The Hong Kong IPO of Chinese optical module leader ZJ INNOLIGHT (03308.HK) will be priced below the upper limit of HKD1,010 per share, with the final price expected at HKD980 per share, Bloomberg, citing people familiar with the matter, reported. If the over-allotment option is exercised, the fundraising size could expand to about USD7.8 billion.

Investor demand has reportedly reached several times the offering size, while the company stopped accepting orders from institutional investors one day earlier last Friday (24th). When the company started bookbuilding last week, early indications of interest from global long-only investors, sovereign wealth funds and Chinese funds were already sufficient to cover the issuance size, sources revealed.

ZJ INNOLIGHT plans to offer 54.5 million H shares globally, with the Hong Kong public offering accounting for about 10% and the international placing accounting for about 90%. The company is expected to list on Thursday (30th), with Goldman Sachs, CICC, Morgan Stanley and GF Securities acting as joint sponsors.

The IPO introduced 33 cornerstone investors, including Temasek, Hillhouse Capital's HHLR Advisors, JPMorgan, BlackRock, ADIA, Boyu Capital, IDG Capital, Ninety One Asia, BABA-W (09988.HK) +1.600 (+1.455%) Short selling $1.27B; Ratio 32.398% , TENCENT (00700.HK) +10.400 (+2.393%) Short selling $621.18M; Ratio 17.718% , Chow Tai Fook Enterprises and Huadeng Technology. They collectively subscribed for shares worth about USD3.45 billion equivalent.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-07-27 12:25.)