Shares of Zhongji Innolight fell 5% on Thursday after the Chinese optical transceiver maker made its trading debut on the Hong Kong Stock Exchange:
The company raised HK$53.4 billion ($6.8 billion) after pricing its initial public offering at HK$980 per share, below the maximum indicated price of HK$1,010:
The deal was Asia's second-largest listing this year, behind Chinese memory-chip maker CXMT's $8.6 billion Shanghai listing:
Zhongji, which is also listed in Shenzhen, supplies components used in artificial intelligence data centers, cloud computing, and high-speed networking:
The company is also 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, while for international it was 9.7 times:
Zhongji plans to use the proceeds to fund research and development, expand overseas production capacity, strengthen its supply chain, and pursue potential acquisitions:
