Published Mon, Jul 20, 2026 · 12:45 PM
CHINA’S Zhongji Innolight is starting to gauge investor demand for its Hong Kong listing, according to terms of the deal seen by Bloomberg News, bringing it a step closer to what may be the city’s largest first-time share sale in seven years.
The Shenzhen-listed maker of optical transceivers essential to data centre build out may start taking investor orders as soon as the week of Jul 20 to raise as much as US$8 billion, people familiar with the matter have said. The company is starting analyst meetings with investors from Monday (Jul 20), the terms show.
At US$8 billion, Innolight’s listing would be Hong Kong’s biggest since Alibaba Group Holding’s US$12.9 billion listing in 2019. Innolight’s offering may also catapult Hong Kong’s listing proceeds in 2026 past the nearly US$37 billion raised in 2025, according to data compiled by Bloomberg.
The debut is part of a wave of offerings by Chinese companies in the AI supply chain that have largely fuelled 2026’s deals boom in Hong Kong. Other sizable share sales in the pipeline include Zhongji’s peer Eoptolink Technology, which is preparing to raise as much as US$5 billion, people familiar with the matter have said.
Shares of Innolight, whose expected deal size is larger than previously anticipated, have rallied about 430 per cent over the past year, though they are about 27 per cent off from a June peak. A selloff in chipmakers has gathered pace on worries that the AI spending spree is becoming harder to justify.
Innolight posted revenue of 19.5 billion yuan (US$2.9 billion) for the first three months of 2026, nearly threefold the amount in the same period in 2025. First-quarter profit rose nearly fourfold to 6.3 billion yuan.
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Goldman Sachs Group, China International Capital, Morgan Stanley and GF Securities are leading Innolight’s listing. Haitong International Securities, Citigroup, HSBC Holdings and China Galaxy Securities are also working on the deal, according to a filing. BLOOMBERG