Chinese optical parts maker Zhongji Innolight 3308.HK said on Tuesday it has priced its Hong Kong listing at HK$980 per H share, raising HK$53.41 billion ($6.81 billion) in Asia’s second-largest listing this year.
The Shenzhen-listed company sold 54.5 million Hong Kong shares in the deal. The final offer price was below the maximum limit of HK$1,010 set when the deal was launched last week.
The listing is set to be the city’s biggest share sale in nearly seven years, since Alibaba raised $12.9 billion in its secondary listing in 2019, according to LSEG data.
The deal ranks as Asia’s second-largest listing this year after Chinese chipmaker CXMT Corp’s $8.6 billion Shanghai IPO. CXMT’s shares soared 466% on their Shanghai trading debut on Monday.
Zhongji Innolight makes optical transceivers, small devices that help move large amounts of data through fibre optic cables. The parts are used in data centres, cloud networks and artificial intelligence computing systems.
The listing comes as China races to build homegrown AI champions while U.S.-led export curbs limit its access to advanced chips, even as recent volatility in global chip stocks tests investor appetite for AI-related companies.
Zhongji plans to use the proceeds for research and development, global production expansion, supply-chain upgrades, acquisitions and working capital.
Its shares are due to start trading in Hong Kong on July 30.
Reuters
