ZJ INNOLIGHT

Zhongji Innolight (3308.HK) staged a strong debut on its first trading day, rising from its IPO price of HKD 980 to close at HKD 1,140, up 16.3%, after briefly touching an intraday high of HKD 1,177. The company raised $6.8 billion in Hong Kong's largest IPO this year, with retail oversubscription exceeding 7 times, fueling positive sentiment. In Q1 2026, revenue surged 209.24% YoY to HKD 22.1 billion, net profit soared 283.52% YoY to HKD 6.5 billion, and EPS hit HKD 5.8274 (+280.51% YoY). However, the stock still trades 3.14% below its 52-week high of HKD 1,177, and valuation metrics remain elevated with a PE of 78.56x and PB of 33x. The debut occurred amid a global AI sell-off and weakness in A-share optical module peers, though the company's strong fundamentals and IPO momentum provided a buffer.