Zhongji Innolight, fortunately the greenshoe stabilization kicked in! (03308.HK) — New Share Placement Status

$ZJ INNOLIGHT(03308.HK) This stock managed to avoid a major pitfall! Even with the maximum subscription, I was allocated 45,000 shares, with a value of HKD 44.1 million, selling at the dark market close could result in a maximum loss of HKD 471,900, and selling at the first day's close could result in a maximum loss of HKD 899,600. At that time, it was clearly stated in XQ that Zhongji Innolight would not participate in the public allocation IPO.

Currently, margin is only at 7-8 times, which is on the lower side, with a discount of merely 16%, making it average in attractiveness.

If public subscription remains cold, this new stock is not suitable for participation. Thinking of trying with a small position, but the threshold for one hand is 50,000, making the entry cost relatively high, so I really dare not take the risk lightly.

You can refer to the case of Luxshare Precision before; this stock has remained in the break-issue price zone to date, and the share price failed to recover the issue price. A friend nearby participated in the IPO back then, with an allocation worth over 20 million, breaking the issue price directly during the dark market phase, under immense pressure. In the end, it relied entirely on the first-day green shoe mechanism to stabilize the situation; just the 1% IPO allocation fee alone resulted in a direct loss of 200,000 yuan.

A reminder: for large-cap new stocks with cold subscription sentiment, if you plan to go big on the Group B allocation, you must be cautious. Such targets are prone to large allocations, directly distributing huge volumes, and the risk cannot be underestimated.

On July 30, 2026, Zhongji Innolight (03308) listed, opening down -0.92% at HKD 971, surging to HKD 973 before quickly coming under pressure and declining. It continued to weaken with volatility in the morning session, hitting an intraday low of HKD 880, with a maximum daily decline nearing 10%. The afternoon session saw a recovery rally, bouncing up with volatility, repeatedly testing the HKD 950+ range, but failing to successfully reclaim the opening level.

Approaching the close, it fell slightly again, finally closing at HKD 960, down 2.04% from the previous trading day. Trading was active throughout the day, with the stock overall showing a pattern of deep morning drop, afternoon volatility and repair, and slight weakness at the close.

We explicitly avoided this stock. After June 30, this batch of new stocks clearly started to change; the golden era of doubling gains overnight is gone, leaving only these sparse single-digit percentage gains. Fortunately, no matter how we subscribed, we didn't lose much money.

1. Let's look again atZhongji Innolight (03308.HK)dark market conditions

Zhongji Innolight (03308.HK)Phillip Securities Dark Market opened low at HKD 979.00, immediately surged to a high of HKD 980.50, then fell back to stabilize at a low of HKD 942.50 before rebounding, closing at HKD 969.50 at the end of the session, a decline of -1.07%, with an amplitude of 3.88%, turnover of HKD 793 million, and Futu turnover of HKD 629 million.

Buy-side seats for Zhongji Innolight (03308.HK) include 9523, 0866, 2061, 9614, etc., while the top sell-side seat is 9697.

Let's look at the placement status of Zhongji Innolight (03308.HK)!

The final pricing for Zhongji Innolight (03308.HK) IPO was HKD 980.00, which is HKD 30.00 less than the sale price of HKD 1010.00. Capital raised was HKD 53.41 billion, total market cap HKD 1.15 trillion, H-share market cap HKD 53.41 billion, circulating market cap at listing HKD 26.706 billion, issuance ratio 4.66%.

Placement status: 62,731 people subscribed. This public allocation was oversubscribed 16.84 times. Due to Mechanism B allocation, there was no clawback ratio. International placement was oversubscribed 9.73 times. The subscription rate for one hand was 70.00%, meaning subscribing to 16 hands guaranteed 1 hand. Meanwhile, 3,766 people applied for Group B, with zero maximum subscriptions, and an allocation rate of 2.25%-6.00%. Subscription Ratio was 520.01% (The ratio of international placement subscription amount to public subscription amount. A higher value indicates a larger institutional proportion, lower market heat, and smoother stock price fluctuations. A lower value indicates high retail participation heat, strong market sentiment, high speculation heat, and greater volatility.).

3,766 people were allocated in Group B, totaling 2.7 million shares, with a value of HKD 264.6 million. The tail-end Group B value was HKD 44.1 million, and selling at the dark market close could result in a maximum loss of HKD 471,900.

Then let's look at the international placement situation:

There were a total of 549 participants in the international placement of Zhongji Innolight (03308.HK), with a subscription multiple of 9.73x.

The international placement holdings of Zhongji Innolight (03308.HK) are relatively dispersed, with the top 25 allottees holding 2.84% of the total issued shares after listing.

The stabilizer for this stock, Zhongji Innolight (03308.HK), is Goldman Sachs' green shoe facility of HKD 8.012 billion.