Zhongji Innolight Lists on HKEX at HK$971, Becomes Year's Largest IPO

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

Wang Weixiu was born in 1950. In 1987, he founded Longkou Zhenhua Electrical Equipment Factory with 230,000 yuan, focusing on motor winding manufacturing equipment. In 2005, the company was restructured into Longkou Zhongji Electrical Machinery Co. , Ltd. , renamed Shandong Zhongji Electrical Equipment Co. in 2010, and listed on Shenzhen's ChiNext as Zhongji Equipment in 2012. 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 Innolight in the Suzhou Industrial Park, focusing on optical modules. In the early days, the startup faced a lack of customers and funding difficulties, but later turned around by developing a prototype 40G optical module for Google.

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

Suzhou Innolight achieved several 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 launched 800G optical modules; in 2021, it became the world's largest optical interconnect solution provider; in 2022, its Thailand factory commenced production; and in 2023, it launched 1.6T optical modules. In 2025, the company's annualized production capacity exceeded 28 million units, capturing 21.2% of the global optical interconnect solutions market and 28.1% of the high-speed data communications segment. In the first quarter of 2026, the company reported revenue of RMB 19.496 billion, a year-on-year increase of 192.12%; net profit attributable to the parent company was RMB 5.735 billion, up 262.28% year-on-year. In April 2026, the company's total market capitalization exceeded one trillion yuan.

Zhongji Innolight is registered in Longkou City, Shandong, but its core business is almost entirely derived from its Suzhou subsidiary. In 2025, Zhongji Innolight's full-year revenue was RMB 38.24 billion, of which Suzhou Innolight contributed RMB 36.447 billion, accounting for over 95%. After Liu Sheng founded Suzhou Innolight in the Suzhou Industrial Park in 2008, the company received an A-round investment of approximately 30 million yuan from Yuanhe Holdings, a Suzhou state-owned capital platform. Subsequently, Yuanhe Holdings continued to invest in 2010 and 2011, and introduced other capital. In 2010 and 2013, Qianrong Capital participated in the B-round financing. In 2014, Google Capital injected US$38 million into Suzhou Innolight, and together with Lightspeed China Partners, completed the C-round financing. In 2014, the company planned to list on Nasdaq, but the plan was shelved due to the Chinese concept stock crisis; later, it dismantled its VIE structure and restructured with Zhongji Equipment to return to the domestic market.

As of December 31, 2025, the total market capitalization of the A-share "Suzhou stock cluster" reached RMB 2.79 trillion, up over 60% year-on-year. The average annualized return of 229 Suzhou-listed stocks was 47.79%, with 33 stocks rising over 100%. Tianfu Communication, Dongshan Precision, and Hubo Electronics entered the "100-billion-yuan market cap club," and Hengtong Optoelectronics' market cap also exceeded 100 billion yuan in February 2026. Suzhou's AI computing power industry has formed five companies with market caps exceeding 100 billion yuan: Zhongji Innolight, Dongshan Precision, Tianfu Communication, Hubo Electronics, and Hengtong Optoelectronics, with a combined market cap approaching RMB 2 trillion, distributed across optical modules, PCB, optical fiber and cable, and other tracks.

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

In 2025, Suzhou added 20 new domestic and overseas listed companies, a year-on-year doubling, accounting for 10.34% of new A-share listings nationwide. Of these 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 over 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 Pharma, Luobotek, 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; and Jiuwu Intelligent has submitted an application to the Main Board of the Hong Kong Stock Exchange. Companies such as Dongling Vibration, Fuchang Space, Mengma Technology, and Mofa Atom are also planning their own listing paths.