Chinese optical components maker Zhongji Innolight has raised US$6.81 billion through its Hong Kong listing, marking the city’s largest share sale in nearly seven years as demand for artificial intelligence (AI) infrastructure continues to grow.
The Shenzhen-listed company priced its Hong Kong shares at HK$980 each, below the top end of its HK$1,010 offer range, selling 54.5 million H shares to raise HK$53.41 billion. The listing is expected to become Hong Kong’s biggest share sale since Alibaba’s US$12.9 billion secondary listing in 2019, according to LSEG data.
Zhongji Innolight manufactures optical transceivers, which enable high-speed data transmission through fibre-optic cables used in data centres, cloud computing networks and AI systems. The company’s listing comes as Chinese technology firms seek fresh capital amid Beijing’s push to develop domestic AI capabilities while facing restrictions on advanced semiconductor access.
The company plans to use proceeds from the listing for research and development, global manufacturing expansion, supply chain upgrades, acquisitions and general working capital.
Investor interest in AI-related companies has remained strong, although recent volatility in global chip stocks has tested appetite for technology listings. Zhongji Innolight’s first-quarter net profit nearly quadrupled to 6.32 billion yuan (US$934.12 million), while revenue almost tripled to 19.5 billion yuan, driven by stronger demand from customers investing in AI infrastructure.
The company generated 61.7% of its first-quarter revenue from the US market. Its shares are scheduled to begin trading in Hong Kong on July 30.
