Zhongji Innolight IPO Debuts Weakly in Hong Kong Amid Semiconductor Stock Retreat

Zhongji Innolight, a centre optical components company, raised HK$53.4 billion ($6.8 billion) in Hong Kong’s largest share sale this year. Despite the record IPO, the stock opened at HK$971, below its HK$980 offer price, and later traded at HK$902, marking an 8% decline. The weak debut was part of a broader retreat in Asian semiconductor stocks, impacting investor interest in AI-related companies. Zhongji Innolight became the most actively traded stock in Hong Kong during mid-morning trading, surpassing major technology names like Tencent and Xiaomi. However, the company’s Shenzhen-listed shares also dropped 12%, reflecting the overall bearish sentiment towards high-speed optical…