IPO fundraising leader Zhongji Innolight stumbles in trading debut
Optical module maker Zhongji Innolight Co. Ltd. (3308.HK; 300308.SZ) stumbled in its trading debut on Thursday, after making Hong Kong’s largest IPO this year. The stock opened at HK$971, down about 1% from its listing price of HK$980. It closed at HK$908 by the midday break, 7.4% below the offer price.
Adding to the rocky debut, Zhongli Innolight’s final offer price was 3% below its initial target of HK$1,010. The company issued 54.5 million shares, raising net proceeds of HK$52.89 billion ($6.74 billion). The retail tranche for local investors was oversubscribed by 15.8 times, while the international tranche was oversubscribed by 8.7 times. A total of 35 cornerstone investors subscribed for 27.25 million shares, accounting for 50% of the total on offer.
The company makes a diversified portfolio of optical module products ranging from 100G to 1.6T. It delivered 7.5 million units in 2023, 14.6 million in 2024 and 21.1 million units last year, while shipping another 9 million units in the first quarter of 2026.
The company recorded revenue of 19.5 billion yuan ($2.88 billion) in the first quarter of this year, up 192% year-over-year. Its profit for the period soared by 274% to 6.32 billion yuan.
By Lau Chi Hang
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