Zhongji Innolight targets up to $8 bn Hong Kong IPO, could become city's largest this year

Zhongji Innolight, a Chinese maker of high‑speed optical transceivers that power AI data centres, is gauging investor demand for a Hong Kong secondary listing that could raise between $7 bn and $8 bn. The offering would surpass Luxshare Precision’s $3.1 bn deal and become the largest IPO in Hong Kong for 2026.

The company, already listed on the Shenzhen Stock Exchange (ticker 300308.SZ), filed a confidential prospectus in April 2026 and cleared the HKEX listing hearing on 17 July 2026. A syndicate led by Goldman Sachs, Morgan Stanley, CICC and GF Securities – with participation from Citigroup, HSBC and others – is handling the sale. If priced at the top end, the IPO would be the biggest first‑time share sale in Hong Kong since Alibaba’s $12.9 bn offering in 2019.

Innolight’s growth is tied to the AI boom: first‑quarter revenue reached 19.5 bn yuan ($2.9 bn) and profit rose to 6.3 bn yuan, while its Shenzhen shares have jumped about 430 % over the past year. Analysts note that geopolitical tensions around Chinese technology firms remain a risk for the listing.