Zhongji Innolight (stock code 03308) listed on the Hong Kong Stock Exchange on 30 July. The company priced at HK$980 per share, sold 54.5 million shares and raised HK$53.4 billion; after listing fees of RMB 519 million, net proceeds came to HK$52.89 billion. With a board lot of 50 shares, a single allocation cost nearly HK$50,000 – a high threshold for ordinary retail investors.
Despite the backing of marquee names such as Alibaba, Tencent and Hillhouse, the stock broke issue. It now trades at HK$901.5, down 8% from the offer price, giving it a market capitalisation of HK$1.05 trillion. The company’s Shenzhen-listed shares fell 15.88% on the day, pushing its market cap below RMB 1 trillion to roughly RMB 892.8 billion.
The listing drew 29 cornerstone investors who committed a combined $3.45 billion (about HK$27 billion). Temasek took $300 million (via White Bastion at $240 million and True Light at $60 million), Hillhouse’s HHLRA took $300 million, JPM Asset Management $250 million and BlackRock $250 million. Yunfeng’s YF Capital and Aspex took $150 million each; Middle Eastern and global funds including ADIA, Wellington, Perseverance, Mirae, NGS Super, Bain Capital, CPE and Boyu took $100 million each; IDG took $90 million and Ninety One Asia $10 million. Alibaba, Tencent, CPP Investments, Oaktree, Chow Tai Fook, General Atlantic and others took $50 million each. At an 8% decline, Temasek and Hillhouse are sitting on a $24 million (about RMB 160 million) paper loss, while Alibaba and Tencent are each down $4 million.
The listing lands as the broader optical-module sector corrects. Zhongji Innolight, Eoptolink and T&S Communications – nicknamed the ‘Yi-Zhong-Tian’ trio – are core suppliers of 800G and co-packaged-optics components riding the AI compute build-out, and all three enjoyed a year-long structural bull run from mid-2025 to June 2026. The market is now correcting the euphoric expectations of that stretch, while a rising field of new entrants stokes fears of margin compression. Zhongji peaked at RMB 1,367 on 26 June 2026 and has since retreated more than 40%; Eoptolink is also down 16%, to RMB 352 and a market cap of RMB 490.8 billion.
Source (Chinese original): Sohu IT
Translated and adapted from Sohu IT (it.sohu.com).