On August 25, 2025, Ligent Technologies Inc. submitted its initial public offering application to the Hong Kong Stock Exchange, seeking a listing on the Main Board with Citi and CITIC Securities serving as joint sponsors.

The company is a global leading full-stack supplier of optical communication and connectivity solutions, reporting revenue of 4.2 billion yuan in the first half of 2025, representing a remarkable 124% year-over-year surge, with net profit reaching 510 million yuan and a net margin of 12.1%.

**Global Leading Full-Stack Optical Communication Solutions Provider**

Ligent Technologies Inc., based in Qingdao, Shandong, filed its listing application with the Hong Kong Stock Exchange on August 25, 2025, marking the company's first IPO attempt.

The company serves as a global leading full-stack supplier of optical communication and connectivity solutions, providing critical optical communication products for AI computing networks. It is among the few enterprises worldwide that simultaneously possess research and development capabilities and mass production capacity for both optical modules and optical chips.

Over the past two decades, the company has leveraged its mass production and delivery capabilities across AI, cloud computing, FTTx, transmission networks, and wireless applications, extensively empowering cloud service providers, telecommunications and network equipment suppliers, and operators worldwide.

According to Frost & Sullivan data, in 2024, the company ranked fifth globally among all professional optical module manufacturers by global optical module revenue; ranked third globally among all professional optical module manufacturers by China optical module revenue; ranked among the top five globally among all professional optical module manufacturers by global data communication optical module revenue; ranked among the top three globally among all professional optical module manufacturers by global FTTx optical module revenue; and ranked among the top three globally among all professional optical network terminal box manufacturers by China optical network terminal box revenue.

The company's products include (i) optical modules, (ii) optical chips, and (iii) optical network terminals.

**H1 Revenue Hits 4.2 Billion Yuan with 124% Growth, Net Profit Reaches 510 Million**

For the three years ended December 31, 2024, and the first six months of 2024 and 2025:

Revenue was approximately 5.043 billion yuan, 4.239 billion yuan, 5.087 billion yuan, 1.882 billion yuan, and 4.216 billion yuan respectively, with the first half of 2025 showing a 124.01% year-over-year increase;

Gross profit was approximately 1.117 billion yuan, 874 million yuan, 883 million yuan, 326 million yuan, and 788 million yuan respectively, with the first half of 2025 showing a 141.97% year-over-year increase;

Net profit was approximately 429 million yuan, 216 million yuan, 89 million yuan, -8 million yuan, and 510 million yuan respectively, with the first half of 2025 returning to profitability;

Gross margin was approximately 22.15%, 20.62%, 17.36%, 17.31%, and 18.69% respectively;

Net margin was approximately 8.51%, 5.08%, 1.76%, -0.41%, and 12.09% respectively.

**AI Demand Drives High Growth; Company Ranks Fifth Globally and Third in China for Optical Module Revenue**

According to Frost & Sullivan data, the global optical module industry market size (by sales revenue) grew from 77.5 billion yuan in 2020 to 126.7 billion yuan in 2024, representing a compound annual growth rate of 13.1%. The global optical module market size is expected to reach 295.4 billion yuan by 2029, with a compound annual growth rate of 18.5% from 2024.

The global optical chip industry market size (by sales revenue) grew from 13.1 billion yuan in 2020 to 24.9 billion yuan in 2024, representing a compound annual growth rate of 17.4%. It is expected to reach 66.5 billion yuan by 2029, with a compound annual growth rate of 21.7% from 2024.

The global market size of the optical network terminal box segment (by sales revenue) grew from 33.6 billion yuan in 2020 to 44.3 billion yuan in 2024, representing a compound annual growth rate of 7.1%. It is expected to reach 71.8 billion yuan by 2029, with a compound annual growth rate of 10.2% from 2024.

Based on 2024 global optical module revenue, the company achieved global sales revenue of 3.7 billion yuan, ranking fifth among all professional optical module manufacturers and capturing a 2.9% share of the global optical module industry.

Based on 2024 China optical module sales revenue, the company achieved optical module sales revenue of 2.4 billion yuan in the Chinese market, ranking third with a market share of 7.2%.

**Industry Enjoys Market Favor; Comparable Companies See Multi-fold Surge Recently**

Industry IPO comparable companies include Innolight, EOPTOLINK, and ACCELINK Technologies.

Notably, driven by AI demand-boosted high performance growth, leading global optical module companies Innolight and EOPTOLINK have gained significant market favor, with their stock prices surging 3 to 4 times since mid-April, currently trading at price-to-earnings ratios exceeding 60 times.

**Founded by Top Scientist Huang Weiping, Led by Multiple Hisense Veterans**

The company's board comprises nine directors, including two executive directors, four non-executive directors, and three independent non-executive directors.

Mr. Yu Zhitao: Non-executive Director and Chairman of the Board, formerly served as Director and Chief Executive Officer of Hisense Group Holdings, Director and Chairman of Hisense Visual Technology, Executive Director of Hisense Home Appliances, and Director of Japan's Sanden Corporation.

Dr. Hong Jin: Executive Director, Chief Executive Officer and General Manager of Optical Module Business Unit, formerly served as Vice President of Intel's Data Center Group and R&D General Manager of Silicon Photonics Product Division, and held executive positions at Ciena, Oplink, StrataLight, Opnext, EMCORE, and NeoPhotonics.

Ms. Wang Hui: Executive Director, Chief Financial Officer and Company Secretary, formerly served as Director of Changelight, and held positions including Chief Accountant and various managerial roles at Hisense Real Estate.

Dr. Jia Shaoqian: Non-executive Director, Chairman of Hisense Group Holdings, Executive Director of Hisense Home Appliances, and Director of Hisense Visual Technology.

Dr. Huang Weiping: Non-executive Director and Group Founder, current Professor at School of Information Science and Engineering, Shandong University, formerly served as Dean of the school, Professor at McMaster University Canada and University of Waterloo Canada, Senior Member of IEEE, Member of International Academy of Electromagnetics MIT, selected for Stanford University's top 2% scientists worldwide list in 2024.

Mr. Zhang Jing: Non-executive Director, former Director and current Non-executive Director of 4Paradigm, formerly served as Partner at Primavera Capital and fixed income division at Morgan Stanley.

**Controlling Shareholder Hisense Group Holds 48.61% Stake**

Pre-IPO, the company's shareholding structure includes:

Hisense Group Holdings directly or indirectly through subsidiary Century Jinlong holds 48.61%, serving as the controlling shareholder;

TransLight holds 23.22%;

Global Optical holds 16.48%;

Archcom LLC holds 4.51%;

Bolande (domestic employee shareholding platform) holds 3.29%;

Xiamen entities (Xiamen Guojuxiang, Xiamen Advanced Manufacturing Fund, and Xiamen Torch Runxin) hold 3.06%;

AI Talents (seven individual shareholders, all current company employees) holds 0.83%.

**Cumulative Funding Exceeds 1 Billion Yuan; Pre-IPO Valuation Around 11.8 Billion HKD**

The company underwent multiple funding rounds before listing, with cumulative financing reaching approximately 1.07 billion yuan. In the latest financing round in July 2025, the company's post-money valuation was approximately 11.84 billion HKD, with a per-share cost of approximately 14.60 HKD.

**Advisory Team**

The advisory team for Ligent Technologies comprises 10 firms, including 2 sponsors with excellent track records across nearly 10 sponsored projects; 3 legal firms with moderate overall project performance. The advisory team demonstrates certain competitive advantages overall.