Zhongji Innolight Debuts Below IPO Price in Hong Kong; Chairman Proposes RMB 4 Billion-8 Billion Buyback

Zhongji Innolight officially listed on the Hong Kong Stock Exchange on July 30, 2026, at an IPO price of HK$980 per share, issuing 54.5 million shares and raising HK$53.41 billion, making it the largest IPO in Hong Kong's capital markets in seven years. Hong Kong's Acting Financial Secretary Michael Wong pointed out at the listing ceremony that Zhongji Innolight was the city's largest IPO in seven years. Chairman and President Liu Sheng said that the rapid development of the digital economy and artificial intelligence is reshaping the global industrial landscape, making connectivity one of the most important foundational capabilities in the optical digital era. The company has always believed that technological innovation is not only about pushing boundaries but also about promoting connectivity, empowering industries, and serving society.

The IPO attracted 33 cornerstone investors, who collectively subscribed for US$3.45 billion (approximately HK$27 billion), accounting for nearly half of the base offering. Cornerstone investors included Temasek, Hillhouse HHLR, Morgan Stanley Investment Management, BlackRock, Abu Dhabi Investment Authority, Canada Pension Plan, Alibaba, Tencent, General Atlantic, and Oaktree Capital. The public offering was oversubscribed by 16.84 times, while the international offering was oversubscribed by 9.73 times. On the first day of listing, the HKEX simultaneously launched weekly and monthly options, listed derivative warrants, and included the stock in the list of eligible securities for short selling. First-day turnover reached HK$11.487 billion, with a turnover rate of 22.41%.

Zhongji Innolight is the first pure-play AI computing infrastructure leader listed in Hong Kong, filling a gap in the city's technology sector in AI hardware. In the first quarter of 2026, the company achieved revenue of RMB 19.496 billion, up 192% year-on-year, and net profit of RMB 5.735 billion, up 262% year-on-year. First-quarter revenue already exceeded half of the total for the full year 2025. The company's order visibility covers the entire year of 2026, with some customers placing orders through 2027, delivery plans detailed to the monthly level, and certain key customers already providing guidance for new products in 2028, with substantial amounts. Zhongji Innolight has been the global market share leader in optical modules for five consecutive years, with a 21.2% global market share in 2025 and a 28.1% share in high-speed data communication optical modules. The company is about six months ahead of peers in mass production of 400G, 800G, and 1.6T optical modules, and is the first globally to introduce 400G, 800G, and 1.6T optical modules using silicon photonics technology.

Zhongji Innolight's shares fell below the IPO price on the first day of trading in Hong Kong. On the evening of July 28, 2026, the company announced that Chairman and President Liu Sheng had proposed a share buyback plan totaling RMB 4 billion to RMB 8 billion, creating two-way value synergy with the H-share listing.