A winner of the US-China rivalry that supplies AI data centre equipment to both countries fell as much as 10 per cent in its Hong Kong debut on Thursday as it was swept up in a global tech sell-off.
Zhongji Innolight, which is already listed in Shenzhen, fell to as low as HK$880 after pricing its Hong Kong shares at HK$980. It raised HK$53.4bn ($6.8bn), with an option to sell additional shares that could bring the figure to $7.8bn.
Innolight is one of China’s most valuable companies, with a market capitalisation of more than $145bn. The Hong Kong listing is the second largest in Asia this year and joins a series of market debuts for the “picks and shovels” suppliers of the AI boom.
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