On July 28 Zhongji Innolight, a Chinese maker of optical parts, set the price for its Hong Kong H-share offering at HK$980 per share, resulting in proceeds of HK$53.41 billion ($6.81 billion). The company sold 54.5 million Hong Kong shares in the transaction, with the final offer below the initial maximum of HK$1,010 established when the deal was launched last week.
The size of the offering places it as Asia’s second-largest listing so far this year and positions the Hong Kong share sale as the city’s largest since Alibaba’s $12.9 billion secondary listing in 2019, using data cited for market comparisons. Among Asia’s 2026 equity raises, Zhongji Innolight’s transaction follows Chinese chipmaker CXMT Corp’s $8.6 billion Shanghai IPO; CXMT shares rose 466% on their market debut earlier this week.
Zhongji Innolight produces optical transceivers, components that enable high-speed transmission of data through fibre-optic cables. These devices are commonly used in data centres, cloud computing networks and artificial intelligence systems. The listing comes during a period in which China is emphasizing development of domestic AI-related businesses as U.S.-led export controls limit access to some advanced semiconductors, and amid a broader wave of fundraising by Chinese technology firms in Hong Kong’s active equity market.
The company said net proceeds from the Hong Kong placement will be applied to research and development, expansion of global manufacturing capacity, upgrades to its supply chain, acquisitions and general working capital purposes.
Zhongji Innolight’s filings show the company reported a sharp uptick in results in the first quarter of 2026. Net profit nearly quadrupled to 6.32 billion yuan from 1.69 billion yuan a year earlier, while revenue nearly tripled to 19.5 billion yuan from 6.67 billion yuan. The company attributed that growth to stronger demand from major customers investing in AI infrastructure.
Geographically, Zhongji Innolight generated 61.7% of its revenue from the United States in the first quarter of 2026, according to its filings. The company also noted that its inclusion on a U.S. Department of Defense list of "Chinese military companies" in June does not, by itself, restrict its business with U.S. customers or trading in its securities.
Shares from the Hong Kong offering are expected to begin trading on July 30.
Currency conversions cited in company materials for reference were $1 = 6.7657 Chinese yuan renminbi and $1 = 7.8413 Hong Kong dollars.