Zhongji Innolight prices Hong Kong IPO at HK$980

Zhongji Innolight, the Chinese optical transceivers maker and major supplier to AI data centers, is set to price its Hong Kong initial public offering at HK$980 per share, below the maximum marketed price of HK$1,010, according to Bloomberg News and Reuters reporting on Monday.channelnewsasia+1

At that price, the company would raise approximately HK$53.4 billion (US$6.8 billion) from the sale of 54.5 million shares, before any over-allotment option. The formal offer price is due to be set by noon on Tuesday, with trading expected to begin on July 30.reuters+1

Hong Kong's Biggest Listing in Seven Years

Even at the reduced price, the deal would be Hong Kong's largest share sale since Alibaba Group ↗ 2.55% raised $12.9 billion in its secondary listing in 2019, according to LSEG data. The IPO had attracted more than 30 cornerstone investors including BlackRock ↗ 0.61%, Temasek Holdings, and Canada Pension Plan Investment Board, who together accounted for nearly half the base offering, according to the South China Morning Post.reuters+2

Goldman Sachs ↘ 1.23%, CICC, Morgan Stanley ↗ 0.04%, and GF Securities are acting as joint sponsors for the listing.scmp+1

AI Demand Drives Blockbuster Deal

Zhongji Innolight manufactures high-speed optical modules used in artificial intelligence data centers, positioning it as a key supplier in the global AI infrastructure buildout. The company is already listed on the Shenzhen Stock Exchange under ticker 300308 and will trade in Hong Kong under ticker 3308.finance.sina+1

The IPO subscription period, which opened on July 22, closed on Sunday. The company initially targeted up to $7 billion but had raised its ambitions to as much as $8 billion during investor roadshows due to strong demand, Reuters reported in June. The final pricing below the cap reflects what one person familiar with the matter described as guidance that orders below HK$980 risk missing out on the deal.caixin+3

The listing caps a banner year for Hong Kong's IPO market, which raised HK$109.9 billion in the first quarter alone — a 489% increase from the same period in 2025.kpmg+1