Changxin Technology Soars 471.59% in STAR Debut; Zhongji Innolight HK IPO Targets HK$55.045 billion, US$3.45
Changxin Technology surged 471.59% to a market capitalisation of RMB3.31 trillion on its STAR Market debut on July 27, 2026, after pricing its IPO at RMB8.66 per share. Separately, Zhongji Innolight launched its Hong Kong public offering on July 22, targeting up to HK$55.045 billion amid 33 cornerstone investors including Temasek, Abu Dhabi Investment Authority, BlackRock, J. P. Morgan Asset Management, Alibaba and Tencent committing about US$3.45 billion. The company plans to use 35% of net proceeds for optical interconnect R&D, 30% for global capacity expansion and 15% for strategic investments, as it holds a 21.2% share of the global optical interconnect solutions market.
On July 27, 2026, Changxin Technology listed on the STAR Market at an IPO price of RMB8.66 per share. It opened at RMB49.50, a gain of 471.59%, and saw its total market capitalisation reach RMB3.31 trillion at one point.
On July 22, 2026, Zhongji Innolight launched its Hong Kong public offering. Based on the base offering size and the maximum offer price, total proceeds could reach up to HK$55.045 billion. A group of 33 cornerstone investors—including Temasek, Abu Dhabi Investment Authority, BlackRock, J. P. Morgan Asset Management, Alibaba and Tencent—have collectively committed to subscribe for approximately US$3.45 billion.
Zhongji Innolight reported attributable net profit of RMB10.797 billion for 2025. In the first quarter of 2026, the company achieved revenue of RMB19.496 billion, up 192.12% year-on-year; attributable net profit of RMB5.735 billion, up 262.28%; and net cash flow from operating activities of RMB3.368 billion. The company plans to allocate about 35% of net IPO proceeds to optical interconnect product research and development, including enhancing the performance of 1.6T optical modules, promoting volume production of 3.2T products, and deploying next-generation technologies such as NPO and CPO. Approximately 30% will be used to expand global production capacity, around 15% for strategic investments and acquisitions, and the remainder to supplement working capital.
Zhongji Innolight held a global market share of roughly 21.2% in optical interconnect solutions in 2025, and a 28.1% share in the high-speed data communication optical interconnect market, with leading positions across 400G, 800G and 1.6T products. In 2025, more than 90% of its revenue came from overseas markets. The top five customers collectively accounted for 81.9% of revenue.
Zhongji Innolight's share price hit a low of RMB66.78 in April 2025 before rising to a peak of RMB1,416.88 in June 2026. In July 2026, it fell to a low of RMB950.55.
At end-2025, prepayments stood at RMB210 million. Three months later, they had increased to RMB1.7 billion, partly to secure upstream capacity and purchase key raw materials.