Zhongji Innolight, the Chinese manufacturer of optical modules critical for AI data centers, is gauging investor appetite for a Hong Kong secondary listing. The deal could raise between $7 billion and $8 billion. If successful, it would be Hong Kong's largest initial public offering of 2026.
The company, listed in Shenzhen under ticker 300308.SZ, filed confidentially with Hong Kong's exchange in April 2026. Its initial target was a $3 billion raise. After clearing its listing hearing on July 17, the potential deal size more than doubled.
Goldman Sachs, Morgan Stanley, CICC, and GF Securities are leading the offering. The structure will create an A+H share listing, allowing shares to trade on both exchanges.
Zhongji Innolight's high-speed optical modules are essential for moving data between servers in AI training clusters. Demand has grown as AI models become larger.
The offering surpasses the $3.1 billion deal by Luxshare Precision earlier in July, which had been Hong Kong's largest IPO of 2026.
Geopolitical tensions remain a key risk. Export controls and tariff uncertainty could impact sentiment for a company deeply integrated into Chinese and Western tech supply chains.