Zhongji Innolight drops 5% in Hong Kong debut after $6.8 billion IPO
What's new: The deal was Hong Kong's biggest share sale of 2026, but the stock opened below its HK$980 offer price amid a broader AI-chip pullback.
Zhongji Innolight shares fell as much as 5% in early trading Thursday after the Chinese optical transceiver maker raised HK$53.4 billion, or about $6.8 billion, in its Hong Kong listing. The stock opened at HK$971 and later traded around HK$957, below its HK$980 offer price, which was set under the top end of the marketed range. Zhongji, already listed in Shenzhen, supplies components used in AI data centers, cloud computing and high-speed networking. The company said the IPO proceeds will go toward research and development, overseas production expansion, supply-chain upgrades and possible acquisitions. The listing was Hong Kong's largest of 2026 and Asia's second-biggest this year, behind CXMT's Shanghai offering.