Zhongji Innolight, a Chinese optical parts maker listed in Shenzhen, has told potential investors it will price its Hong Kong initial public offering below the maximum price, Bloomberg Markets reported on Monday. The company plans to sell 54.5 million shares at HK$980 each, which is lower than its cap of HK$1,010 per share. Bloomberg cited people familiar with the matter; Reuters could not confirm the story immediately, and the firm has not yet responded.

The offering will be the largest share sale in Hong Kong in almost seven years, eclipsing Alibaba’s $12.9 billion secondary listing in 2019, according to London Stock Exchange Group data. In Asia, the deal ranks second this year after Chinese chipmaker CXMT’s $8.6 billion Shanghai IPO, whose shares surged 470 percent on debut.

Zhongji Innolight manufactures optical transceivers—small devices that move large volumes of data through fibre‑optic cables. The company’s technology is crucial for modern data centers and telecom networks. The deal is priced at approximately $124.96 per share when converted at an exchange rate of 1 USD = 7.8422 HKD.

With the pricing set below the maximum, investors may see a more attractive entry point, but nothing guarantees demand will match expectations. The market will watch closely as the first tranche of shares is offered.