Zhongji Innolight picks banks for one of Hong Kong’s biggest listings

The company’s Shenzhen shares surge 237% since June, lifting its 2025 gain to 300%

Zhongji Innolight, a Chinese maker of optical communication modules and devices, has picked banks for a Hong Kong listing that could raise US$3 billion or more, according to people familiar with the matter.

The company is working with China International Capital, GF Securities, Goldman Sachs Group and Morgan Stanley on the potential share sale, the people said, asking not to be identified because the information is private.

With a market capitalisation of 546 billion yuan (S$100 billion), Innolight could be one of the biggest companies to list in Hong Kong next year, along with the likes of AirPod maker Luxshare Precision Industry.

Details of the Innolight offering such as size and timing are preliminary and subject to change, the people said.

Innolight issued a statement on Monday (Nov 10) saying that it plans to list in Hong Kong, but it did not provide further information.

Goldman Sachs and Morgan Stanley declined to comment. Innolight, CICC and GF did not respond to requests for comment.

Innolight already trades in Shenzhen, where its shares have been on a tear in the second half of 2025, climbing 237 per cent since the end of June for a 300 per cent gain this year.

The rally has been spurred by strong earnings and enthusiasm for artificial intelligence and related industries, particularly as China pushes for homegrown technology in chipmaking and cloud computing.

Innolight makes optical transceivers used in cloud computing and data centres, as well as fixed-line networks.

Many mainland China-traded firms are flocking to sell shares in Hong Kong, often to support their overseas expansion. That is driving a boom in equity offerings in the city, with first-time share sales fetching almost US$32 billion in 2025 and heading for a four-year high, data compiled by Bloomberg show. BLOOMBERG

Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.