legal owners of the shares. If management succeeds in blocking it, HyalRoute remains exposed to that $95.5 million winding-up petition — a scenario that could force a fire sale of some of Southeast Asia's most critical internet infrastructure, affecting telecoms like Metfone and Smart that rely on HyalRoute's backbone.
What Comes Next for AIFA and the Courts
AIFA is pushing ahead. The company is moving to update its Nasdaq listing and has engaged investment banks to run a tender offer targeting more than 70% of shares. Fairview Post reported that AIFA insists the deal is fully binding and that it will defend the transaction through legal channels if needed.
The core legal question is whether HyalRoute's registered shareholders had the right to sell without management consent. AIFA says yes. Ms. Dong says no. That argument will likely be settled by a Cayman Islands or Cambodian court. Until then, the company faces an internal civil war — and more than $95 million in debt that still needs to be resolved.
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