Zhongji InnoLight Co., Ltd.（中际旭创股份有限公司）, a leading Chinese supplier of optical transceivers used in cloud and artificial-intelligence infrastructure, has priced its Hong Kong H-share offering at HK$980 per share, giving the base deal gross proceeds of HK$53.41 billion (US$6.81 billion).
The company is offering 54.5 million H shares before any exercise of the 15% over-allotment option. The transaction is Hong Kong’s largest share sale of 2026 and, according to LSEG data cited by Reuters, the city’s biggest in nearly seven years. Trading is expected to begin on the Hong Kong Stock Exchange on July 30 under stock code 3308, subject to the offering becoming unconditional.
The final price was below the HK$1,010 maximum stated when the offering was launched, rather than at the top of an indicative range. Zhongji InnoLight is already listed on the ChiNext market of the Shenzhen Stock Exchange under stock code 300308, making the Hong Kong transaction an H-share offering by an existing public company rather than its first stock-market listing. Once trading begins, its shares will be available through both the mainland and Hong Kong markets.
The company’s corporate history traces back to a motor-winding equipment manufacturer established in 2005 and listed in Shenzhen in 2012. Its present optical-communications business originated with Suzhou InnoLight, which was founded in 2008 and acquired by the listed company through a major asset restructuring completed in 2017. The listed entity was subsequently renamed Zhongji InnoLight. Its headquarters are registered in Longkou, Shandong province, while its principal place of business in mainland China is in Suzhou.
Zhongji InnoLight’s principal products are optical transceivers, which convert electrical and optical signals to carry data between servers, switches and other network equipment. Its portfolio includes 400G, 800G and 1.6T products. Citing data from China Insights Consultancy, the company’s prospectus describes it as the world’s largest optical-interconnect solutions provider by revenue for five consecutive years beginning in 2021. It accounted for an estimated 21.2% of the overall global market and 28.1% of the high-speed datacom segment in 2025.
Growth in AI infrastructure spending has sharply increased the company’s sales. Revenue rose to RMB19.50 billion in the first quarter of 2026 from RMB6.67 billion a year earlier, while net profit increased to RMB6.32 billion from RMB1.69 billion. High-speed optical transceivers generated 94.6% of quarterly revenue. The company attributed the growth primarily to stronger demand from major customers investing in AI infrastructure.
The prospectus allocates about 35% of net proceeds to optical-interconnect research and development and 30% to expanding global production capacity. A further 10% is intended for supply-chain resilience and commercialization, 15% for strategic acquisitions and investments, and 10% for working capital and general corporate purposes. Planned investments include additional capacity for 1.6T products and research and production preparation for 3.2T transceivers and other next-generation interconnect technologies.
The offering also gives Zhongji InnoLight an offshore financing channel at a time when its overseas exposure is drawing closer scrutiny. Customers in the United States generated 61.7% of its revenue in the first quarter of 2026. The company was added to a U.S. Department of Defense list of “Chinese military companies” in June, although it said the designation is not itself a sanctions measure and does not by itself prohibit business with U.S. commercial customers or trading in its securities. The prospectus nevertheless warned that the designation and possible changes in U.S. trade and investment rules could affect customer relationships and future access to capital.