TECH

Zhongji Innolight Rebounds After Buyback Plan, Easing Jitters Ahead of Hong Kong Debut

Published: Jul. 29, 2026 11:14 p.m. GMT+8

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Zhongji Innolight is due to begin trading on the Hong Kong Stock Exchange’s Main Board on Thursday. Photo: VCG

Shares of Shenzhen-listed Zhongji Innolight Co. Ltd. (300308.SZ) rebounded after the company unveiled a large share-buyback plan and pushed back against market rumors of product price cuts, helping steady China’s optical communications sector after a broad selloff ahead of the company’s Hong Kong listing.

The swings around what is set to be Hong Kong’s largest initial public offering this year highlight rising investor caution toward once-favored artificial-intelligence hardware stocks, as global market volatility and shifting macroeconomic expectations spur profit-taking.

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Explore the story in 30 seconds

Zhongji Innolight rebounded after buyback plan and denial of price-cut rumors, stabilizing sector.
Its Hong Kong IPO raised HK$53.4 billion at HK$980 a share, Hong Kong's largest listing.
Heavy capital outflows and global AI stock volatility continued, with profit-taking from crowded trades.

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Who’s Who

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What Happened When

Since early June 2026：: South Korea's KOSPI index triggered seven trading halts.

July 9, 2026：: Luxshare Precision Industry Co. Ltd. raised HK$24.2 billion in a Hong Kong listing.

July 27, 2026：: Zhongji Innolight's Shenzhen-listed shares closed at 1,076.9 yuan. Nvidia Corp. fell more than 4% to below $200 a share.

July 28, 2026：: Zhongji Innolight disclosed its Hong Kong IPO price; A shares fell 15.7%. Chairman proposed a 4-8 billion yuan share buyback. Coherent Corp. fell more than 10% for a third straight losing session.

July 28-29, 2026：: Fed meeting; probability of rate hike fell to 17% from 42% a day earlier.

Before July 29, 2026：: Zhongji Innolight's H-share premium to offer price narrowed to about 12% by this date.

July 29, 2026：: Zhongji Innolight's A-shares hit a 20-day low of 898.6 yuan in the morning, later closed up 4.7% at 951 yuan. Gray market trading showed stock more than 3% below Hong Kong offer price. East Money CPO concept index fell 1.85%. Main funds had net outflows over 7 billion yuan. Fed policy decision expected in Washington.