Zhongji InnoLight Co., Ltd. (abbreviated as ZJ INNOLIGHT) has fixed the final offer price of its Hong Kong initial public offering at HK$980.00 per H share, below the HK$1,010.00 indicative ceiling. The transaction involves 54.50 million H shares, implying gross proceeds of HK$53.41 billion and estimated net proceeds of HK$52.89 billion after listing expenses.
Trading in ZJ INNOLIGHT’s H shares is scheduled to begin on 30 July 2026 on the Hong Kong Stock Exchange under stock code 03308. The flotation will lift the company’s total issued share capital to 1.17 billion shares pre-overallotment.
Offer structure and demand • Hong Kong public tranche: 5.45 million shares, subscribed 16.84 times, with 51,199 successful applications; no claw-back was triggered. • International tranche: 49.05 million shares, subscribed 9.73 times. • Overallotment: 8.18 million shares have been over-allocated; the green-shoe option may be exercised to cover this position.
Investor mix Cornerstone investors took 27.25 million shares, representing 50.00% of the H-share offering and 2.33% of the post-listing share capital. Major participants include Taibai, HHLRA, BlackRock, JPMorgan entities, ADIA, Alibaba and Tencent, each subject to a six-month lock-up expiring on 29 January 2027.
Shareholder concentration Upon listing (before any exercise of the overallotment option), the top 10 H shareholders will hold 38.39% of the H-share class, while the top 25 will control 61.38%. No individual placee will receive 10% or more of the enlarged share capital, and at least 300 shareholders will be on the register, satisfying Hong Kong’s public-float requirements. The exchange nevertheless flags a high concentration of shareholding, advising investors to exercise caution given potential price volatility on limited trading volumes.
Free float compliance Public investors (excluding cornerstone allocations) are expected to hold H shares worth approximately HK$53.40 billion, comfortably above the HK$3.00 billion minimum stipulated under Listing Rule 19A.13A(2)(b). The company also meets the free-float threshold set out in Rule 19A.13C.
A-share buy-back proposal Chairman Dr. Liu Sheng has submitted a proposal for a potential on-market repurchase of A shares using internal resources or self-raised funds. The plan requires board approval and remains under consideration; no repurchases have commenced.
Key dates and trading details • Listing and commencement of dealings: 30 July 2026, 9:00 a.m. (HK time) • Shares trade in lots of 50 H shares each.
Investors who trade prior to receipt of definitive share certificates do so at their own risk, and the underwriting syndicate retains the right to terminate the deal under specified circumstances up to 8:00 a.m. on the listing date.