Innolight Launches HK$55 Billion Hong Kong IPO; Lures Tencent, Alibaba as Cornerstone Investors
Zhongji Innolight (HKG:3308, SHE:300308) launched its Hong Kong initial public offering on Wednesday, seeking to raise up to HK$55.1 billion.The optical interconnect service provider is offering 54.5 million H-shares at a maximum price of HK$1,010.00 each, according to a Hong Kong bourse filing.The offering comprises 5.5 million shares for Hong Kong investors and 49.1 million shares for international investors, subject to reallocation and the over-allotment option.The offer price is expected to be determined by July 28, with allocation results due by July 29, ahead of the company's planned trading debut on July 30.The offering has attracted cornerstone investors, including Temasek, HHLRA, JPMorgan Asset Management, BlackRock, Taibai, Aspex, ADIA, Alibaba (HKG:9988) and Tencent (HKG:0700), which have agreed to subscribe for shares worth a total of $3.45 billion.Net proceeds will be used primarily to support research and development of optical interconnect technologies, expand the company's global production capacity, and enhance its supply chain resilience and commercialization capabilities.The company also plans to use the funds for strategic acquisitions and investments, and for working capital and general corporate purposes.Goldman Sachs (Asia), CICC Hong Kong Securities, Morgan Stanley Asia and GF Capital (Hong Kong) are serving as joint sponsors, sponsor-overall coordinators, overall coordinators, joint global coordinators, joint bookrunners and joint lead managers.Haitong International Securities, Citigroup, HSBC, China Galaxy International Securities and other firms are acting as overall coordinators, joint global coordinators, joint bookrunners and joint lead managers, according to the prospectus.
