Zhongji Innolight raises $6.81 billion in Hong Kong listing

Chinese optical parts maker Zhongji Innolight priced its Hong Kong IPO at HK$980 per share, raising HK$53.41 billion ($6.81 billion) to become Asia's second-largest listing this year, after CXMT's $8.6 billion Shanghai IPO. The deal, Hong Kong's biggest since Alibaba's 2019, was priced below the top end of HK$1,010. Proceeds will fund R&D, global manufacturing, and supply-chain upgrades. The company, which generated 61.7% of revenue from the U.S. in Q1 2026, benefits from AI infrastructure demand despite U.S. export controls. Trading begins July 30.