Optical communications supplier Nazhen Technology seeks up to HK$5.67 billion in Hong Kong IPO

Nazhen Technology (09856. HK) opened its public offering on September 14, 2026, and the subscription period runs through September 17, 2026. The company plans a global offering of 172 million shares, comprising 17.2015 million shares in the Hong Kong offering and 155 million shares in the international offering, plus an over-allotment option of 25.8022 million shares. The offer price is HK$32.96 per share, with a board lot of 100 shares and an entry cost of about HK$3,329.24. The offering could raise up to HK$5.67 billion.

Nazhen Technology is a supplier of optical communications and optical connectivity products and is part of Hisense Group Holdings. Its business covers the research, development, manufacturing, and sale of optical modules, optical chips, and optical network terminals, spanning the full industry chain from optical chips and optical modules to optical terminals. Its products are used in artificial intelligence (AI) cloud computing, telecommunications transmission, 5G wireless communications, and broadband access. The company passed its Hong Kong Stock Exchange hearing on August 30, 2026. Based on the offer price of HK$32.96 per share, the company has a market value of HK$32.4 billion.

Of the net proceeds, about 52.9% will be used to invest in research and development of new products and technologies; about 25.1% to expand production capacity for optical modules and optical chips and to raise automation across the product line; about 4% to strengthen business promotion and overseas market expansion; about 8% for strategic investments and acquisitions in domestic and overseas markets; and about 10% for working capital and general corporate purposes. On financials, Nazhen Technology reported net profit of RMB 89.49 million for 2024, a year-on-year change of -58.48%; net profit of RMB 876 million for 2025, a year-on-year change of 878.73%; and net profit of RMB 656 million for the six months ended June 30, 2026, a year-on-year change of 28.76%.