Zhongji Innolight Seeks Up to $7 Billion in Hong Kong’s Biggest Listing This Year
Shares are expected to start trading on July 30
- Zhongji Innolight plans to raise up to US$7.02 billion in a Hong Kong public offering.
- Zhongji Innolight’s offering would be Hong Kong’s largest listing this year, surpassing a US$3.07 billion listing by Luxshare Precision Industry.
- In the first three months of this year, 40 companies raised more than US$14 billion through Hong Kong listings.
China’s Zhongji Innolight 300308 -4.12%decrease; red down pointing triangle plans to raise more than US$7 billion in a Hong Kong public offering that would be the city’s largest listing so far this year.
The Shenzhen-listed optical transceiver maker plans to raise as much as 55.04 billion Hong Kong dollars, equivalent to US$7.02 billion, by issuing 54.5 million shares at a maximum offer price of HK$1,010 each. The shares are expected to start trading in Hong Kong on July 30.
That would top Apple supplier Luxshare Precision Industry’s US$3.07 billion listing earlier this month.
Optical transceivers play an increasingly important role in AI data centers, as they serve the interface between electrical signals and optical signals and enable data to travel over fiber-optic cables between servers with minimal latency amid surging computing demand.
Unlike AI accelerators, China’s optical and networking stack doesn’t face a tech bottleneck. Innolight is a key supplier to global customers such as Google and Nvidia, supported by their cost advantage and rapid product cycles. Innolight said it has been the world’s largest provider of optical interconnect solutions by revenue for five consecutive years since 2021, and held a 21% market share in 2025.
Innolight’s market capitalization passed the trillion yuan milestone this year, making it one of the most valuable companies listed in mainland China. Its Shenzhen-listed shares have gained 86% so far this year after a nearly fivefold increase last year.
More than two dozen cornerstone investors, including Singapore’s Temasek, BlackRock and the Abu Dhabi Investment Authority, have subscribed to almost half of Innolight’s shares. Securing such backers helps companies market their deals more effectively and is especially important in times of heightened market volatility.
The company plans to spend the majority of the offering’s proceeds on investment in research and development for optical interconnects and expanding its global production capacity.
Innolight’s revenue in the first three months of 2026 almost tripled to 19.50 billion yuan, equivalent to US$2.88 billion, while net profit jumped 274% to 6.32 billion yuan.
The listing joins a wave of offerings by Chinese companies in the AI supply chain that have made Hong Kong one of the world’s busiest places for fundraising this year.
According to data from the city’s bourse, 40 companies raised more than US$14 billion through listings in the first three months, marking the strongest first-quarter performance since 2021.