Zhongji Innolight Seeks Up to $8.1 Billion Hong Kong IPO

Zhongji Innolight, a Chinese manufacturer of optical transceivers for AI data centers, is launching an initial public offering in Hong Kong seeking to raise up to HK$55.05 billion, or approximately $7 billion. If a 15% over-allotment option is exercised, the total could reach $8.1 billion. This would mark Hong Kong's largest first-time share sale since the $12.9 billion Alibaba Group listing in 2019 and the largest listing in the city in 2026.

The company began analyst meetings on July 20 and initiated its roadshow and book-building process on July 23. The offering consists of 54.5 million shares with a maximum expected price of HK$1,010 per share. To support the debut, the company secured 33 cornerstone investors, including BlackRock, Temasek Holdings, Tencent, and the Canada Pension Plan Investment Board, who have committed to purchasing $3.45 billion in shares.

Zhongji Innolight, which already lists in Shenzhen and serves major clients including Nvidia, Alphabet, and Meta Platforms, intends to use the proceeds for research and development, supply-chain enhancement, and the expansion of global production. The company reported strong first-quarter 2026 financials with revenue of 19.5 billion yuan and profits rising nearly fourfold year-over-year. The final offer price is expected by July 29, with shares slated to debut on July 30.