Zhongji Innolight Controlling Shareholder Cuts 6.21 Million A-Shares; Stock Rebounds After 9% Drop, HK Debut

Zhongji Innolight's controlling shareholder, Shandong Zhongji Investment Holding Co. , Ltd. , along with its concert parties Wang Weixiu and Wang Xiaodong, reduced a combined 6.21 million A-shares during the period from May 28, 2025 to July 30, 2026. Based on the closing price on July 30, the reduction corresponded to a market value exceeding RMB 5.3 billion. After the change in equity, the concert parties' combined shareholding fell from 17.99% to 16.53%, a cumulative decline of 1.46 percentage points. Of this, approximately 0.54% was attributable to secondary-market sales, while the remaining approximately 0.92% resulted from the passive expansion of total share capital due to the company's Hong Kong listing and dilution from equity incentive exercises. Controlling shareholder Zhongji Holding reduced 5.50 million shares through block trades, Wang Xiaodong reduced 708,600 shares through centralized bidding, and actual controller Wang Weixiu did not directly reduce any shares. After the reduction, Zhongji Holding remained the controlling shareholder, and the company's control did not change.

On July 30, Zhongji Innolight officially listed on the Main Board of the Hong Kong Stock Exchange under code 03308, with an issue price of HK$980 per share and a base offering of 54.50 million shares, raising approximately HK$53.41 billion. If the over-allotment option is fully exercised, total fundraising would approach HK$61 billion. On its first trading day, the Hong Kong shares opened at HK$971, down 0.92% from the issue price, touched an intraday low of HK$880, and closed at HK$960, a decline of 2.04%, with a total market capitalization of approximately HK$1.12 trillion. On the same day, Zhongji Innolight's A-shares closed at RMB 864, down 9.15%, with turnover of RMB 59.8 billion, a record high. On July 31, both A-shares and Hong Kong shares rebounded, with A-shares rising over 13% intraday, turnover exceeding RMB 40 billion, and the share price recovering to above RMB 930; Hong Kong shares rose over 12% to HK$1,077.

Since the start of the AI rally in 2023, Zhongji Innolight's core shareholders have reduced holdings multiple times. In 2023, actual controller Wang Weixiu reduced shares through block trades, cashing out approximately RMB 1.34 billion in total; his son, executive vice president Wang Xiaodong, also reduced holdings during the same period. From July to September 2025, seven concert-party entities controlled by Chairman Liu Sheng reduced a cumulative 4.6341 million shares, cashing out approximately RMB 1.213 billion based on an average trading price of about RMB 261.84. From November 2025 to January 2026, controlling shareholder Zhongji Holding reduced 5.50 million shares, cashing out RMB 2.87 billion; Wang Xiaodong reduced 708,552 shares from August to November 2025, cashing out approximately RMB 293 million.

Zhongji Innolight's performance has continued to grow. From 2023 to 2025, the company's revenue increased from RMB 10.718 billion to RMB 38.240 billion, and net profit attributable to shareholders rose from RMB 2.208 billion to RMB 11.580 billion, with full-year 2025 net profit attributable to shareholders at RMB 10.797 billion, up 108.78% year-on-year. In the first quarter of 2026, the company achieved revenue of RMB 19.496 billion, up 192.12% year-on-year, and net profit attributable to shareholders of RMB 5.735 billion, up 262.28% year-on-year, with quarterly net profit exceeding half of the full-year 2025 figure.