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china stocks johnji innorite Shares soared as much as 8% on Monday after the company received approval on Friday for a major Hong Kong listing worth up to $8 billion, likely the city’s biggest listing in years.
The Chinese optical transceiver company has begun gauging interest from investors, and details such as size and timing could change as deliberations progress, Bloomberg reported, citing people familiar with the deal.
The deal size surpasses Luxshare Precision’s $3.1 billion IPO earlier this month, making it the largest listing in Hong Kong this year.
Innorite did not respond to a request for comment.
In Hong Kong, Chinese companies involved in the artificial intelligence supply chain have been listed one after another.
Hong Kong’s IPO market had its strongest first-half performance in five years, with 85 new listings raising HK$209.9 billion, according to a KPMG report.
“Looking to the future, the market boasts a record pipeline of over 500 active IPO applicants (including confidential applications),” KPMG said, adding that high-tech companies will continue to be one of the city’s IPO market’s main growth engines.
Zhongji Innolight stock recently traded up 4.7%.
