Zhongji Innolight Debuts on HKEX at HK$971, Becoming Year's Largest IPO

On July 30, Zhongji Innolight (03308. HK) officially listed on the Hong Kong Stock Exchange, opening at HK$971 per share, with a total market capitalization of approximately HK$1.14 trillion, becoming the largest IPO on the exchange this year. This is not the company's first listing; it had already gone public on the Shenzhen Stock Exchange's ChiNext board in 2012. In 2026, Zhongji Innolight's market value surpassed one trillion yuan, making founder Wang Weixiu the new richest person in Shandong.

Wang Weixiu was born in 1950. In 1987, he founded Longkou Zhenhua Electrical Equipment Factory with 230,000 yuan, engaging in motor winding manufacturing equipment. In 2005, the enterprise was restructured into Longkou Zhongji Electrical Machinery Co. , Ltd. , and in 2010 it was renamed Shandong Zhongji Electrical Equipment Co. In 2012, it listed on the ChiNext board under the name "Zhongji Equipment." However, the traditional home appliance market's peak led to consecutive years of declining net profit. Meanwhile, Liu Sheng, who had been working in overseas optical communications, returned to China in 2008 and founded Suzhou Xuchuang in Suzhou Industrial Park, focusing on optical module business. In the early days, the startup faced a lack of customers and financial difficulties, but later gained a turning point by developing a 40G optical module prototype for Google.

In 2016, Zhongji Equipment acquired Suzhou Xuchuang for 2.8 billion yuan in a full acquisition, with Wang Weixiu personally subscribing 284 million yuan for shares. In 2017, the company was renamed Zhongji Innolight Co. In August 2023, Wang Weixiu stepped down as chairman and was succeeded by Liu Sheng; in January 2026, Liu Sheng was transferred to the role of executive director. Wang Weixiu's son, Wang Xiaodong, serves as executive director and executive vice president.

Suzhou Xuchuang achieved multiple technological breakthroughs: in 2011, it secured its first first-tier cloud service provider customer; in 2013, cumulative optical module shipments exceeded 1 million units; in 2018, it launched the industry's first 400G optical module, with shipments reaching 10 million units; in 2020, it introduced the 800G optical module; in 2021, it became the world's largest optical interconnect solution provider; in 2022, its Thailand plant began production; and in 2023, it launched the 1.6T optical module. In 2025, the company's annualized production capacity exceeded 28 million units, capturing a 21.2% share of the global optical interconnect solutions market and a 28.1% share in the high-speed data communications segment. In the first quarter of 2026, the company reported revenue of 19.496 billion yuan, up 192.12% year-on-year; net profit attributable to shareholders was 5.735 billion yuan, up 262.28% year-on-year. In April 2026, the company's total market value surpassed one trillion yuan.

Zhongji Innolight is registered in Longkou City, Shandong, but its core business almost entirely comes from its Suzhou subsidiary. In 2025, Zhongji Innolight's full-year revenue was 38.240 billion yuan, of which Suzhou Xuchuang contributed 36.447 billion yuan, accounting for over 95%. After Liu Sheng founded Suzhou Xuchuang in Suzhou Industrial Park in 2008, it received an A-round investment of approximately 30 million yuan from Yuanhe Holdings, under Suzhou state-owned capital. Subsequently, Yuanhe Holdings continued investing in 2010 and 2011, and introduced other capital. In 2010 and 2013, Qianrong Capital participated in B-round financing. In 2014, Google Capital injected $38 million into Xuchuang, completing a C-round financing with Lightspeed China Partners. In 2014, the company planned to list on Nasdaq, but the plan was shelved due to the China concept stock crisis; it later dismantled its red-chip structure and restructured with Zhongji Equipment to return to the domestic market.

As of December 31, 2025, the total market value of the A-share "Suzhou sector" reached 2.79 trillion yuan, up more than 60% year-on-year. The average annual increase of 229 Suzhou stocks was 47.79%, with 33 stocks rising more than 100%. Tianfu Communication, Dongshan Precision, and Wus Printed Circuit entered the "hundred-billion market cap club," and in February 2026, Hengtong Optic-Electric also surpassed 100 billion yuan in market value. Suzhou's AI computing power industry has formed five companies with market caps exceeding 100 billion yuan: Zhongji Innolight, Dongshan Precision, Tianfu Communication, Wus Printed Circuit, and Hengtong Optic-Electric, with a combined market value of nearly 2 trillion yuan, spanning optical modules, PCBs, optical fiber and cable, and other tracks.

Regarding Suzhou's venture capital ecosystem, Yuanhe Holdings, since its establishment in 2001, has managed cumulative funds exceeding 130 billion yuan, with 95% of investments in strategic emerging industry projects. As of the end of June 2026, Yuanhe Holdings had directly invested in more than 1,900 projects, cultivated 131 listed companies (including 55 on the STAR Market), and invested in 226 sub-funds through fund-of-funds. In 2022, Suzhou Innovation Investment Group Co. was established with a registered capital of 18 billion yuan, and its managed fund scale has exceeded 320 billion yuan, with nearly 500 new direct investment projects and cumulative support for 138 companies going public.

In 2025, Suzhou added 20 new domestic and overseas listed companies, doubling year-on-year, accounting for 10.34% of the new A-share listings nationwide. Of the new companies, 90% came from five emerging industries: electronics, machinery and equipment, electric power, automobiles, and biomedicine. In the first half of 2026, Suzhou added more than 10 new listed companies. In July 2026, Momenta listed on the Hong Kong Stock Exchange. Additionally, other Suzhou companies are planning listings: Dongshan Precision filed with the Hong Kong Stock Exchange in May 2026; Borui Pharmaceutical, Robotechnik, and Huasheng Lithium are also preparing for "A+H" listings; Minghao Sensor's STAR Market IPO application has been accepted by the Shanghai Stock Exchange; Jiuwu Intelligent has submitted an application to the main board of the Hong Kong Stock Exchange. Dongling Vibration, Fuxiang Space, Mengma Technology, and Magic Atom are also planning their own listing paths.