IPO Timeline Raw facts
Broker Deadline
2026-07-27
Morning deadline
HKEX Deadline
2026-07-27
Noon deadline
Broker Results (T-2)
2026-07-28
Some brokers release in afternoon
Grey Market (T-1)
2026-07-29
Afternoon
HKEX Allotment (T-1)
2026-07-29
Evening
Registrar Allotment (T-1)
2026-07-29
Evening
Listing Day (T)
2026-07-30
First day of trading
Cross-Market Price Comparison
| Other Listed Market | Shenzhen (SZSE) |
|---|---|
| Other Market Stock Code | 300308 |
| H-Share Offer Price | HK$ 1,010.00 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | ZJ Innolight |
|---|---|
| Stock Code | 03308 |
| Company Full Name | Zhongji Innolight Co., Ltd. |
| Industry | Industrial Goods |
| Principal Activities | We are a leading global provider of optical interconnect solutions, with optical modules as our main products, which transmit massive amounts of data by enabling the mutual conversion between electrical signals and optical signals, serving global cloud service providers and AI computing solution providers. |
| Listing Date | 2026-07-30 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國江蘇省蘇州市蘇州工業園區勝浦路168號 |
| Business Address (Hong Kong) | 香港灣仔皇后大道東183號合和中心46樓 |
| Place of Incorporation | China |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | www.zj-innolight.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | 香港中央證券登記有限公司，香港灣仔皇后大道東183號合和中心17樓1712-1716號舖 |
| A-Share/US Dual Listing | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 1,010.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 50 shares |
| Entry Threshold | HK$ 50,500 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-07-22 to 2026-07-27 |
| Global Offering Shares | 54,500,000 shares |
| HK Public Offer Shares (Initial) | 5,450,000 shares (10.0%) |
| Public Offer Lots (Initial) | 109,000lots (54,500lots, 54,500lots) |
| International Placing Shares (Initial) | 49,050,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 1,169,734,641 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | GOLDMAN SACHS (ASIA) L.L.C. CE ACC536 |
| Cornerstone Share | 56.9% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 55,045,000,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 50 | HK$ 50,500 |
| 2 lots | 100 | HK$ 101,000 |
| 3 lots | 150 | HK$ 151,500 |
| 4 lots | 200 | HK$ 202,000 |
| 5 lots | 250 | HK$ 252,500 |
| 6 lots | 300 | HK$ 303,000 |
| 7 lots | 350 | HK$ 353,500 |
| 8 lots | 400 | HK$ 404,000 |
| 9 lots | 450 | HK$ 454,500 |
| 10 lots | 500 | HK$ 505,000 |
| 12 lots | 600 | HK$ 606,000 |
| 14 lots | 700 | HK$ 707,000 |
| 16 lots | 800 | HK$ 808,000 |
| 18 lots | 900 | HK$ 909,000 |
| 20 lots | 1,000 | HK$ 1,010,000 |
| 40 lots | 2,000 | HK$ 2,020,000 |
| 60 lots | 3,000 | HK$ 3,030,000 |
| 80 lots | 4,000 | HK$ 4,040,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 100 lots | 5,000 | HK$ 5,050,000 |
| 120 lots | 6,000 | HK$ 6,060,000 |
| 140 lots | 7,000 | HK$ 7,070,000 |
| 160 lots | 8,000 | HK$ 8,080,000 |
| 180 lots | 9,000 | HK$ 9,090,000 |
| 200 lots | 10,000 | HK$ 10,100,000 |
| 400 lots | 20,000 | HK$ 20,200,000 |
| 600 lots | 30,000 | HK$ 30,300,000 |
| 800 lots | 40,000 | HK$ 40,400,000 |
| 1,000 lots | 50,000 | HK$ 50,500,000 |
| 1,200 lots | 60,000 | HK$ 60,600,000 |
| 1,400 lots | 70,000 | HK$ 70,700,000 |
| 1,600 lots | 80,000 | HK$ 80,800,000 |
| 1,800 lots | 90,000 | HK$ 90,900,000 |
| 2,000 lots | 100,000 | HK$ 101,000,000 |
| 4,000 lots | 200,000 | HK$ 202,000,000 |
| 6,000 lots | 300,000 | HK$ 303,000,000 |
| 8,000 lots | 400,000 | HK$ 404,000,000 |
| 10,000 lots | 500,000 | HK$ 505,000,000 |
| 20,000 lots | 1,000,000 | HK$ 1,010,000,000 |
| 30,000 lots | 1,500,000 | HK$ 1,515,000,000 |
| 40,000 lots | 2,000,000 | HK$ 2,020,000,000 |
Stock Connect Inclusion
| HK Market Cap | HK$ 66.44B |
|---|
| Inclusion Pathway | A+H 有绿鞋（30天入通） |
|---|---|
| Est. Threshold | --- Met |
| Analysis Result | 超额配股权失效后纳入（上市后约30日） |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 1,181,431,987,410 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | Net profit RMB 11,579.8 million |
| Period-End Cash Balance | RMB 10,943.81 million |
| Listing Expenses | ~HK$ 532,100,000 |
| Listing Expenses / Funds Raised | ~1.0% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | Loading... |
|---|
Use of Proceeds
| Use of Proceeds | Approximately 35% will be used for research and development of optical interconnect products, approximately 30% for expanding global production capacity, approximately 10% for enhancing supply chain resilience and commercialization capabilities, approximately 15% for strategic acquisitions and investments, and approximately 10% for working capital and general corporate purposes. |
|---|
Underwriting Syndicate
Joint Sponsors (4)
Joint Global Coordinators (5)
Joint Bookrunners (2)
Joint Lead Managers (4)
Capital Market Intermediaries (6)
Citigroup Global Markets Asia Limited CE AAA137
Zero2IPO Securities Limited CE BNF723
Citigroup Global Markets Asia Limited CE AAA137
DBS ASIA CAPITAL LIMITED CE AAE430
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, THE CE AAA523
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
Stabilizing Manager (1)
GOLDMAN SACHS (ASIA) L.L.C. CE ACC536
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company | Zhong Lun Law Firm |
| Auditor and Reporting Accountant | 罗兵咸永道会计师事务所 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Compliance Advisor | HAITONG INTERNATIONAL CAPITAL LIMITED CE ADQ859 |
| Receiving Banks |
Bank of China (Hong Kong) Limited 中国工商银行（亚洲）有限公司 CMB Wing Lung Bank Limited China CITIC Bank International Limited |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 淡馬錫 | 300,000,000 USD | 2,328,050 | 4.27% | 0.20% | 6 months | 2027-01-30 |
| 2 | 太白 | 240,000,000 USD | 1,862,450 | 3.42% | 0.16% | 6 months | 2027-01-30 |
| 3 | True Light | 60,000,000 USD | 465,600 | 0.85% | 0.04% | 6 months | 2027-01-30 |
| 4 | HHLRA | 300,000,000 USD | 2,328,050 | 4.27% | 0.20% | 6 months | 2027-01-30 |
| 5 | JPM AM | 250,000,000 USD | 1,940,050 | 3.56% | 0.17% | 6 months | 2027-01-30 |
| 6 | JPMIMI | 153,500,000 USD | 1,191,150 | 2.19% | 0.10% | 6 months | 2027-01-30 |
| 7 | JPMAMAPL | 96,500,000 USD | 748,850 | 1.37% | 0.06% | 6 months | 2027-01-30 |
| 8 | 貝萊德 | 250,000,000 USD | 1,940,050 | 3.56% | 0.17% | 6 months | 2027-01-30 |
| 9 | YF Capital | 150,000,000 USD | 1,164,000 | 2.14% | 0.10% | 6 months | 2027-01-30 |
| 10 | Aspex | 150,000,000 USD | 1,164,000 | 2.14% | 0.10% | 6 months | 2027-01-30 |
| 11 | ADIA | 100,000,000 USD | 776,000 | 1.42% | 0.07% | 6 months | 2027-01-30 |
| 12 | Wellington | 100,000,000 USD | 776,000 | 1.42% | 0.07% | 6 months | 2027-01-30 |
| 13 | Perseverance Asset Management.. | 100,000,000 USD | 776,000 | 1.42% | 0.07% | 6 months | 2027-01-30 |
| 14 | Indus基金 | 100,000,000 USD | 776,000 | 1.42% | 0.07% | 6 months | 2027-01-30 |
| 15 | Mirae投資者 | 100,000,000 USD | 776,000 | 1.42% | 0.07% | 6 months | 2027-01-30 |
| 16 | NGS Super基金 | 100,000,000 USD | 776,000 | 1.42% | 0.07% | 6 months | 2027-01-30 |
| 17 | Bain Capital | 100,000,000 USD | 776,000 | 1.42% | 0.07% | 6 months | 2027-01-30 |
| 18 | CPE | 100,000,000 USD | 776,000 | 1.42% | 0.07% | 6 months | 2027-01-30 |
| 19 | Boyu Capital | 100,000,000 USD | 776,000 | 1.42% | 0.07% | 6 months | 2027-01-30 |
| 20 | IDG Capital | 90,000,000 USD | 698,400 | 1.28% | 0.06% | 6 months | 2027-01-30 |
| 21 | Ninety One Asia | 10,000,000 USD | 77,600 | 0.14% | 0.01% | 6 months | 2027-01-30 |
| 22 | WT Asset Management | 100,000,000 USD | 776,000 | 1.42% | 0.07% | 6 months | 2027-01-30 |
| 23 | 奇點資產 | 100,000,000 USD | 776,000 | 1.42% | 0.07% | 6 months | 2027-01-30 |
| 24 | 泰仁 | 100,000,000 USD | 776,000 | 1.42% | 0.07% | 6 months | 2027-01-30 |
| 25 | Hao基金 | 100,000,000 USD | 776,000 | 1.42% | 0.07% | 6 months | 2027-01-30 |
| 26 | Janchor基金 | 100,000,000 USD | 776,000 | 1.42% | 0.07% | 6 months | 2027-01-30 |
| 27 | 阿里巴巴 | 50,000,000 USD | 388,000 | 0.71% | 0.03% | 6 months | 2027-01-30 |
| 28 | 騰訊 | 50,000,000 USD | 388,000 | 0.71% | 0.03% | 6 months | 2027-01-30 |
| 29 | CPP Investments | 50,000,000 USD | 388,000 | 0.71% | 0.03% | 6 months | 2027-01-30 |
| 30 | Oaktree | 50,000,000 USD | 388,000 | 0.71% | 0.03% | 6 months | 2027-01-30 |
| 31 | CP Black Dragon | 50,000,000 USD | 388,000 | 0.71% | 0.03% | 6 months | 2027-01-30 |
| 32 | 周大福企業 | 50,000,000 USD | 388,000 | 0.71% | 0.03% | 6 months | 2027-01-30 |
| 33 | Athos Capital | 50,000,000 USD | 388,000 | 0.71% | 0.03% | 6 months | 2027-01-30 |
| 34 | TAL基金 | 50,000,000 USD | 388,000 | 0.71% | 0.03% | 6 months | 2027-01-30 |
| 35 | Burkehill | 50,000,000 USD | 388,000 | 0.71% | 0.03% | 6 months | 2027-01-30 |
| 36 | General Atlantic | 50,000,000 USD | 388,000 | 0.71% | 0.03% | 6 months | 2027-01-30 |
| 37 | Huadeng Technology | 50,000,000 USD | 388,000 | 0.71% | 0.03% | 6 months | 2027-01-30 |
Directors & Management
| Chairman | 劉聖 |
|---|---|
| Company Secretary | 王軍、黃美鳳 |
Executive Director (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 劉聖 | — | Executive Director |
| 2 | 王曉東 | — | Executive Director |
| 3 | 王曉麗 | — | Executive Director |
Non-Executive Director (1)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 陳彩雲 | — | Non-Executive Director |
Independent Non-Executive Director (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 戰淑萍 | — | Independent Non-Executive Director |
| 2 | 成波 | — | Independent Non-Executive Director |
| 3 | 屈文洲 | — | Independent Non-Executive Director |
| 4 | 黃國濱 | — | Independent Non-Executive Director |
Major Shareholders
| Major Shareholders & Holdings | Mr. 王偉修, through beneficial interests and 中際控股, holds approximately 16.34% in aggregate, constituting the single largest shareholder group; Dr. 劉聖 and the persons acting in concert with him hold approximately 6.36% in aggregate. |
|---|
