US Markets
Home›US Markets›IPOs›Zhongji Innolight publishes draft prospectus for up to…
Zhongji Innolight publishes draft prospectus for up to $7 billion HK IPO
The Shenzhen-listed maker of AI optical modules aims to launch bookbuilding next week and debut in early August, while highlighting U.S.-related risks tied to its revenue exposure.
China’s Zhongji Innolight has published a post-hearing draft prospectus for a Hong Kong share sale, moving the Shenzhen-listed optical-module maker closer to an IPO, according to Reuters.
The company, which supplies optical modules used in artificial intelligence data centers to move data between servers, is targeting fundraising of up to $7 billion. At that scale, the listing would exceed Luxshare Precision’s $3.1 billion Hong Kong deal from July 6 to become the largest listing in the city this year, based on LSEG data cited by Reuters.
Zhongji plans to use proceeds for research and development, global production expansion, supply chain work, strategic acquisitions and general working capital, Reuters reported. The filing also said the U.S. accounted for 61.7% of revenue in the first quarter, up from 57.3% for all of 2025.
Timing could be accelerated or delayed by market conditions, with a source telling Reuters that bookbuilding could begin next week and the Hong Kong debut could occur in the first week of August. Zhongji’s draft prospectus follows a broader pullback in AI-related stocks, with Reuters pointing to a chip selloff and concerns around large new listings in China, including CXMT’s planned $8.6 billion IPO.