Zhongji Innolight raised HK$53.4 billion ($6.8 billion) in Hong Kong's largest share sale in nearly seven years, pricing its H shares at HK$980 each, below the HK$1,010 maximum. The optical transceiver maker sold 54.5 million shares, making it Asia's second-largest listing in 2026 after CXMT's US$8.6 billion Shanghai IPO.

The Shenzhen-listed company manufactures optical transceivers critical for data centers, cloud networks, and AI systems. Its debut coincides with China's push for domestic AI champions amid US export controls on advanced semiconductors. Proceeds will fund R&D, global manufacturing expansion, supply chain upgrades, and acquisitions. Shares begin trading July 30.

First-quarter net profit nearly quadrupled to 6.32 billion yuan while revenue nearly tripled to 19.5 billion yuan, driven by surging AI infrastructure demand from major customers. The company generated 61.7% of revenue from the US in Q1 2026. Zhongji Innolight said its June inclusion on the US Department of Defense's "Chinese military companies" list does not restrict business with US customers or securities trading.