Zhongji Innolight Drops 5% After $6.8 Billion Hong Kong IPO
Updated
Updated · CNBC · Jul 30
Zhongji Innolight Drops 5% After $6.8 Billion Hong Kong IPO
2 articles · Updated · CNBC · Jul 30
Summary
Zhongji Innolight fell 5% in its Hong Kong trading debut after raising HK$53.4 billion at HK$980 a share, below the top end of its marketed range.
The optical transceiver maker still drew solid demand, with the retail tranche 16.8 times covered and the international portion 9.7 times subscribed.
Zhongji, already listed in Shenzhen, supplies components for AI data centers, cloud computing and high-speed networking and held 21.2% of the global optical interconnect market by 2025 revenue, its prospectus said.
The listing was Asia's second-largest this year after CXMT's $8.6 billion Shanghai deal, and Zhongji plans to use the proceeds for R&D, overseas capacity, supply-chain upgrades and possible acquisitions.