Chinese optical transceiver manufacturer Zhongji Innolight is preparing to launch a major stock offering in Hong Kong on Wednesday, with plans to raise a minimum of $8 billion, according to three individuals with direct knowledge of the deal.
The company intends to offer shares priced as high as HK$1,010 — equivalent to approximately $128.81 U.S. dollars — per share, two of those sources indicated. That price tag would come in at a 13.2% discount compared to the closing price of Zhongji’s Shenzhen-listed stock on Monday.
All three sources requested anonymity due to the confidential nature of the information. Zhongji Innolight had not responded to a request for comment at the time of reporting.
If completed, the transaction would stand as Hong Kong’s largest share sale in close to seven years, surpassing all listings since Alibaba Group raised $12.9 billion in its 2019 Hong Kong offering.
The deal is also projected to be the second-largest listing across all of Asia so far this year, trailing only Chinese chipmaker CXMT Corp’s $8.6 billion initial public offering on Shanghai’s STAR market.
Zhongji Innolight specializes in optical transceivers — compact devices that convert electrical signals into light-based signals and then reverse the process. These components are essential for transmitting large volumes of data through fiber-optic cables and are widely used in data centers, cloud computing networks, and artificial intelligence systems.
According to data from LSEG, new listings on the Hong Kong exchange have collectively raised $33.8 billion so far in 2025 — more than twice the $16.4 billion generated during the same stretch of last year.
The timing of this listing reflects a broader trend of Chinese technology companies rushing to secure funding for artificial intelligence infrastructure, as both China and the United States compete aggressively to develop faster data centers and computing networks.
