Global Market: Zhongji Innolight raises $6.81 billion in Hong Kong listing, Asia’s second-biggest IPO of 2026

Chinese optical components maker Zhongji Innolight has priced its Hong Kong listing at HK$980 per H share, raising HK$53.41 billion ($6.81 billion) in what is set to become the city’s largest share sale in nearly seven years, Reuters reported.

The Shenzhen-listed company sold 54.5 million Hong Kong shares in the offering, with the final price set below the maximum limit of HK$1,010 announced when the deal was launched last week.

According to LSEG data cited by Reuters, Zhongji Innolight’s listing is the biggest Hong Kong equity offering since Alibaba’s $12.9 billion secondary listing in 2019. The deal also ranks as Asia’s second-largest share offering this year, behind Chinese memory chipmaker CXMT Corp’s $8.6 billion Shanghai initial public offering. CXMT shares surged 466% on their market debut on Monday.


Zhongji Innolight manufactures optical transceivers, components that facilitate high-speed data transmission through fibre-optic networks. Its products are widely used in data centres, cloud computing infrastructure and artificial intelligence systems.

The listing comes as China pushes to develop domestic AI technology leaders amid U.S.-led restrictions on access to advanced semiconductors. It also follows a wave of fundraising by Chinese technology companies in Hong Kong’s recovering equity market, even as volatility in global chip stocks has challenged investor appetite for AI-focused companies.

The company plans to use proceeds from the listing for research and development, expansion of global manufacturing capacity, supply-chain improvements, acquisitions and general working capital needs.

Zhongji Innolight shares are scheduled to begin trading in Hong Kong on July 30.

The company’s financial performance has been boosted by rising demand for AI infrastructure. Its first-quarter net profit nearly quadrupled to 6.32 billion yuan ($934.12 million) from 1.69 billion yuan a year earlier, while revenue nearly tripled to 19.5 billion yuan from 6.67 billion yuan, according to its filings.

The company said growth was supported by stronger demand from major customers investing in AI infrastructure.

Zhongji Innolight generated 61.7% of its revenue from the U.S. market in the first quarter of 2026. The company has said its addition to a U.S. Department of Defence list of Chinese military companies in June does not by itself restrict its business dealings with U.S. customers or trading of its securities.