Optical module leader Zhongji InnoLight passed the Hong Kong Stock Exchange listing hearing

According to the Hong Kong Stock Exchange’s disclosure on July 17, Zhongji InnoLight passed the listing hearing on the Main Board of the Hong Kong Stock Exchange, with Goldman Sachs, CICC, Morgan Stanley, and GF Securities serving as joint sponsors.

Zhongji InnoLight will launch its listing in Hong Kong in November 2025 and secretly submit its listing application in April 2026. According to Bloomberg, the company will launch an IPO pre-roadshow as soon as the end of July, with a fundraising scale of up to US$8 billion. It is expected to become one of the largest technology company IPOs in Hong Kong stocks in recent years.

As a provider of optical interconnection solutions, Zhongji InnoLight is mainly engaged in the research and development, production and sales of optical interconnection solutions. Its core products are optical modules, which are mainly used in AI data centers and cloud computing infrastructure.

In recent years, driven by the growing demand for AI computing power, InnoLight has maintained rapid growth. For the whole year of 2025, the company achieved operating income of 38.2 billion yuan. In the first quarter of 2026, revenue reached 19.496 billion yuan, a year-on-year increase of 192.12%; net profit attributable to the parent company was 5.735 billion yuan, a year-on-year increase of 262.28%. The single-quarter profit has exceeded the total for 2024.

From the perspective of revenue structure, optical communication transceiver modules are still the company’s main business. In 2025, the optical module business will achieve revenue of 37.457 billion yuan, accounting for 97.95% of total revenue; overseas revenue will be 34.637 billion yuan, accounting for 90.58% of revenue, mainly due to the continued increase in investment in AI computing power infrastructure by overseas cloud computing manufacturers.

In terms of technology, Zhongji InnoLight continues to promote the iteration of high-speed optical module products. The company has successively achieved mass production of 400G, 800G and 1.6T optical modules, and launched 400G, 800G and 1.6T silicon photonic optical modules in the field of silicon photonics technology. As of the first quarter of 2026, products using silicon photonic technology account for approximately 70% of the company's high-speed product revenue.

At the same time, the company continues to focus on silicon photonics, coherent optical communications, LPO, LRO, XPO and other technologies, and promotes the research and development of next-generation optical interconnect technologies such as CPO and NPO. In 2025, the company will invest 1.615 billion yuan in R&D, accounting for 61.8% of operating expenses; as of the end of March 2026, the company has 2,292 R&D personnel.

Currently, Zhongji InnoLight has deployed production bases in mainland China, Taiwan, and Thailand. In 2025, the company will deliver 21.1 million optical modules; in the first quarter of 2026, it will deliver 9 million optical modules, and will continue to promote the research and development of 3.2T optical modules and next-generation products such as XPO, NPO, and CPO.

According to the prospectus, the funds raised this time will be mainly used for research and development of optical interconnection technology, expansion of global production capacity, expansion of global sales and service network, strategic mergers and acquisitions and investments, and supplement of working capital.