According to market information as of midday Monday (the 27th), ZJ INNOLIGHT (03308), which conducted its public offering from July 22 to July 27, recorded a margin subscription amount of HKD 71.99 billion. This represents an oversubscription of 12.07 times against the offering target of HKD 5.505 billion.

Reports indicate that ZJ INNOLIGHT has informed potential investors of its H-share pricing at HKD 980, which would bring total fundraising to approximately RMB 53.41 billion. The company reportedly closed institutional investor subscriptions for its Hong Kong IPO at 5:00 PM last Friday, completing bookbuilding one business day ahead of schedule. Under the original terms, institutional subscription was slated to close on Monday (the 27th). Sources say investor indications of interest have reached several times the IPO size.

ZJ INNOLIGHT plans to globally offer 54.5 million H-shares (subject to the exercise of an over-allotment option). The Hong Kong public tranche accounts for approximately 10% (subject to reallocation), while the international tranche accounts for approximately 90% (subject to reallocation and the over-allotment option). An additional 15% over-allotment option is also available. The maximum offer price per share is HKD 1,010, with a board lot of 50 shares. Trading of the H-shares on the Stock Exchange of Hong Kong is expected to commence at 9:00 AM on Thursday, July 30, 2026.

According to the prospectus, the company is a globally leading provider of optical interconnect solutions. These solutions transmit data via optical fiber, enabling 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. The company's primary product is optical modules, which convert electrical signals to optical signals and vice versa to transmit massive amounts of data.

According to CIConsulting, ZJ INNOLIGHT has been the world's largest optical interconnect solution provider by revenue for five consecutive years since 2021. In 2025, it held a 21.2% share of the overall optical interconnect solutions market and further strengthened its leading position in the high-speed data center optical interconnect solutions market, capturing a 28.1% market share that same year.

Financially, for the fiscal years 2023, 2024, and 2025, and the three months ended March 31, 2026, the company achieved revenues of approximately RMB 10.718 billion, RMB 23.862 billion, RMB 38.240 billion, and RMB 19.496 billion, respectively. For the same periods, profit for the year/period was approximately RMB 2.208 billion, RMB 5.372 billion, RMB 11.580 billion, and RMB 6.317 billion, respectively.