Zhongji Xuchuang heads to Hong Kong: loading ammunition for the AI arms race - 36Kr

Zhongji Innolight plans a Hong Kong secondary listing and a large fundraise of about HK$53.41 billion, offering at a discount to its A-share price.

The company also announced a share buyback to support its stock after the AI hardware sector pulled back and valuations came under pressure.

Although it does not face a cash shortage, Innolight is moving now to seize a financing window while AI capex remains in an expansion phase.

Proceeds will mainly fund R&D and capacity expansion for 1.6T/3.2T optical modules and next-gen technologies such as CPO and NPO.

The move highlights how AI infrastructure firms are using market volatility to replenish capital as investors shift from growth chasing to return-focused valuation resets.