According to the prospectus, the cornerstone investor lineup for the offering is star-studded—33 cornerstone investors, including Temasek, Abu Dhabi Investment Authority, Hillhouse, BlackRock, Alibaba, and Tencent, have already been secured. These investors span sovereign wealth funds, global asset managers, private equity/venture capital firms, and industrial capital, with a combined subscription amount of approximately HK$27 billion, representing over 49% of the total offering.
On July 27,$ZJ INNOLIGHT (03308.HK)$The Hong Kong IPO bookbuilding has been completed. This will be the largest IPO in Hong Kong since Alibaba’s listing in 2019.
According to JLT Securities, as of 14:00 on the day, the offering had received HK$71.99 billion in margin financing, representing an oversubscription of more than 13 times. Additionally, on July 27, the Hong Kong Exchange announced it would provide InnoLight Technology with the 'triple package' for mega-IPOs: weekly and monthly options will be launched simultaneously on the listing date (July 30), derivative warrants will be listed, and the stock will be included in the Designated Securities Eligible for Short Selling list.
$ZJ INNOLIGHT (03308.HK)$It is a global leader in optical interconnect solutions, which transmit data via fiber optics to enable high-speed, energy-efficient, and low-latency connections among servers, switches, and other network equipment within increasingly complex and data-intensive cloud and AI infrastructures.
According to the prospectus, the cornerstone investor lineup for the offering is star-studded—33 cornerstone investors, including Temasek, Abu Dhabi Investment Authority, Hillhouse, BlackRock, Alibaba, and Tencent, have already been secured. These investors span sovereign wealth funds, global asset managers, private equity/venture capital firms, and industrial capital, with a combined subscription amount of approximately HK$27 billion, representing over 49% of the total offering.
Publicly available information indicates that$ZJ INNOLIGHT (03308.HK)$The Hong Kong IPO plans to offer 54.5 million H-shares globally at an issue price not exceeding HK$1,010 per share, with a board lot size of 50 shares and an application fee of approximately HK$51,000. Based on the estimated fundraising target of HK$55 billion, this would set a record for the largest IPO in Hong Kong since Alibaba’s secondary listing in 2019, ranking as the ninth-largest IPO in Hong Kong’s history.
Notably, if the full 15% over-allotment option (greenshoe) is exercised, the total proceeds from the offering would rise to approximately HK$63.3 billion, making it the seventh-largest IPO in Hong Kong’s history. Unlike several recent A+H companies that voluntarily waived the greenshoe mechanism to secure inclusion in major indices on the first trading day, InnoLight Technology opted to retain the greenshoe, reflecting a degree of confidence in the offering.
Data from JLT Securities shows that in the public offering segment, InnoLight Technology received HK$71.99 billion in margin financing, representing an oversubscription of more than 13 times. Among these, Futu accounted for HK$29.015 billion, Phillip Securities HK$28 billion, and UP Fintech (Tiger Brokers) HK$5.888 billion.
Market sources indicated that due to strong institutional demand—which fully covered the offering on the first day of bookbuilding—InnoLight Technology decided to move the international placement book closure forward to July 24, one business day earlier than originally scheduled for July 27. At that time, institutional indications of interest reportedly exceeded the offering size by several times.
Additionally, media reports citing informed sources indicated that Zhongji Xuchuang’s final offer price for its Hong Kong IPO was set at HK$980 per share, representing a discount of approximately 3% from the upper end of the indicative range of HK$1,010 per share and a discount of about 21% from its latest A-share closing price on July 27. Based on this pricing, the offering size amounts to approximately HK$53.4 billion, which could increase to around HK$61 billion if the over-allotment option is exercised.
However, due to regulatory constraints, no credible institutional sources have been willing to confirm this information.
Notably, as one of the most prominent mega-IPOs in recent years, the Hong Kong Exchange confirmed on July 27 that it will provide investors with a range of product options on Zhongji Xuchuang’s listing day, including the simultaneous launch of weekly and monthly options, listing of derivative warrants, and inclusion in the Designated Securities List for short selling.
Previously, companies receiving similar treatment included Luxshare Precision (listed this year), CATL (scheduled to list in 2025), Baidu, and Kuaishou (both listed in 2021).
Typically, the Hong Kong Exchange decides whether to introduce options on a newly listed stock after evaluating its market capitalization, liquidity, and investor interest over a period following its IPO. The special arrangement to launch options and other derivatives on Zhongji Xuchuang’s first trading day indirectly reflects regulators’ recognition of its market significance and liquidity.
Editor/melody