Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Zhongji InnoLight / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongji-innolight" target="_blank" data-smartkarma-citation="entities:55331:1" rel="noopener">Zhongji InnoLight (3308 HK)</a> (ZI), one of the world’s largest optical transceiver manufacturers, raised around US$7.8bn in its H-share listing.</li>
<li>Innolight was the global leader in 2025 in optical modules, with its products being in high demand for data centers.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Zhongji InnoLight (3308 HK) (ZI), one of the world’s largest optical transceiver manufacturers, raised around US$7.8bn in its H-share listing.
Innolight was the global leader in 2025 in optical modules, with its products being in high demand for data centers.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Innolight Trading - Good Quality, Ok Demand, Bad Market. HK Investor Feedback Remains +ve

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

Wuxi Taclink Optoelectronics Technology / Equity Bottom-Up

Wuxi Taclink Optoelectronics Technology (688205 CH)

<ul>
<li>A-Share optoelectronics names hold the largest single-country share of merchant optical transceivers; Innolight leads globally at CNY38.24bn FY25 revenue, with Eoptolink next at CNY24.84bn.</li>
<li>AI has multiplied demand: Big-5 hyperscaler capex reached US$353bn in 2025, 2026 plans sum to roughly US$790bn, and the market is in year one of the 1.6T generation.</li>
<li>The module leaders trade at roughly 27x forward earnings, the cheapest layer of their own supply chain; upstream chip, DSP, and EMS peers run 29-52x.</li>
</ul>


A-Share optoelectronics names hold the largest single-country share of merchant optical transceivers; Innolight leads globally at CNY38.24bn FY25 revenue, with Eoptolink next at CNY24.84bn.
AI has multiplied demand: Big-5 hyperscaler capex reached US$353bn in 2025, 2026 plans sum to roughly US$790bn, and the market is in year one of the 1.6T generation.
The module leaders trade at roughly 27x forward earnings, the cheapest layer of their own supply chain; upstream chip, DSP, and EMS peers run 29-52x.


China Optoelectronics: Powering AI's Voracious Bandwidth Needs

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>The IPO of <a href="https://www.smartkarma.com/entities/zhongji-innolight" target="_blank" data-smartkarma-citation="entities:55331:1" rel="noopener">Zhongji InnoLight (3308 HK)</a>, a leading global provider of optical interconnect solutions, which seeks HK$54.5bn, is the largest since 2019.</li>
<li>Its FY25-28F EPS CAGR will reach 89.8%, underpinned by the jump in revenue and expansion in margin. Its 1Q26 net profit has already surged by 262.3%.</li>
<li>The IPO is priced at a 17.7% HA discount. At a HK$1.2trn market capitalisation, pegging it to its A-share will give a price of HK$1,227, or a 21.5% upside.</li>
</ul>


The IPO of Zhongji InnoLight (3308 HK), a leading global provider of optical interconnect solutions, which seeks HK$54.5bn, is the largest since 2019.
Its FY25-28F EPS CAGR will reach 89.8%, underpinned by the jump in revenue and expansion in margin. Its 1Q26 net profit has already surged by 262.3%.
The IPO is priced at a 17.7% HA discount. At a HK$1.2trn market capitalisation, pegging it to its A-share will give a price of HK$1,227, or a 21.5% upside.


Zhongji InnoLight (3308 HK) IPO: Assessing the Valuation

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Zhongji Innolight launched Hongkong IPO to raise nearly HK$ 55B. They provide optical interconnect solutions that help transmit data through optical fibers and enable high-speed, energy efficient and low-latency connectivity.</li>
<li>Zhongji Innolight intends to use the proceeds for investment in R&amp;D, to expand global production capacity, enhance supply chain &amp; commercialization capabilities, for strategic acquisitions/investments and working capital.</li>
<li>Given the end market demand scenario, the valuation that Zhongji Innolight is seeking through this issue seems relatively justified and reasonable, considering the company’s market leadership position.</li>
</ul>


Zhongji Innolight launched Hongkong IPO to raise nearly HK$ 55B. They provide optical interconnect solutions that help transmit data through optical fibers and enable high-speed, energy efficient and low-latency connectivity.
Zhongji Innolight intends to use the proceeds for investment in R&amp;D, to expand global production capacity, enhance supply chain &amp; commercialization capabilities, for strategic acquisitions/investments and working capital.
Given the end market demand scenario, the valuation that Zhongji Innolight is seeking through this issue seems relatively justified and reasonable, considering the company’s market leadership position.


Zhongji Innolight IPO: Transmitting The Right Vibes For Investors Given The Strong Demand Optics

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongji-innolight" target="_blank" data-smartkarma-citation="entities:55331:1" rel="noopener">Zhongji InnoLight (3308 HK)</a>, a leading global provider of optical interconnect solutions, has launched an H Share listing to raise US$7.0 billion.</li>
<li>I discussed the H Share listing in <strong><em><a href="https://www.smartkarma.com/insights/innolight-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:247130" rel="noopener">Innolight H Share Listing: The Investment Case</a></em></strong>. </li>
<li>The proposed AH discount of 23.3% (based on the close on 21 July A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Zhongji InnoLight (3308 HK), a leading global provider of optical interconnect solutions, has launched an H Share listing to raise US$7.0 billion.
I discussed the H Share listing in Innolight H Share Listing: The Investment Case. 
The proposed AH discount of 23.3% (based on the close on 21 July A Share price) is attractive, and I would participate in the H Share listing.


Innolight H Share Listing (3308 HK): Valuation Insights

United States

Coherent Corp. designs engineered materials and optoelectronic components. The Company offers products to industrial, optical communications, military, life sciences, semiconductor equipment, and consumer markets. Coherent also manufactures semiconductor lasers and optics for high power industrial lasers, optical communications systems, datacenter connectivity, and 3D sensing.

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Coherent (COHR US)

Aequitas: Innolight Trading - Good Quality, Ok Demand, Bad Market. HK Investor Feedback Remains +ve

Zhongji InnoLight (3308 HK) (ZI), one of the world’s largest optical transceiver manufacturers, raised around US$7bn in its H-share listing. In...

Sumeet Singh

China Optoelectronics: Powering AI's Voracious Bandwidth Needs

A-Share optoelectronics dominate merchant optical transceivers market; AI driving Big-5 hyperscaler capex to US$790bn in 2026, module leaders...

Vincent Fernando, CFA

Zhongji InnoLight (3308 HK) IPO: Assessing the Valuation

Zhongji InnoLight's IPO seeks HK$54.5bn, with strong growth projections. Priced at a 17.7% HA discount, there is potential for 21.5% upside if we...

Osbert Tang, CFA

Zhongji Innolight IPO: Transmitting The Right Vibes For Investors Given The Strong Demand Optics

Zhongji Innolight launch HK IPO to raise HK$55B for R&D, global expansion, acquisitions, and working capital, with justified valuation reflecting...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Innolight Trading - Good Quality, Ok Demand, Bad Market. HK Investor Feedback Remains +ve

Zhongji InnoLight (3308 HK) (ZI), one of the world’s largest optical transceiver manufacturers, raised around US$7bn in its H-share listing. In...

Sumeet Singh

China Optoelectronics: Powering AI's Voracious Bandwidth Needs

​A-Share optoelectronics dominate merchant optical transceivers market; AI driving Big-5 hyperscaler capex to US$790bn in 2026, module leaders...

Vincent Fernando, CFA

Zhongji InnoLight (3308 HK) IPO: Assessing the Valuation

​Zhongji InnoLight's IPO seeks HK$54.5bn, with strong growth projections. Priced at a 17.7% HA discount, there is potential for 21.5% upside if we...

Osbert Tang, CFA

Zhongji Innolight IPO: Transmitting The Right Vibes For Investors Given The Strong Demand Optics

​Zhongji Innolight launch HK IPO to raise HK$55B for R&D, global expansion, acquisitions, and working capital, with justified valuation reflecting...

Tina Banerjee

Innolight H Share Listing (3308 HK): Valuation Insights

InnoLight, a leading global provider of optical interconnect solutions, has launched an H Share listing to raise US$7.0 billion. In this note, I...

Arun George

A-Share optoelectronics dominate merchant optical transceivers market; AI driving Big-5 hyperscaler capex to US$790bn in 2026, module leaders...

Zhongji InnoLight's IPO seeks HK$54.5bn, with strong growth projections. Priced at a 17.7% HA discount, there is potential for 21.5% upside if we...

Zhongji Innolight launch HK IPO to raise HK$55B for R&D, global expansion, acquisitions, and working capital, with justified valuation reflecting...