ZJ INNOLIGHT fell over 3% in Hong Kong grey market trading.

According to the prospectus, ZJ INNOLIGHT is a globally leading provider of optical interconnect solutions. These solutions transmit data via optical fiber, enabling high-speed, energy-efficient, and low-latency connections between servers, switches, and other network equipment within increasingly complex and data-intensive cloud and AI infrastructures. The company's primary product is optical modules, which convert electrical signals to optical signals and vice versa to transmit massive amounts of data.

According to CIConsulting, ZJ INNOLIGHT has been the world's largest optical interconnect solution provider by revenue for five consecutive years since 2021. In 2025, it held a 21.2% share of the overall optical interconnect solutions market and further strengthened its leading position in the high-speed data center optical interconnect solutions market, capturing a 28.1% market share that same year.

Financially, for the fiscal years 2023, 2024, and 2025, and the three months ended March 31, 2026, the company achieved revenues of approximately RMB 10.718 billion, RMB 23.862 billion, RMB 38.240 billion, and RMB 19.496 billion, respectively. For the same periods, profit for the year/period was approximately RMB 2.208 billion, RMB 5.372 billion, RMB 11.580 billion, and RMB 6.317 billion, respectively.