Zhongji Innolight A-Shares Rebound 4% After H-Share Dark Pool Drop and Buyback Plan

Zhongji Innolight is scheduled to start trading on the Hong Kong Stock Exchange on July 30. In its dark pool trading session on July 29, the shares fell below the offer price. According to the announcement, the H-share IPO offer price was set at 980 HKD per share. During dark pool trading, the lowest bid was 931 HKD, down 5% from the offer price, before rebounding to a high of 982 HKD. By the end of the dark pool session, the bid was 971 HKD, down 0.92% from the offer price.

Since June 23, the company's A-share price had fallen from a high of 1,416.88 RMB to an intraday low of 889.5 RMB on July 29, a cumulative decline of more than 30%. To stabilize the share price, the company announced on the evening of July 28 that it had received a proposal from Chairman and President Liu Sheng to repurchase part of its A-shares through centralized bidding using its own or self-raised funds. The total repurchase amount is between RMB 40 billion and RMB 80 billion, with the repurchase price not exceeding 150% of the average trading price of the stock in the 30 trading days before the board approves the repurchase plan. The repurchased shares will be used for equity incentives or employee stock ownership plans; any shares not used within three years will be cancelled.

Stimulated by the repurchase news, Zhongji Innolight's A-shares opened 0.77% higher on July 29 and closed up over 4% at 951 RMB. The company's 2025 revenue was RMB 382.40 billion, with a net profit of RMB 108 billion.