Zhongji Innolight's Hong Kong IPO raises $6.81 billion, Asia's second largest listing of 2026

China's Zhongji Innolight priced its Hong Kong initial public offering at HK$980 per share and raised HK$53.41 billion, equivalent to $6.81 billion, by selling 54.5 million shares. The pricing was announced on Monday, 27 July 2026 (5 Mordad 1405), and the shares are due to begin trading on Thursday, 30 July.

It is Hong Kong's largest share sale in nearly seven years and the second largest listing in Asia in 2026, behind the $8.6 billion Shanghai offering by Chinese memory chipmaker CXMT earlier this month.

Zhongji Innolight makes optical transceivers, a key component for high speed data transmission over fibre optic networks whose demand has risen with the expansion of data centres, cloud computing and artificial intelligence systems. The company's net profit in the first quarter of 2026 nearly quadrupled to 6.32 billion yuan (about $934 million) from 1.69 billion yuan a year earlier, while revenue nearly tripled to 19.5 billion yuan from 6.67 billion yuan. The offering lands in the same week as a wave of selling in Asian and US chip shares, with markets questioning the durability of the artificial intelligence investment cycle, the same variable that shapes global risk appetite and, through it, expectations in Iran's market.