ZJ INNOLIGHT (03308) made its trading debut today, plunging more than 10% intraday to fall below its IPO price. By the midday close, it was down 7.35%, trading at HK$908, with a turnover of HK$7.047 billion.

According to iResearch, ZJ INNOLIGHT has been the world's largest optical interconnect solutions provider by revenue for five consecutive years since 2021. The total IPO proceeds were approximately HK$53.4 billion, making it potentially the largest IPO in Hong Kong this year and the largest listing in the Hong Kong market since Alibaba's secondary listing in 2019.

Notably, on the first day of ZJ INNOLIGHT's listing, the Hong Kong Stock Exchange simultaneously launched stock options for it, with both monthly and weekly expiry contracts available for trading. Each contract covers 50 shares, with a position limit of 50,000 contracts. The company's shares were also included in the designated securities list for short selling on the same day.

Analysts point out that the special arrangement of launching options and other products on the same day as ZJ INNOLIGHT's debut indirectly reflects regulatory recognition of its market position and liquidity.