LIGENT (09856), a provider of optical communications and optical connectivity products, wrapped up its Hong Kong public offering on September 17, 2026, after a subscription period that ran from September 14. Market data shows the company attracted HK$15.545 billion in margin financing from brokers, representing a 26.42-times oversubscription against the public offering tranche of HK$567 million.

The company plans to globally distribute 172 million shares, subject to the exercise of the over-allotment option, with 10% allocated to the Hong Kong public offer (subject to reallocation) and 90% to the international placement (also subject to reallocation), plus a 15% over-allotment option. The final offer price is set at HK$32.96 per share, with each board lot comprising 100 shares, putting the minimum application cost at HK$3,329.2. Trading is expected to commence on Tuesday, September 22, with Citigroup and CITIC Securities acting as joint sponsors.

For this IPO, LIGENT has secured 24 cornerstone investors, including Primavera Capital Fund, GBAHIL, CFTC Paragon SP, HK BVF I LPF, Orient Asset Management, Mount Altai, Peak View Capital, Sinofortune Nova, Ambre Lau Trade Limited, SCV Delta, Mirae Asset Securities (HK), PAG Capital Structure Opportunity Fund LP, Turquoise Hime (ORIX), GF Fund, E Fund, CSC Financial OTC Swap, Qianhai International Fund Management, Gaoteng Global Asset Management, GigaDevice, Amlogic Hong Kong, Atlas Venture Limited, Mingshan Capital, ODI Trust, and Barings, committing a combined US$340 million. Based on the offer price of HK$32.96 per share, these cornerstone investors will collectively subscribe to 80.8767 million offer shares, including those to be acquired through qualified domestic institutional investors.

According to the prospectus, LIGENT is an established supplier of optical communications and connectivity products, specializing in the research, development, manufacturing, and sale of optical modules, optical chips, and optical network terminals for both domestic and international clients. In 2025, the company captured a 4.0% share of the global optical module market by revenue, ranking fifth among all professional optical module manufacturers worldwide. In China, it held a 10.1% market share by revenue, placing it third globally among specialized optical module makers. The company is also one of the few worldwide players with in-house R&D and production capabilities for both optical modules and optical chips.

The company holds 1,581 patents globally along with 716 pending patent applications. It is a founding or member unit of 18 industry standardization organizations and has contributed to the development of 61 industry standards. Leveraging its cross-regional R&D network spanning Qingdao, Wuhan, Silicon Valley, and Singapore, LIGENT has accumulated core technologies and products covering every major segment of the optical communications value chain. In optical module products, it possesses proprietary capabilities in circuit design and core packaging technologies, including transistor-outline can (TO-CAN), BOX, chip-on-board (COB), and silicon photonics packaging. In optical chip design, the company has successfully developed two mature processing platforms for buried heterostructure and ridge waveguide technologies. It also holds specialized expertise in developing a range of optical network terminal products.

Financially, LIGENT generated revenues of approximately RMB 4.239 billion, RMB 5.087 billion, RMB 8.355 billion, and RMB 5.393 billion for fiscal years 2023, 2024, 2025, and the six months ended June 30, 2026, respectively. During the same periods, it recorded net profits of roughly RMB 216 million, RMB 89.49 million, RMB 873 million, and RMB 661 million.

Looking ahead, LIGENT intends to allocate approximately 52.9% of the net proceeds to continued R&D investment in new products and technologies, about 25.1% to expanding optical module and chip production capacity and enhancing automation across its product lines, roughly 4.0% to strengthening business promotion and overseas market expansion, approximately 8.0% expected to be deployed over the next five years for strategic investments and acquisitions along the optical communications value chain in domestic and international markets, and around 10.0% for working capital and general corporate purposes.