Key facts
- Ligent Technologies shares jumped as much as 19.2% in their Hong Kong debut on Tuesday.
- The company raised HK$5.67 billion ($723 million) in its IPO.
- Ligent makes optical transceivers, chips and network terminals used in AI data centers.
- Ligent's net profit increased 29.7% to 661 million yuan ($98.7 million) in the first half of 2026.
- The company plans to use 52.9% of net proceeds on research and development and 25.1% to expand production capacity.
Shares of Chinese fiber-optic communications equipment maker Ligent Technologies surged as much as 19.2% in their Hong Kong debut on Tuesday, raising HK$5.67 billion ($723 million) by tapping into investor demand for AI-related hardware. The company's stock hit a high of HK$39.3 before trading at HK$35.90, up 8.9%, while the Hang Seng Index rose 0.3% and the Hang Seng Tech Index climbed 0.6%.
Ligent manufactures optical transceivers, chips, and network terminals, with its transceivers converting data into light signals for rapid transmission through fiber-optic cables. This listing aligns with investor interest in suppliers for AI data centers, which require high-speed interconnections. Ke Yan, head of research at Shenton Research, highlighted Ligent's vertical integration in optical module manufacturing as a positive, while also noting the risk that valuations for AI supply chain players may have already priced in significant growth.
Ligent sold 172.01 million shares, establishing a market value of approximately HK$32.4 billion at the offer price. Cornerstone investors included Primavera Investment Fund, GigaDevice, and Mirae Asset Securities HK, among others. The public offering was subscribed 35.16 times, and the international offering 4.67 times.
The company plans to allocate 52.9% of the net proceeds to research and development for faster optical products and chips, and 25.1% to expand production capacity. For the six months ended June 30, Ligent reported a 29.7% increase in net profit to 661 million yuan ($98.7 million) and a 27.9% rise in revenue to 5.39 billion yuan. Hisense Group Holding will maintain control of about 40.1% of Ligent post-offering.