Global optical module leader Zhongji Innolight Co.,Ltd. (ASX: 300308) is moving closer to its Hong Kong listing.
According to a Reuters report citing two sources with direct knowledge, the company is planning to launch its initial public offering in Hong Kong as early as mid-July, with a fundraising target of up to $70 billion.
This core enterprise in the AI computing power industry chain, already listed on the A-share market with a market capitalization exceeding 1.4 trillion yuan, is accelerating its strategy to establish dual capital platforms in both the A-share and Hong Kong markets.
Fundraising Target Raised Following Strong Investor Demand
The initial fundraising target was reportedly around $50 billion, but was significantly increased to approximately $70 billion due to strong investor interest during the roadshow. Such a substantial upward revision is rare in recent Hong Kong IPOs, reflecting the high level of global capital enthusiasm for core assets in the AI computing power supply chain.
The sources also indicated that the company aims to obtain approval from the China Securities Regulatory Commission for this secondary listing by the end of June. According to regulations for overseas listings by mainland companies, a filing application must be submitted to the CSRC before shares can be sold overseas. The company has already confidentially submitted its listing application.
If this IPO is successfully completed, the $70 billion fundraising scale would position the company to potentially become the largest Hong Kong listing by funds raised this year.
The Rise of an AI Computing Power Leader
The company specializes in the research, development, production, and sales of high-end optical communication transceiver modules, with products covering the full range from 100G to 1.6T. Its core clients include global tech giants such as NVIDIA, Google, and Amazon. In the global AI computing power race, optical modules are seen as the vital arteries connecting the computing "nervous system," and the company is the global leader in this critical field.
Financial performance underscores its explosive growth. For the full year 2025, the company reported operating revenue of 382.4 billion yuan, a year-on-year increase of 60.25%, and net profit attributable to shareholders of 107.97 billion yuan, a surge of 108.78%, officially entering the "ten-billion-yuan net profit" tier.
The growth momentum accelerated further in 2026. For the first quarter, the company achieved revenue of 194.96 billion yuan, a massive increase of 192.12% year-on-year, and net profit attributable to shareholders of 57.35 billion yuan, soaring 262.28%. The company holds a global market share exceeding 40% in the 800G optical module market, with an estimated share between 50% and 70% in the 1.6T segment.
The capital market response has been equally fervent. On June 3, 2026, the company's share price reached a historical high of 1,320 yuan intraday, bringing its total market capitalization to 1.42 trillion yuan. In contrast, its share price was as low as 20 yuan per share in 2022, representing a near 50-fold increase over four years.
Countdown to Listing: Will the Hong Kong Debut Proceed as Planned?
Preparations for the Hong Kong listing have been underway, with the company initiating H-share listing preparations in November 2025 to enhance its overseas financing capabilities. Market rumors in April this year suggested the company had confidentially submitted an application to the Hong Kong Stock Exchange.
The secondary listing in Hong Kong aligns with the current trend of A-share companies seeking dual listings. Listing in Hong Kong is expected to broaden the company's access to international capital, enhance its brand influence globally, and support potential overseas mergers and acquisitions.
As mid-July approaches, the market is closely watching to see if the company can successfully obtain the necessary regulatory approvals and list on the Hong Kong exchange as scheduled. If all proceeds smoothly, the Hong Kong debut of this "premier AI computing power stock" is poised to be a landmark event for the Hong Kong IPO market in 2026.
Comments