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Zhongji Innolight falls in Hong Kong debut amid AI sell-off
The optical transceiver maker raised HK$53.4 billion (US$6.8 billion) in Hong Kong's biggest IPO of the year, but its IPO price of HK$980 was set below the HK$1,010 upper marketing limit.
Zhongji Innolight shares fell in their hotly anticipated Hong Kong debut on Thursday, sliding as much as 3.0% as investor sentiment toward AI stocks weakened globally, according to SCMP Economy.
The China-based optical transceiver producer, used in AI data centers, priced its IPO at HK$980 per share, below the upper marketing limit of HK$1,010, with the stock down 2.86% to HK$953 by 9:33am.
The company had earlier completed Hong Kong’s biggest initial public offering of the year, raising HK$53.4 billion (US$6.8 billion) and valuing the business at more than HK$1 trillion.
In Shenzhen, where the firm’s shares had already been under pressure, the stock slumped 16% since launching its H-share public offering as of Wednesday, closing at 951 yuan per share, narrowing the discount between H shares and existing A shares from 20% to 11%.