Clifford Chance advises on Zhongji Innolight’s US$7 billion IPO, Hong Kong’s largest listing in nearly seven years

Global law firm Clifford Chance has advised the joint sponsors Goldman Sachs, CICC, Morgan Stanley and GF Capital and the underwriters on the initial public offering and listing of Zhongji Innolight Co., Ltd (Zhongji Innolight) on the Main Board of the Hong Kong Stock Exchange, raising approximately US$7 billion. The transaction is Hong Kong’s largest listing in nearly seven years. Including the over-allotment option, the offering size could reach approximately US$8 billion.

Partners Fang Liu, Virginia Lee and Janet Fok co-led the transaction with support from counsel Carson Wong, senior associates Ada Zheng and Francine Chang, associates Hester Choi, Maybel Qian and Edric Lam, trainee solicitors Patrick Zhang, Donald Tsang and Kristy Lam, paralegal Phoebe Liu and legal analysts Joanne Liu and Vivian Li. Partner Jean Thio also provided support on the transaction.

Fang Liu said, “Zhongji Innolight’s IPO is a landmark transaction for Hong Kong’s capital markets and one of the most significant technology listings in recent years. The scale of the offering and strong investor demand demonstrate investor confidence in companies at the forefront of AI and digital infrastructure development, while reinforcing Hong Kong’s position as a premier international fundraising venue for innovative companies pursuing global growth.”

Listed on the ChiNext board of the Shenzhen Stock Exchange since 2012, Zhongji Innolight is a leading global provider of optical interconnect solutions. Its core products are optical modules. The company supplies optical interconnect solutions to many of the world’s leading cloud and AI companies and has been the world’s largest provider of optical interconnect solutions by revenue for five consecutive years since 2021.

Clifford Chance is a leading adviser on listings across the hard tech industry, including companies at the forefront of semiconductors, AI and other cutting-edge technologies, such as Nexchip Semiconductor(semiconductor foundry), GigaDevice Semiconductor(memory and microcontroller chips), SICC (silicon carbide), InnoScience (gallium nitride) and Circuit Fabology Microelectronics Equipment (pan-semiconductor equipment).