Zhongji Xuchuang (03308) has announced its initial public offering subscription period will run from July 22 to July 27, 2026. The company plans a global offering of 54.5 million H shares, subject to the exercise of an over-allotment option. The Hong Kong public offering will constitute approximately 10% of the total, which may be reallocated, while the international offering will make up about 90%, also subject to reallocation and the over-allotment option. An additional 15% over-allotment option is included. The maximum offer price is set at HK$1,010 per share, with a board lot size of 50 shares. Trading of the H shares on the Stock Exchange is expected to commence at 9:00 a.m. on Thursday, July 30, 2026.

The company is a global leader in providing optical interconnect solutions. These solutions facilitate high-speed, energy-efficient, and low-latency connections between servers, switches, and other network equipment within increasingly complex and data-intensive cloud and AI infrastructures by transmitting data via optical fibers. Its primary product is the optical module, which enables the transmission of massive data volumes by converting between electrical and optical signals. During the track record period, its client base included cloud service providers and AI computing solution providers.

For the years 2023, 2024, 2025, and the three months ended March 31, 2026, the aggregate revenue from its top five customers amounted to RMB 8.039 billion, RMB 18.41 billion, RMB 29.056 billion, and RMB 15.957 billion, respectively. These figures represented 75.0%, 77.2%, 76.0%, and 81.9% of the company's total revenue for those respective periods. Revenue from its single largest customer during those same periods was RMB 3.891 billion, RMB 5.444 billion, RMB 9.202 billion, and RMB 4.889 billion, accounting for 36.3%, 22.8%, 24.1%, and 25.1% of total revenue.

The company has entered into cornerstone investment agreements with a consortium of investors, including Temasek (Taibai, True Light), HHLRA, JPM AM (JPMIMI, JPMAMAPL), BlackRock, YF Capital, Aspex, ADIA, Wellington, Perseverance Asset Management, Indus Fund, Mirae Investors (Mirae Asset Global Investments (HK), MAS KR, Mirae Asset Securities (HK)), NGS Super Fund, Bain Capital, CPE, Boyu Capital, IDG Capital, Ninety One Asia, WT Asset Management, Singularity Asset, Tairen, Hao Fund, Janchor Fund, Alibaba, Tencent, CPP Investments, Oaktree, CP Black Dragon, Chow Tai Fook Enterprises, Athos Capital, TAL Fund, Burkehill, General Atlantic, and Huadeng Technology. Under these agreements, the cornerstone investors have agreed, subject to certain conditions, to subscribe or cause their designated entities to subscribe for a specified number of offer shares (adjusted down to the nearest full board lot of 50 H shares) at the offer price, for a total amount of approximately US$3.45 billion.

Assuming the over-allotment option is not exercised and the offer price is set at the maximum of HK$1,010.00 per share, the company estimates it will receive net proceeds of approximately HK$54.5129 billion from the global offering, after deducting underwriting commissions, fees, and estimated expenses. According to its stated strategy, the company intends to allocate the net proceeds for the following purposes, though these allocations may change based on evolving business needs and market conditions: approximately 35.0% will be allocated over the next five years to the ongoing investment in research and development for optical interconnect products. Around 30.0% will be allocated to expanding its global production capacity to support its product upgrade roadmap, which is expected to provide up to an additional annual capacity of approximately 50 million optical modules within the next three years. About 10.0% will be allocated over the next five years to enhancing its supply chain resilience and commercialization capabilities. Approximately 15.0% will be allocated for strategic acquisitions and investments. The remaining 10.0% will be allocated for working capital and general corporate purposes, including making advance payments to secure key materials and components from suppliers.