Zhongji Innolight raises $6.81 billion in Hong Kong's largest IPO since 2019

Global Market: Zhongji Innolight raises $6.81 billion in Hong Kong listing, Asia's second-biggest IPO of 2026

Chinese optical components maker Zhongji Innolight has priced its Hong Kong share sale at HK$980 per share, raising HK$53.41 billion in the city's largest equity offering in nearly seven years. The AI infrastructure supplier plans to use the proceeds for R&D, manufacturing expansion and acquisitions, with trading set to begin on July 30. Chinese optical components maker Zhongji Innolight has priced its Hong Kong listing at HK$980 per H share, raising HK$53.41 billion ($6.81 billion) in what is set to become the city's largest share sale in nearly seven years, Reuters reported. The Shenzhen-listed company sold 54.5 million Hong Kong shares in the offering, with the final price set below the maximum limit of HK$1,010 announced when the deal was launched last week. US MarketsPowered By As on 28 Jul 2026, 01:30 AM IST S&P 500 Top Gainers Workday147.54(9.01%) Autodesk225.91(7.70%) Lamb Weston Hldgs53.11(7.12%) Expedia Group278.37(7.09%) Gainers" S&P 500 Top Losers Coterra Energy32.56(-8.62%) C.H. Robinson Worldwide174.46(-6.46%) Texas Pacific Land396.62(-5.44%) Advanced Micro Devices494.95(-5.17%) Losers" According to LSEG data cited by Reuters, Zhongji Innolight's listing is the biggest Hong Kong equity offering since Alibaba's $12.9 billion secondary listing in 2019. The deal also ranks as Asia's second-largest share offering this year, behind Chinese memory chipmaker CXMT Corp's $8.6 billion Shanghai initial public offering. CXMT shares surged 466% on their market debut on Monday. Zhongji Innolight manufactures optical transceivers, components that facilitate high-speed data transmission through fibre-optic networks. Its products are widely used in data centres, cloud computing infrastructure and artificial intelligence systems. The listing comes as China pushes to develop domestic AI technology leaders amid U.S.-led restrictions on access to advanced semiconductors. It also follows a wave of fundraising by Chinese technology companies in Hong Kong's recovering equity market, even as volatility in global chip stocks has challenged investor appetite for AI-focused companies. The company plans to use proceeds from the listing for research and development, expansion of global manufacturing capacity, supply-chain improvements, acquisitions and general working capital needs. Zhongji Innolight shares are scheduled to begin trading in Hong Kong on July 30. The company's financial performance has been boosted by rising demand for AI infrastructure. Its first-quarter net profit nearly quadrupled to 6.32 billion yuan ($934.12 million) from 1.69 billion yuan a year earlier, while revenue nearly tripled to 19.5 billion yuan from 6.67 billion yuan, according to its filings. The company said growth was supported by stronger demand from major customers investing in AI infrastructure. Zhongji Innolight generated 61.7% of its revenue from the U.S. market in the first quarter of 2026. The company has said its addition to a U.S. Department of Defence list of Chinese military companies in June does not by itself restrict its business dealings with U.S. customers or trading of its securities.

AI supplier Zhongji Innolight lands Hong Kong's biggest IPO since 2019 By Investing.com

Investing.com -- Chinese optical transceiver maker Zhongji Innolight raised HK$53.4 billion ($6.81 billion) in Hong Kong's largest initial public offering since 2019, underscoring strong investor appetite for companies tied to the global artificial intelligence infrastructure boom. Track IPOs, AI stocks and market-moving news with InvestingPro - now 60% off Shandong Zhongji Electrical Equipment Co Ltd (SZ:300308) priced its offering at HK$980 per share, below the top end of its marketed range of HK$1,010, after selling 54.5 million H shares. Trading is scheduled to begin on July 30. Zhongji manufactures high-speed optical transceivers used in AI data centres and cloud computing networks, making it one of the biggest beneficiaries of surging investment in AI infrastructure. The company plans to use the proceeds to expand manufacturing capacity, invest in research and development, strengthen its supply chain, pursue strategic acquisitions and support working capital. The transaction marks Hong Kong's biggest equity offering since Alibaba's secondary listing in 2019 and ranks among Asia's largest share sales this year, adding to signs of a recovery in the city's capital markets after several subdued years. The fundraising also comes as Chinese technology companies accelerate investment in domestic AI capabilities despite ongoing U.S. restrictions on advanced semiconductor exports. Demand for optical networking equipment has surged as cloud providers and hyperscalers expand AI computing capacity, boosting suppliers across the sector. Zhongji has emerged as one of China's fastest-growing AI hardware suppliers. The company reported first-quarter net profit of 6.32 billion yuan, nearly four times higher than a year earlier, while revenue almost tripled to 19.5 billion yuan. The United States accounted for about 61.7% of first-quarter revenue. Earlier this year, Zhongji said its inclusion on the U.S. Department of Defense's list of "Chinese military companies" had not affected its commercial operations or its ability to serve U.S. customers.