IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Company Overview
| Stock Name | Ligent |
|---|---|
| Stock Code | 09856 |
| Company Full Name | Ligent Technologies, Inc. |
| Industry | Semiconductors |
| Principal Activities | Established optical communication and connectivity product provider that develops, manufactures and sells optical transceivers, optical chips and optical network terminals, serving customers in China and overseas. In 2025, ranked 5th globally in optical transceiver revenue with 4.0% market share and 3rd in China with 10.1% market share. One of the few companies worldwide with R&D and production capabilities for both optical transceivers and optical chips. Products cover datacom and telecom optical transceivers (including 800G, 1.6T, 50G PON), DFB/EML/CW-DFB laser chips, and optical network terminals (ONT boxes, Wi-Fi coverage products). Has four production facilities in Qingdao, Jiangmen, Thailand and the U.S., and four R&D centers in Qingdao, Wuhan, Silicon Valley and Singapore. |
| Listing Date | 2026-09-22 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 26th Floor, Building A, Hisense International Center, No. 88, Hong Kong East Road, Laoshan District, Qingdao, Shandong Province, PRC |
| Business Address (Hong Kong) | Suite 2701, 27/F, Cityplaza One, 1111 King's Road, Hong Kong |
| Place of Incorporation | Cayman Islands |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | ligent.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 | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 32.96 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 3,296 |
| Par Value | To be extracted |
| Offer Period | 2026-09-14 to 2026-09-17 |
| Global Offering Shares | 172,014,700 shares |
| HK Public Offer Shares (Initial) | 17,201,500 shares (10.0%) |
| Public Offer Lots (Initial) | 172,015lots (Pool A86,007lots，Pool B86,008lots) |
| International Placing Shares (Initial) | 154,813,200 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 982,941,500 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | CLSA LIMITED CE AAB893 |
| Cornerstone Share | 46.9% |
| Clawback Tiers | Mechanism B: no clawback mechanism |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 5,669,604,512 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 3,296 |
| 2 lots | 200 | HK$ 6,592 |
| 3 lots | 300 | HK$ 9,888 |
| 4 lots | 400 | HK$ 13,184 |
| 5 lots | 500 | HK$ 16,480 |
| 6 lots | 600 | HK$ 19,776 |
| 7 lots | 700 | HK$ 23,072 |
| 8 lots | 800 | HK$ 26,368 |
| 9 lots | 900 | HK$ 29,664 |
| 10 lots | 1,000 | HK$ 32,960 |
| 20 lots | 2,000 | HK$ 65,920 |
| 30 lots | 3,000 | HK$ 98,880 |
| 40 lots | 4,000 | HK$ 131,840 |
| 50 lots | 5,000 | HK$ 164,800 |
| 60 lots | 6,000 | HK$ 197,760 |
| 70 lots | 7,000 | HK$ 230,720 |
| 80 lots | 8,000 | HK$ 263,680 |
| 90 lots | 9,000 | HK$ 296,640 |
| 100 lots | 10,000 | HK$ 329,600 |
| 200 lots | 20,000 | HK$ 659,200 |
| 300 lots | 30,000 | HK$ 988,800 |
| 400 lots | 40,000 | HK$ 1,318,400 |
| 500 lots | 50,000 | HK$ 1,648,000 |
| 600 lots | 60,000 | HK$ 1,977,600 |
| 700 lots | 70,000 | HK$ 2,307,200 |
| 800 lots | 80,000 | HK$ 2,636,800 |
| 900 lots | 90,000 | HK$ 2,966,400 |
| 1,000 lots | 100,000 | HK$ 3,296,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 200,000 | HK$ 6,592,000 |
| 3,000 lots | 300,000 | HK$ 9,888,000 |
| 4,000 lots | 400,000 | HK$ 13,184,000 |
| 5,000 lots | 500,000 | HK$ 16,480,000 |
| 10,000 lots | 1,000,000 | HK$ 32,960,000 |
| 15,000 lots | 1,500,000 | HK$ 49,440,000 |
| 20,000 lots | 2,000,000 | HK$ 65,920,000 |
| 30,000 lots | 3,000,000 | HK$ 98,880,000 |
| 40,000 lots | 4,000,000 | HK$ 131,840,000 |
| 50,000 lots | 5,000,000 | HK$ 164,800,000 |
| 86,007 lots | 8,600,700 | HK$ 283,479,072 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 18.84B |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap met, expected inclusion ~2027-03-08 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 32,397,751,840 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Approximately 25.2x (based on offer price HK$32.96 and 2025 EPS) |
| Profit/Loss Status | Net profit RMB 872.6 million |
| Period-End Cash Balance | RMB 1,273.62 million |
| Listing Expenses | ~HK$ 224,300,000 |
| Listing Expenses / Funds Raised | ~4.0% |
| Total Pre-IPO Investment | USD 99.42 million |
Financial Data
Unit:
'000
RMB
Income Statement
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 4,238,989 | 5,086,600 | 8,354,680 |
| Cost of sales | -3,365,077 | -4,203,511 | -6,682,449 |
| Gross profit | 873,912 | 883,089 | 1,672,231 |
| Other income and gains, net | 121,622 | 105,924 | 141,373 |
| Selling and distribution expenses | -68,387 | -60,452 | -78,051 |
| Administrative expenses | -553,278 | -623,132 | -663,730 |
| Net finance costs | -28,420 | -56,416 | -47,383 |
| Share of associates and JVs | 131,860 | 55,149 | |
| Profit before tax | 242,499 | 98,399 | 921,584 |
| Income tax expense | -26,978 | -8,909 | -48,944 |
| Profit for the year | 215,521 | 89,490 | 872,640 |
| Profit attributable to owners | 215,521 | 89,490 | 875,869 |
Balance Sheet
| Item | 2023 | 2024 | 2025 | 2026-06 |
|---|---|---|---|---|
| Cash and cash equivalents | 138,503 | 260,906 | 1,273,617 | |
| Trade and bills receivables | 1,191,101 | 1,983,834 | 1,780,638 | |
| Inventories | 1,060,615 | 1,745,997 | 2,426,376 | |
| Total current assets | 4,193,092 | 5,913,941 | 6,218,791 | |
| Total assets | 5,480,854 | 7,761,703 | 7,744,109 | |
| Total current liabilities | 2,774,035 | 4,503,514 | 3,265,318 | |
| Total liabilities | 3,547,280 | 5,833,427 | 3,986,387 | |
| Total equity | 1,933,574 | 1,928,276 | 3,757,722 | |
| Equity attributable to owners | 1,933,574 | 1,928,276 | 3,704,956 | |
| Interest-bearing borrowings | 1,200,970 | 2,835,094 | 0 | 1,750,777 |
Cash Flow Statement
| Item | 2023 | 2024 | 2025 | 2026-06 |
|---|---|---|---|---|
| Net cash from operating activities | 798,762 | -615,871 | 1,388,382 | |
| Net cash from investing activities | -993,450 | -696,184 | 1,577,576 | |
| Net cash from financing activities | 216,203 | 1,433,125 | -1,949,098 | |
| Net increase in cash | 21,515 | 121,070 | 1,016,860 | |
| Depreciation of PP&E | 167,569 | 225,838 | 311,973 | 187,283 |
| Depreciation of right-of-use assets | 12,702 | 15,145 | 19,132 | 20,804 |
| Amortisation of intangible assets | 2,854 | 2,628 | 4,359 | 2,208 |
| Purchase of PP&E | -218,428 | -867,375 | -351,808 | -562,106 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | Loading... |
|---|---|
| Use of Proceeds | Approx. 52.9% for R&D of new products and technologies, approx. 25.1% for expanding production capacity for optical transceivers and optical chips, approx. 4.0% for business promotion and overseas market expansion, approx. 8.0% for strategic investments and acquisitions, approx. 10.0% for working capital and general corporate purposes |
Underwriting Syndicate
Joint Sponsors (2)
Sponsor cum Overall Coordinator (2)
Joint Global Coordinators (2)
Joint Bookrunners (5)
Joint Lead Managers (5)
Capital Market Intermediaries (5)
Stabilizing Manager (1)
CLSA LIMITED CE AAB893
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Cleary Gottlieb Steen & Hamilton (Hong Kong) Grandall Law Firm (Qingdao) Hogan Lovells Cadwalader International LLP Harney Westwood & Riegels Loeb & Loeb LLP Tilleke & Gibbins International Limited Fairbairn Catley Low & Kong |
| Legal Advisor to Sponsors/Underwriters |
Latham & Watkins LLP Tian Yuan Law Firm |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | Frost & Sullivan Limited |
| Receiving Banks |
中国银行（香港）有限公司 中信银行（国际）有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Primavera Investment Fund | 30,000,000 USD | 7,136,300 | 4.15% | 0.73% | 6 months | 2027-03-22 |
| 2 | GBAHIL – Mega Prime | 15,000,000 USD | 3,568,100 | 2.07% | 0.36% | 6 months | 2027-03-22 |
| 3 | GBAHIL – Poly Platinum | 15,000,000 USD | 3,568,100 | 2.07% | 0.36% | 6 months | 2027-03-22 |
| 4 | CFTC Paragon SP | 30,000,000 USD | 7,136,300 | 4.15% | 0.73% | 6 months | 2027-03-22 |
| 5 | HK BVF I LPF | 30,000,000 USD | 7,136,300 | 4.15% | 0.73% | 6 months | 2027-03-22 |
| 6 | Orient Asset Management | 15,000,000 USD | 3,568,100 | 2.07% | 0.36% | 6 months | 2027-03-22 |
| 7 | Mount Altai | 15,000,000 USD | 3,568,100 | 2.07% | 0.36% | 6 months | 2027-03-22 |
| 8 | Peak View Capital | 15,000,000 USD | 3,568,100 | 2.07% | 0.36% | 6 months | 2027-03-22 |
| 9 | Sinofortune International | 15,000,000 USD | 3,568,100 | 2.07% | 0.36% | 6 months | 2027-03-22 |
| 10 | Ambre Lau Trade Limited | 15,000,000 USD | 3,568,100 | 2.07% | 0.36% | 6 months | 2027-03-22 |
| 11 | SCV Delta | 10,000,000 USD | 2,378,700 | 1.38% | 0.24% | 6 months | 2027-03-22 |
| 12 | Mirae Asset Securities HK | 10,000,000 USD | 2,378,700 | 1.38% | 0.24% | 6 months | 2027-03-22 |
| 13 | PAG Capital Structure Opportunity Fund LP | 10,000,000 USD | 2,378,700 | 1.38% | 0.24% | 6 months | 2027-03-22 |
| 14 | Turquoise Hime (ORIX) | 10,000,000 USD | 2,378,700 | 1.38% | 0.24% | 6 months | 2027-03-22 |
| 15 | GF Fund – GF Fund Management | 9,500,000 USD | 2,259,800 | 1.31% | 0.23% | 6 months | 2027-03-22 |
| 16 | GF Fund – GF Fund HK | 500,000 USD | 118,900 | 0.07% | 0.01% | 6 months | 2027-03-22 |
| 17 | E Fund – E Fund HK | 9,500,000 USD | 2,259,800 | 1.31% | 0.23% | 6 months | 2027-03-22 |
| 18 | E Fund – E Fund Management | 500,000 USD | 118,900 | 0.07% | 0.01% | 6 months | 2027-03-22 |
| 19 | CSC OTC Swap | 10,000,000 USD | 2,378,700 | 1.38% | 0.24% | 6 months | 2027-03-22 |
| 20 | First Seafront Asset Management Limited | 10,000,000 USD | 2,378,700 | 1.38% | 0.24% | 6 months | 2027-03-22 |
| 21 | GaoTeng Global Asset Management Limited | 10,000,000 USD | 2,378,700 | 1.38% | 0.24% | 6 months | 2027-03-22 |
| 22 | GigaDevice | 10,000,000 USD | 2,378,700 | 1.38% | 0.24% | 6 months | 2027-03-22 |
| 23 | Amlogic Hong Kong | 10,000,000 USD | 2,378,700 | 1.38% | 0.24% | 6 months | 2027-03-22 |
| 24 | Atlas Venture Limited | 10,000,000 USD | 2,378,700 | 1.38% | 0.24% | 6 months | 2027-03-22 |
| 25 | Alphahill Capital | 10,000,000 USD | 2,378,700 | 1.38% | 0.24% | 6 months | 2027-03-22 |
| 26 | ODI Trust | 10,000,000 USD | 2,378,700 | 1.38% | 0.24% | 6 months | 2027-03-22 |
| 27 | Barings | 5,000,000 USD | 1,189,300 | 0.69% | 0.12% | 6 months | 2027-03-22 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Yu Zhitao | Yu Zhitao |
| Company Secretary | Wang Hui | Wang Hui |
| Non-Executive Director | 于芝涛 | Yu Zhitao |
| Executive Director | 洪进 | Hong Jin |
| Non-Executive Director | 贾少谦 | Jia Shaoqian |
| Independent Non-Executive Director | 周长军 | Zhou Changjun |
| Executive Director | 王惠 | Wang Hui |
| Non-Executive Director | 黄卫平 | Huang Weiping |
| Independent Non-Executive Director | 孙莹 | Sun Ying |
| Non-Executive Director | 张晶 | Zhang Jing |
| Independent Non-Executive Director | 汤复基 | Tong Franklin Fuk Kay |
Major Shareholders
| Major Shareholders & Holdings | Hisense Group Holding: 360,373,650 shares (36.66%) beneficial owner plus 33,851,300 shares (3.44%) interest in controlled corporation; TransLight: 188,300,750 shares (19.16%); Global Optical: 133,630,750 shares (13.59%) |
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