- Zhongji Innolight raised HK$53.4 billion ($6.8 billion) in its Hong Kong listing, making it Asia's second-biggest listing this year.
- Despite the successful fundraising, shares opened lower on the Hong Kong Stock Exchange after the listing.
- The company priced its shares below the maximum indicated price of HK$1,010.
- Zhongji Innolight is the world's largest provider of optical interconnect solutions by revenue, accounting for 21.2% of the global market in 2025.
- The Hong Kong tranche drew orders for roughly 16.8 times the shares available to retail investors.
- Zhongji plans to use the proceeds to fund research and development, expand overseas production capacity, strengthen its supply chain and pursue potential acquisitions.
Zhongji Innolight made its trading debut on the Hong Kong Stock Exchange on Thursday, raising HK$53.4 billion ($6.8 billion), the second-largest listing in Asia this year, following CXMT's $8.6 billion Shanghai listing.14
Despite the significant capital raised, shares opened lower, reflecting market volatility and investor sentiment. The company priced its shares below the maximum indicated price of HK$1,010, which may have contributed to the initial decline.23
Zhongji Innolight, also listed in Shenzhen, is a leading supplier of components for artificial intelligence data centers, cloud computing, and high-speed networking. It holds a dominant position in the market, accounting for 21.2% of the global optical interconnect solutions revenue by 2025, according to consultancy CIC.
The Hong Kong tranche attracted orders for approximately 16.8 times the shares available to retail investors, while international orders were 9.7 times oversubscribed. The proceeds from the listing will be allocated towards research and development, expanding overseas production capacity, strengthening the supply chain, and pursuing potential acquisitions.5
“The company, led by Chairman Liu Sheng, plans to use the proceeds to enhance research and development and expand overseas production capacity. Despite the strong demand, with orders 16.8 times oversubscribed for retail investors, shares fell on their first day of trading.”
CNBC
