Global Market: Zhongji Innolight raises $6.81 billion in Hong Kong listing, Asia’s second-biggest IPO of 2026

Shenzhen-listed Zhongji Innolight raised $6.81 billion in its Hong Kong IPO, pricing 54.5 million shares below the maximum of HK$1,010. It is the biggest Hong Kong equity offering since Alibaba's $12.9 billion secondary listing in 2019 and Asia's second-largest share offering of the year. The optical transceiver maker, which derives about 61.7 percent of its revenue from the US market, reported Q1 net profit of 6.32 billion yuan, nearly four times year-on-year, driven by demand from AI infrastructure customers. Trading is scheduled to begin on July 30.