ZJ INNOLIGHT sets final IPO price at HK$980; raises HK$52.89 billion with 16.84× retail demand

ZJ INNOLIGHT (Zhongji InnoLight Co., Ltd.) has priced its Hong Kong H-share IPO at HK$980.00 per share, near the midpoint of the indicated HK$1,010.00 maximum.

The offering comprises 54.50 million H shares, split 10% to the Hong Kong Public Offering (5.45 million shares) and 90% to the International Offering (49.05 million shares). The public tranche drew 62,731 valid applications, resulting in 16.84 times subscription, while the international tranche was 9.73 times covered. No reallocation or claw-back was triggered.

Total gross proceeds are estimated at HK$53.41 billion; after listing expenses of HK$519 million, net proceeds stand at HK$52.89 billion. Listing will add 54.50 million H shares to the register, taking total issued share count to 1.17 billion (before any over-allotment exercise). Dealings are scheduled to commence on 30 July 2026 under stock short name “ZJ INNOLIGHT”.

Cornerstone investors secured 27.25 million shares, representing 50.00% of the offer and 2.33% of post-listing share capital. All cornerstone allocations are subject to a six-month lock-up ending 29 January 2027.

An over-allocation of 8.18 million shares was made and may be covered by the 15% over-allotment option or secondary-market purchases not exceeding the offer price.

Shareholder concentration statistics show the top 25 international placees captured 68.20% of the international tranche, while the top 10 H-shareholders will control 38.39% of the listed H-share capital at debut, prompting a caution on potential price volatility due to ownership concentration.

Post-listing, public shareholders will hold H shares worth approximately HK$53.40 billion, comfortably above the HK$3 billion minimum public float threshold. No single placee will hold 10% or more of the enlarged share capital, and at least 300 shareholders will be on the register at listing.

Chairman Dr. Liu Sheng has proposed a potential on-market A-share repurchase, subject to board approval; the initiative would be funded from internal or self-raised resources and will not use IPO proceeds.