Zhongji Innolight Nears Hong Kong Listing of Up to $7 Billion

Published Jul 17, 08:41 AM UTC

Zhongji Innolight, a Shenzhen-listed Chinese manufacturer of optical modules for AI data centers, has moved closer to a Hong Kong listing after publishing its post-hearing draft prospectus on July 17, 2026. The company aims to raise up to $7 billion, which would make it Hong Kong's largest listing in 2026, surpassing Luxshare Precision's $3.1 billion deal. Revenue surged 192% to 19.5 billion yuan in Q1 2026, with profit up 274%. The U.S. accounted for 61.7% of Q1 revenue, and the company was added to the U.S. Department of Defense's Chinese military companies list on June 8, though it stated this has not caused material order cancellations. Proceeds will fund R&D, global production expansion, and strategic acquisitions. Goldman Sachs, CICC, Morgan Stanley, and others are overall coordinators. The debut could occur in early August, subject to market conditions.