Zhongji InnoLight HK$61.4 billion Hong Kong IPO

Davis Polk advised Zhongji InnoLight Co., Ltd., a company whose A shares are listed on the ChiNext Market of the Shenzhen Stock Exchange, in connection with its global offering of H shares in reliance on Rule 144A and Regulation S and listing on the Hong Kong Stock Exchange. The gross proceeds from the offering amounted to approximately HK$61.4 billion, assuming the over-allotment option will be exercised in full. Zhongji InnoLight’s IPO marks the largest Hong Kong IPO in the past seven years, the largest IPO in the history of the global optical communications industry and the largest “A to H” IPO in Hong Kong IPO history.

Zhongji InnoLight is a leading global provider of optical interconnect solutions. Since 2021, Zhongji InnoLight has been the world’s largest provider of optical interconnect solutions by revenue for five consecutive years. Zhongji InnoLight serves most of the world’s top cloud service providers and AI computing solution providers. Zhongji InnoLight developed and introduced the world’s first 400G, 800G and 1.6T integrated silicon photonics, or SiPh-based, optical transceivers, and were the largest global provider of SiPh-based optical transceivers by revenue in 2025.

The Davis Polk corporate team included partner – registered foreign lawyer Li He, partners Jason Xu and Ran Li, counsel Haiyang Zhao, registered foreign lawyer Kailai (Claire) Xiong and associate Andrew Pu. Counsel Alon Gurfinkel and associate Ya Sheng Lin provided tax advice. Associate Saloni Pant and Amanda Cohen provided 1940 Act advice. Members of the Davis Polk team are based in the Hong Kong, Beijing, London and New York offices.