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.

Equity Capital Markets

Zhongji Innolight   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongji-innolight-co-ltd" target="_blank" data-smartkarma-citation="entities:6986:1" rel="noopener">Zhongji Innolight (300308 CH)</a> is a leading global provider of optical interconnect solutions. It is seeking to raise US$7 to US$8 billion.     </li>
<li>The principal products, optical transceivers, are compact devices that convert electrical signals into optical signals, and vice versa, to enable high-speed, energy-efficient and low-latency data transmission.</li>
<li>The investment case is based on strong market position, AI infrastructure-fuelled revenue growth, margin expansion, cash generation and a strong balance sheet. </li>
</ul>



Zhongji Innolight (300308 CH) is a leading global provider of optical interconnect solutions. It is seeking to raise US$7 to US$8 billion.     
The principal products, optical transceivers, are compact devices that convert electrical signals into optical signals, and vice versa, to enable high-speed, energy-efficient and low-latency data transmission.
The investment case is based on strong market position, AI infrastructure-fuelled revenue growth, margin expansion, cash generation and a strong balance sheet. 


Innolight H Share Listing: The Investment Case

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Equity Bottom-Up

<ul>
<li>Q2 FY2026 revenue of $1.57B grew 40% YoY. Adjusted EPS of $1.64 rose 290%. FY2026 guidance raised to $6.3B, implying 32% growth at midpoint</li>
<li>Record $7.7B backlog, cloud providers at 46% of revenue, and RLS HyperRail wins support visibility into FY2027 and beyond.</li>
<li>The shares trade at a premium to optical peers, but backlog visibility, category leadership and an inflecting margin and cash profile justify that premium</li>
</ul>


Q2 FY2026 revenue of $1.57B grew 40% YoY. Adjusted EPS of $1.64 rose 290%. FY2026 guidance raised to $6.3B, implying 32% growth at midpoint
Record $7.7B backlog, cloud providers at 46% of revenue, and RLS HyperRail wins support visibility into FY2027 and beyond.
The shares trade at a premium to optical peers, but backlog visibility, category leadership and an inflecting margin and cash profile justify that premium


Ciena (NYSE: CIEN): Record Backlog and Near-Quadrupled EPS Validate the AI Optical Buildout Thesis

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongji-innolight-co-ltd" target="_blank" data-smartkarma-citation="entities:6986:1" rel="noopener">Zhongji Innolight (300308 CH)</a> one of the world’s largest optical transceiver manufacturers, now aims to raise around US$7bn 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>In our previous notes, we have looked at the company’s past performance and recent filings updates. In this note, we talk about the likely A/H premium/discount.</li>
</ul>



Zhongji Innolight (300308 CH) one of the world’s largest optical transceiver manufacturers, now aims to raise around US$7bn 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.
In our previous notes, we have looked at the company’s past performance and recent filings updates. In this note, we talk about the likely A/H premium/discount.


Aequitas: Innolight A/H Listing - Updated Peer Comp and Thoughts on Valuations

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>Zhongji Innolight, a global optical interconnect player, passed hearing for an A+H listing. GS, CICC, MS, and GF are the joint sponsors.</li>
<li>We look at the company's core segments: high-speed and mid-to-low-speed optical transceivers.</li>
<li>We discussed our preliminary thoughts on the company's valuation based on A-H premium.</li>
</ul>


Zhongji Innolight, a global optical interconnect player, passed hearing for an A+H listing. GS, CICC, MS, and GF are the joint sponsors.
We look at the company's core segments: high-speed and mid-to-low-speed optical transceivers.
We discussed our preliminary thoughts on the company's valuation based on A-H premium.


Zhongji Innolight (中际旭创) A+H Pre-IPO: Early Thoughts

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongji-innolight-co-ltd" target="_blank" data-smartkarma-citation="entities:6986:1" rel="noopener">Zhongji Innolight (300308 CH)</a> one of the world’s largest optical transceiver manufacturers, now aims to raise around US$7bn 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>In our previous notes, we have looked at the company’s past performance and likely A/H premium/discount. In this note, we talk about the updates from its recent filing.</li>
</ul>



Zhongji Innolight (300308 CH) one of the world’s largest optical transceiver manufacturers, now aims to raise around US$7bn 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.
In our previous notes, we have looked at the company’s past performance and likely A/H premium/discount. In this note, we talk about the updates from its recent filing.


Aequitas: Innolight A/H Listing - Filing Updates - Dominant Status, Strong Earnings

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)

Ciena (NYSE: CIEN): Record Backlog and Near-Quadrupled EPS Validate the AI Optical Buildout Thesis

Ciena has emerged as a primary beneficiary of the AI-driven optical build-out. Premium valuation justified by category leadership and positive...

GSBR Research

Aequitas: Innolight A/H Listing - Updated Peer Comp and Thoughts on Valuations

Zhongji Innolight (300308 CH) one of the world’s largest optical transceiver manufacturers, now aims to raise around US$7bn in its H-share listing....

Sumeet Singh

Zhongji Innolight (中际旭创) A+H Pre-IPO: Early Thoughts

Zhongji Innolight passed hearing for an A+H listing. In this note, we look at the company's business, its industry context and provide our early...

Ke Yan, CFA, FRM

Aequitas: Innolight A/H Listing - Filing Updates - Dominant Status, Strong Earnings

Zhongji Innolight (300308 CH) the world’s largest optical transceiver manufacturers, now aims to raise around US$7bn in its H-share listing. In...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Innolight H Share Listing: The Investment Case

Innolight is a leading global provider of optical interconnect solutions. It is seeking to raise US$7 to US$8 billion. In this note, I discuss the...

Arun George

Ciena (NYSE: CIEN): Record Backlog and Near-Quadrupled EPS Validate the AI Optical Buildout Thesis

Ciena has emerged as a primary beneficiary of the AI-driven optical build-out. Premium valuation justified by category leadership and positive...

GSBR Research

Aequitas: Innolight A/H Listing - Updated Peer Comp and Thoughts on Valuations

Zhongji Innolight (300308 CH) one of the world’s largest optical transceiver manufacturers, now aims to raise around US$7bn in its H-share listing....

Sumeet Singh

Zhongji Innolight (中际旭创) A+H Pre-IPO: Early Thoughts

Zhongji Innolight passed hearing for an A+H listing. In this note, we look at the company's business, its industry context and provide our early...

Ke Yan, CFA, FRM

Aequitas: Innolight A/H Listing - Filing Updates - Dominant Status, Strong Earnings

Zhongji Innolight (300308 CH) the world’s largest optical transceiver manufacturers, now aims to raise around US$7bn in its H-share listing. In...

Sumeet Singh