On July 30, ZJ INNOLIGHT declined 3.78% in regular trading on its first day listed on the Hong Kong Stock Exchange, trading at 946.0 HKD/share with turnover of HK$45.44 billion, falling well below its IPO price of HK$980.

The company completed its A+H dual listing as the largest Hong Kong IPO this year, raising approximately HK$52.9 billion in net proceeds from a base offering of 54.5 million H-shares priced at HK$980, a 3% discount to the upper limit. The international tranche was 9.73 times oversubscribed and the Hong Kong public offering 16.84 times oversubscribed.

The weak debut followed a 15.69% plunge in ZJ INNOLIGHT's A-shares on July 28, when the broader CPO sector saw a sell-off wiping over RMB 330 billion in combined market value from leading optical module makers. The company held an emergency conference call to refute rumors of aggressive 1.6T module price cuts, stating actual ASP is far above market speculation. Its chairman simultaneously proposed a RMB 4-8 billion A-share buyback, noting that nearly all customers have placed firm orders through 2027.

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