LIGENT has announced its official listing on the Hong Kong Stock Exchange on September 22, with a global offering of 172,014,700 shares and an additional over-allotment option of 25,802,200 shares. The maximum offer price is set at HK$32.96 per share, with Citigroup and CITIC Securities acting as joint sponsors. The offering has attracted 24 cornerstone investors, including GigaDevice and Amlogic, who have collectively subscribed for a total of US$340 million (approximately HK$2.67 billion).

The global offering is expected to raise gross proceeds of HK$5.67 billion, with net proceeds estimated at HK$5.445 billion. LIGENT plans to allocate the funds towards new product development and technology research, expanding optical module and optical chip production capacity while enhancing automation, strengthening business promotion and overseas market expansion, as well as pursuing strategic investments and acquisitions in both domestic and international markets.

According to the prospectus, LIGENT recorded revenues of RMB 4.239 billion, RMB 5.087 billion, and RMB 8.355 billion for the fiscal years 2023, 2024, and 2025, respectively. Net profits for the same periods stood at RMB 216 million, RMB 89 million, and RMB 876 million. In the first half of this year, the company's revenue grew 27.91% year-over-year to RMB 5.393 billion, with net profit rising 28.76% to RMB 656 million.

It is noteworthy that in 2023, LIGENT's telecom optical module business accounted for 39.7% of total revenue, making it the largest revenue contributor. However, driven by surging AI demand, the company's data communication optical module segment has grown rapidly, now representing 69.4% of revenue in the first half of this year. According to Frost & Sullivan, based on 2025 global optical module revenue, LIGENT ranked fifth worldwide among all professional optical module manufacturers with a 4.0% market share. In China, it secured the third position with a 10.1% market share. Additionally, the company ranked fifth globally in data communication optical module revenue, third in FTTx optical module revenue, and second in China's optical network terminal box revenue during the same year.

Where to begin your analysis—Hisense Group Holdings serves as the controlling shareholder of LIGENT, holding approximately 48.61% of shares directly and indirectly through its wholly-owned subsidiary Century Jinlong. LIGENT stands as one of the few companies globally with the capability to both research and mass-produce optical modules and optical chips. In the optical chip segment, the company has developed 75mW and 100mW CW-DFB laser chips alongside 100G EML laser chips, and is currently advancing 150mW/400mW CW-DFB, 200G EML, and 400G InP laser chip technologies.

On the data communication optical module front, LIGENT was among the first Chinese manufacturers to successfully develop and begin mass production of 800G and 1.6T optical modules. The company is now researching next-generation 3.2T optical modules and 6.4T optical engines, having already delivered 3.2T NPO optical engine samples to customers for validation. It is also co-developing 6.4T NPO optical engines and 12.8T XPO optical modules with clients. Production of optical modules based on LPO and LRO technologies commenced in the first quarters of 2025 and 2026, respectively, with initial commercialization of ELSFP light source modules supporting NPO and CPO technologies. In the telecom optical module sector, LIGENT is among the world's pioneers in successfully developing 50G PON optical modules.