China’s Zhongji Innolight sees shares surge after Hong Kong listing approval
Encryption Edge Computing Data Lake
just_super | E+ | Getty Images
China’s shares Zhongji Innolight It rose as much as 8 percent before tackling some gains on Monday after the company received approval for a major Hong Kong listing worth up to $8 billion on Friday; this will likely be one of the city’s biggest in years.
The Chinese optical transceiver firm has begun gauging investor interest, and details such as size and timing could change as negotiations continue, Bloomberg reports reportedQuoting people who know the subject.
The size of the deal would exceed Luxshare Precision’s $3.1 billion IPO earlier this month, making it the largest IPO in Hong Kong this year.
Innolight did not immediately respond to a request for comment.
Hong Kong is seeing a wave of listings from Chinese companies involved in the AI supply chain.
Hong Kong’s IPO market had its strongest first-half result in five years, raising HK$209.9 billion from 85 new listings. report by KPMG.
“Looking ahead, the market appears to have a record-breaking portfolio of more than 500 active IPO applicants (including confidential applications),” KPMG said, adding that technology companies will continue to be one of the main growth engines of the city’s IPO market.
Zhongji Innolight shares were last traded up 4.7%.
