Jingji Xuchuang, a leading global optical communications transceiver module company, announced that the offer price for its H shares in the H-share market has been set at HK$980 per share, slightly below the top end of the IPO price range of HK$1,010. Compared with the A-share closing price on July 27 (RMB 1,076.94), this represents an approximately 21% discount. The shares are scheduled to begin trading on the Main Board of the Hong Kong Stock Exchange on July 30, with a trading lot size of 50 shares.
Jingji Xuchuang IPO size: 54.5 million H shares
The key offering terms for Jingji Xuchuang’s IPO are as follows:
Offer price: HK$980 per H share (top of the IPO price range: HK$1,010; about a 21% discount versus the A-share price)
Number of shares in the global offering: 54.5 million H shares
Base gross proceeds: about HK$53.41 billion
Maximum proceeds after exercising the over-allotment option: HK$61.42B
Listing date: July 30, 2026 (Thursday), Main Board of the Hong Kong Stock Exchange
Trading lot size: 50 shares
The maximum fund-raising size of HK$61.42B will surpass Hong Kong market records set in the past nearly seven years since Alibaba’s 2019 IPO.
Cornerstone investor roster: 33 institutions subscribe a total of HK$27B
Jingji Xuchuang’s IPO attracted 33 cornerstone investors, who collectively subscribed for approximately HK$27.04B. The lineup includes well-known institutions such as Temasek, BlackRock, the Abu Dhabi Investment Authority (ADIA), Alibaba, and Tencent. Due to unusually strong subscription demand, institutional investors’ subscriptions were already sufficient to cover the entire issue size, so the company therefore stopped accepting institutional orders one day earlier.
Hong Kong Exchanges and Clearing (HKEX) will also roll out stock options for Jingji Xuchuang on the same day as its listing on July 30 to meet risk management and hedging needs of institutional investors.
Business background of Jingji Xuchuang: 21.2% global market share, driven by AI compute demand
Jingji Xuchuang is at the forefront of 400G to 1.6T high-speed optical module technology and serves as a core supplier for technology giants including NVIDIA, Alphabet, and Meta. Since 2021, it has ranked first globally for five consecutive years in terms of revenue scale among optical interconnection solution providers, reaching a 21.2% global market share in 2025.
Benefiting from the AI compute boom, full-year 2025 profit reached RMB 11.58 billion (up 1.16 times year over year). In the first quarter of 2026, profit further increased by 2.74 times year over year to RMB 6.317 billion. The company plans to use the IPO proceeds for R&D, capacity expansion, M&A investments, and supplementing working capital.
FAQ
What are the offer price and listing date for Jingji Xuchuang’s H-share stock?
According to Jingji Xuchuang’s announcement, the offer price per H share has been set at HK$980 (slightly below the top end of the IPO price range of HK$1,010; about a 21% discount versus the closing price of A shares on July 27). The shares are expected to be formally listed and begin trading on the Main Board of the Hong Kong Stock Exchange on July 30, 2026 (Thursday), with a trading lot size of 50 shares.
How did the fundraising size of Jingji Xuchuang’s IPO set a historical record?
Jingji Xuchuang’s global offering size: the base gross proceeds are about HK$53.41 billion. If the over-allotment option is fully exercised, the maximum amount could reach HK$6.32B. This will become the largest IPO project in the Hong Kong market over the past nearly seven years since Alibaba’s listing in Hong Kong in 2019.
Which well-known institutions participated as cornerstone investors in Jingji Xuchuang’s IPO?
This IPO has 33 cornerstone investors, with a combined subscription of approximately HK$61.42B. Members include well-known institutions such as Temasek, BlackRock, ADIA, Alibaba, and Tencent. Due to strong subscription interest, the company stopped accepting institutional orders one day before the formal deadline.
