On September 22, LIGENT (9856.HK), a leading optical module company, was officially listed on the Hong Kong Stock Exchange. The company set its IPO price at HK$32.96 per share, raising nearly HK$5.7 billion in gross proceeds, with Citi and CLSA acting as joint sponsors.
The public offering portion raised HK$567 million, while margin financing subscriptions reached HK$15.545 billion, representing an oversubscription of approximately 26.42 times. Among major dark pool trading platforms in Hong Kong, the stock recorded a gain of around 9%, making it one of the few companies to close higher in dark pool trading during September. The company boasted a diverse lineup of cornerstone investors, with 24 cornerstone investors collectively subscribing to US$340 million (approximately HK$2.666 billion), accounting for about 47% of the total offering. Notable cornerstone investors include well-known private equity and venture capital firms such as Primavera Capital and PAG, alongside Peak View Capital, backed by CATL co-founder Huang Shilin. Industrial capital participants include GigaDevice and Amlogic Hong Kong, while the Greater Bay Area state-owned platform GBAHIL (Greater Bay Area Homeland Investments) also took part. Public fund managers such as GF Fund and E Fund were also among the cornerstone investors.
The company is a supplier of optical communication and optical connectivity products within the optical communications industry. In 2025, it commanded approximately 4% of the global professional optical module revenue share, ranking fifth worldwide, and held a 10.1% market share in China, placing third domestically. Hisense Group serves as its controlling shareholder, with Hisense Group Holdings directly and indirectly holding approximately 48.61% of the company before the IPO. LIGENT marks Hisense's sixth listed entity, following Hisense Visual, Hisense Home Appliances, Sanden Holdings, San'an Optoelectronics, and Kelin Electric.
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