On July 22, prospectus disclosures from the Hong Kong Stock Exchange (HKEX) revealed that domestic optical transceiver giant Zhongji Innolight Co., Ltd. (03308.HK) has officially launched its Hong Kong public offering. The company is offering a total of 54.5 million H-shares globally, targeting total gross proceeds of up to approximately HK$55 billion (approx. RMB 47.46 billion). Scheduled to list on the Hong Kong market on July 30, it is set to become the largest HKEx IPO of the year.

Offering Details: Attracting Long-Term Capital

According to the prospectus, Zhongji Innolight is offering 54.5 million H-shares in its global offering, with the Hong Kong Public Offering accounting for 10% (5.45 million shares) and the International Placement accounting for 90% (49.05 million shares), featuring a 15% Over-Allotment Option. The final offer price is set at the top end of the offer price range at HK$1,010.00 per share, with a board lot size of 50 shares and a minimum entry fee of approximately HK$51,009.29.

• Offering Period: July 22, 2026 – July 27, 2026
• Pricing Date: July 28, 2026
• Listing Date: July 30, 2026
• Joint Sponsors: Goldman Sachs, CICC, Morgan Stanley, GF Securities

Company Overview: The "Pick-and-Shovel" Winner of the AI Era, Ranked Global No. 1 for 7 Consecutive Years

Listed on the Shenzhen Stock Exchange ChiNext board since 2012, Zhongji Innolight is among China's earliest optical communications device enterprises. The company specializes in the R&D, manufacturing, and sales of optical transceivers—a core component in AI data centers and cloud computing infrastructure responsible for high-speed, low-latency electro-optical signal conversion between servers and switches.

According to a report by China Insights Consultancy (CIC), the company has ranked as the world's largest optical interconnect solutions provider by revenue for five consecutive years since 2021, holding a 21.2% global market share in 2025 and commanding 28.1% of the high-speed data communications (datacom) optical interconnect segment.

In 2025, revenue from high-speed optical transceivers reached RMB 34.09 billion, accounting for 89.2% of total revenue. The revenue contribution of silicon photonics technology products surged to approximately 70% of the high-speed product line in Q1 2026, demonstrating rapid market adoption of next-generation technology platforms.

Financial Performance: Ramping AI Compute Investments Drive Explosive Growth

Continuous increases in AI infrastructure capital expenditures have directly fueled the company's explosive performance. From 2023 to 2025, revenue jumped from RMB 10.72 billion to RMB 38.24 billion, representing a CAGR of 88.9%. Net profit rose from RMB 2.21 billion to RMB 11.58 billion, achieving a year-on-year increase of 115.6% in 2025.

Entering 2026, growth accelerated further. In Q1 2026, the company recorded revenue of RMB 19.496 billion and a net profit of RMB 6.317 billion, surging by 192.1% and 273.7% YoY, respectively.

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