Zhongji Innolight targets $8 bn Hong Kong IPO, biggest since 2019

Zhongji Innolight, the world’s leading optical interconnect solutions provider, announced a secondary listing in Hong Kong that could raise up to HKD 62.4 billion (about US$8 billion). The offering will consist of 54.5 million shares at a reference price of HKD 1,010 each, with an overallotment option that may increase the total to 62.7 million shares. Funds are earmarked for 35% research and development, 30% expansion of global manufacturing capacity for high‑speed optical transceivers, 15% acquisitions and supply‑chain investments, 10% supply‑chain resilience, and the remainder for working capital.

The deal attracted a high‑profile group of cornerstone investors, including sovereign wealth funds Temasek and Abu Dhabi Investment Authority, Canada’s CPP Investments, asset managers BlackRock, J.P. Morgan Asset Management and Wellington Management, as well as Chinese tech giants Alibaba and Tencent. Hong Kong financial firms such as Aspex and Chow Tai Fook Enterprises also participated. If completed, the IPO will be Hong Kong’s largest since 2019, underscoring the strategic importance of optical interconnects for AI clusters and cloud data centres.