TECH

Zhongji Innolight Slides in Hong Kong Debut Following $7 Billion IPO

Published: Jul. 31, 2026 2:15 a.m. GMT+8

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Zhongji Innolight officially listed on the Hong Kong Stock Exchange on July 30, 2026. Photo: VCG

Shares of the world’s largest optical module manufacturer, Zhongji Innolight Co. Ltd., fell on their Hong Kong market debut in the financial hub’s largest initial public offering since 2019.

The Chinese technology supplier closed down 2.04% in Hong Kong on Thursday, while its Shenzhen-traded shares plunged 9.15% on record daily trading volume of nearly 60 billion yuan ($8.9 billion).

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Zhongji Innolight shares fell 2.04% on Hong Kong debut and 9.15% in Shenzhen, marking the city's largest IPO since 2019 with HK$53.4 billion raised.
The drop caused paper losses for 29 cornerstone investors including Temasek and BlackRock, despite the company dismissing price cut rumors and proposing an 8 billion yuan buyback.
Rivals Eoptolink and Suzhou TFC also fell about 12%, amid broader AI hardware sell-off driven by concerns over climbing debt and capex at US tech giants.

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What Happened When

Late July 2026：: Zhongji Innolight raised HK$53.4 billion ($6.8 billion) after pricing shares at HK$980, and dismissed rumors of price cuts, confirmed demand for next-generation products, and proposed a share buyback of up to 8 billion yuan.

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