**Nazhen Technology debuts on Hong Kong Stock Exchange, shares rise over 11% on first day**
Nazhen Technology, a Hisense-controlled optical communication and connectivity products supplier, listed on the Hong Kong Stock Exchange on September 22. The IPO was priced at HK$32.96 per share, raising net proceeds of approximately HK$5.445 billion. Shares opened 11.04% higher and traded up 9.53% by the time of reporting, giving the company a market capitalization exceeding HK$36.5 billion. The company ranks fifth globally among professional optical module manufacturers by 2025 revenue, with a 4.0% market share.
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Hisense Group's Sixth IPO, Nanzhen Tech, Debuts on HKEX with $4.6 Billion Market Cap
Nanzhen Technology (09856.HK), a fiber-optic communications company, listed on the Hong Kong Stock Exchange on September 22, becoming the sixth listed company under the Hisense Group. The IPO was priced at HKD 32.96 per share, raising net proceeds of approximately HKD 5.445 billion. On its first trading day, the stock opened at HKD 36.6, giving it a market capitalization of HKD 36 billion (about RMB 30.7 billion). Founded in 2002 by former Hisense chairman Zhou Houjian and MIT Ph.D. Huang Weiping, Nanzhen produces optical modules, optical network terminals, and optical chips for AI cloud computing, telecom, 5G, and broadband. In 2025, the company reported revenue of RMB 8.355 billion and net profit of RMB 873 million, with AI-driven demand for high-speed optical interconnects as its core growth driver. The company ranks fifth globally in the professional optical module market with a 4.0% share. Post-IPO, Hisense Group holds a 40.10% stake, while early investors including Primavera Capital, Archcom LLC, and Xiamen state-owned capital see significant paper returns. The article notes that Nanzhen faces intense competition from leaders like Zhongji Innolight and Eoptolink, especially in overseas markets, and plans to use 78% of IPO proceeds for R&D and capacity expansion, focusing on optical chip commercialization and next-gen optical communication technology.
Read sourceNazhen Technology IPO: Net Profit Growth Questioned, Optical Module Utilization Below Capacity
Nazhen Technology, a subsidiary of Hisense Group, has launched its IPO on the Hong Kong Stock Exchange, aiming to raise approximately 5.67 billion HKD. Securities Star reports that the company's profitability growth is unstable, with a 2025 net profit of 873 million yuan inflated by a 353 million yuan gain from selling a joint venture, accounting for over 40% of net profit. The company's data communication optical module gross margin has declined for two consecutive years, from 28.9% in 2023 to 24.4% in 2025, due to competitive pricing and rising fixed costs. Its optical chip business recorded negative gross margins in 2024 and 2025, attributed to low revenue failing to cover fixed costs. Revenue grew to 8.355 billion yuan in 2025, but customer concentration increased, with the top five customers accounting for 70.2% of revenue. There is also overlap between customers and suppliers, including parent company Hisense Group. Despite the IPO's expansion plans, existing optical module capacity utilization is not saturated, with rates at some facilities declining. The company also distributed over 434 million yuan in dividends from 2023 to 2025 while having unpaid social insurance and housing fund contributions totaling 37.8 million yuan.
Read sourceHisense-Controlled Optical Chip Firm Nanzhen Technology Lists in Hong Kong, Market Cap Tops 30 Billion Yuan
Nanzhen Technology, an optical communication and optical chip company controlled by the Hisense Group, listed on the Hong Kong Stock Exchange on September 22. Its IPO price was 32.96 HKD per share, opening 11% higher at 36.60 HKD. By 10:24 AM, shares traded at 35.90 HKD, giving a market cap of 352.88 billion HKD (approximately 303.4 billion RMB). The company is a global supplier of optical modules, chips, and network terminals, ranking fifth globally in optical modules with 4.0% market share in 2025. Hisense Group holds 44.44% of shares as the largest shareholder. The IPO raised net proceeds of about 54.45 billion HKD, with 52.9% allocated to R&D. Revenue nearly doubled from 42.39 billion RMB in 2023 to 83.54 billion in 2025, driven by AI demand for data center optical modules. The company faces challenges including high customer concentration and lower gross margins compared to industry leaders.
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Optical Module Unicorn Nazzhen Technology Lists on Hong Kong Stock Exchange
Nazzhen Technology, an optical communication and connectivity products supplier controlled by Hisense, debuted on the Hong Kong Stock Exchange on September 22, with shares rising over 13% from the IPO price of HK$32.96, giving it a market cap exceeding HK$36.5 billion. The company, founded by Shandong University professor Huang Weiping in partnership with Hisense in the early 2000s, has evolved from focusing on FTTx optical modules to becoming a global player in data center optical modules and optical chips. In the first half of 2026, its revenue reached approximately RMB 5.393 billion, with net profit of RMB 661 million, driven largely by data center optical module sales. The IPO marks the sixth listed company under the Hisense group and reflects a broader trend of Qingdao-based unicorns, including Kaos and Goertek Microelectronics, pursuing public listings. Spring Capital, the largest external shareholder with 16.48% pre-IPO stake, noted that AI demand has further expanded growth opportunities for optical modules as core infrastructure.
Read sourceHisun-backed optical module unicorn Nazz Technology lists in Hong Kong IPO
Nazz Technology, a Hisun-controlled optical communication and connectivity supplier, successfully listed on the Hong Kong Stock Exchange on September 22, with its share price rising over 13% from the IPO price of 32.96 HKD, giving it a market cap exceeding 36.5 billion HKD. The company, founded by Shandong University professor Huang Weiping in partnership with Hisun in the early 2000s, has evolved from a focus on FTTx to become a major player in data communication optical modules, now ranking fifth globally among professional optical module vendors by 2025 revenue. Its product portfolio spans optical chips, modules, and network terminals, with 800G and 1.6T modules in production. The IPO makes Nazz the sixth listed company under the Hisun group. The article notes that Nazz's success reflects a broader trend of Qingdao-based unicorns, including Kaos and Goertek Microelectronics, pursuing public listings, supported by the city's industrial base and policy framework.
Read sourceHisense Group's Sixth IPO: Nazhen Technology Raises HK$5.67 Billion in Hong Kong Listing
Nazhen Technology, a global supplier of optical communication and connectivity products, officially listed on the Hong Kong Stock Exchange on September 22, raising net proceeds of approximately HK$54.45 billion from an IPO priced at HK$32.96 per share. The company, controlled by the Hisense Group, saw its shares rise 11.04% on the first day of trading, giving it an opening market capitalization of about HK$359.76 billion. Nazhen Technology is the sixth listed company under the Hisense Group, following Hisense Visual, Hisense Home Appliances, Sanden Holdings, Qianzhao Optoelectronics, and Kelin Electric. The company ranks fifth globally among professional optical module manufacturers by 2025 revenue, with a 4.0% market share, and third in China with a 10.1% share. Its revenue grew from approximately RMB 50.43 billion in 2022 to RMB 83.55 billion in 2025, with net profit rising to RMB 8.73 billion in 2025. The IPO attracted cornerstone investors including Primavera Capital, GBAHIL, and others, subscribing for 47% of the offering. Proceeds will fund R&D, capacity expansion, and overseas market expansion.
Read sourceHispan-backed optical module unicorn Nazhen Technology lists on Hong Kong Stock Exchange
Nazhen Technology, an optical communication and connectivity product supplier controlled by Hisense, debuted on the Hong Kong Stock Exchange on September 22, with shares rising over 13% from the IPO price of 32.96 HKD, reaching a market cap exceeding 36.5 billion HKD. The company, founded by Shandong University professor Huang Weiping in collaboration with Hisense in the early 2000s, has become the sixth listed company under the 'Hisense Group'. Nazhen Technology specializes in optical modules and chips, with its data communication optical module revenue accounting for nearly 70% of total revenue in the first half of 2026. The IPO marks a milestone for Qingdao's unicorn ecosystem, as several other local unicorns including Khaos and Goertek Microelectronics are also pursuing listings. Spring Capital, the largest external shareholder holding 16.48% pre-IPO, noted that AI has further expanded growth opportunities for the optical module industry, which they had long viewed as core infrastructure.
Read sourceNazhen Technology Rises 9.53% on Hong Kong Debut, Ranked Fifth in Global Optical Module Market
Nazhen Technology (stock code: 09856) began trading on the Hong Kong Stock Exchange, opening 11.04% higher. The company priced its IPO at 32.96 Hong Kong dollars per share, issuing 172 million shares, with net proceeds of approximately 5.445 billion Hong Kong dollars. As of the time of reporting, the stock was trading at 36.1 Hong Kong dollars, up 9.53%, with a turnover of 1.14 billion Hong Kong dollars. According to data from Frost & Sullivan, the company held a 4.0% share of the global optical module market by revenue in 2025, ranking fifth among all professional optical module manufacturers worldwide. In China, it held a 10.1% market share, ranking third among professional optical module manufacturers. The article is sourced from Hafu Securities.
Read sourceNazhen Technology surges over 11% on Hong Kong stock market debut
Nazhen Technology, a global supplier of optical communication and optical connection products, surged 11.04% on its first day of trading on the Hong Kong stock market. The stock opened at 36.60 yuan, above its initial public offering price of 32.96 yuan. The company, founded on February 20, 2009, specializes in the research, development, manufacturing, and sales of optical modules, optical chips, and optical network terminals. The strong debut reflects investor interest in the company's position within the optical communications sector.
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