Chinese optical components manufacturer Zhongji Innolight is aiming to raise up to HK$55.05 billion (US$7 billion) through a listing in Hong Kong, potentially making it Asia’s second-largest initial public offering (IPO) of 2026.
According to a filing with the Hong Kong Stock Exchange, the Shenzhen-listed company plans to offer 54.5 million shares at a maximum price of HK$1,010 per share. If a 15% over-allotment option is fully exercised, the total fundraising could increase to approximately HK$63.3 billion (US$8.1 billion).
The IPO is expected to become Hong Kong’s largest share sale since Alibaba’s US$12.9 billion listing in 2019, and the second-biggest in Asia this year after Chinese memory chipmaker CXMT Corp’s US$8.6 billion Shanghai STAR Market listing.
Zhongji Innolight has secured support from 33 cornerstone investors, who have committed around US$3.45 billion, representing nearly half of the base offering. The investor lineup includes Temasek, BlackRock, JPMorgan Asset Management, Abu Dhabi Investment Authority, Wellington Management, Bain Capital, Alibaba, Tencent, CPP Investments, Oaktree, General Atlantic, and several other global investment firms.
The company manufactures optical transceivers, critical components that enable high-speed data transmission through fibre-optic networks. These products are widely used in data centres, cloud computing infrastructure, and artificial intelligence (AI) systems, positioning Zhongji to benefit from growing global demand for AI-related technologies.
The planned listing comes as Chinese technology companies accelerate investments in AI infrastructure to meet rising demand for advanced computing power and data centre capacity.
Zhongji reported strong financial growth, with 2025 revenue rising 60.3% year-on-year to 38.24 billion yuan (US$5.7 billion), while net profit more than doubled to 11.58 billion yuan. In the first quarter of 2026, revenue nearly tripled to 19.5 billion yuan, reflecting continued momentum in its business.
The company said proceeds from the IPO will be used to fund research and development, expand global production capacity, strengthen its supply chain, and support future growth initiatives.
The final offer price is expected to be announced on July 29, with trading on the Hong Kong Stock Exchange scheduled to begin the following day. The listing is jointly sponsored by Goldman Sachs, CICC, Morgan Stanley, and GF Securities.
