Zhongji Innolight falls 1pc in HK gray market

Chinese optical part maker Zhongji Innolight saw its shares drop about 1 percent in Hong Kong's three major gray markets ahead of its trading debut on Thursday.

The company once rose to HK$982 on Futu Securities' platform, compared with its offer price of HK$980, before closing 0.92 percent lower.

Zhongji Innolight fell the most on Philip Securities' platform, down 1.07 percent, while it went down 0.82 percent on Bright Smart Securities' platform.

It delivered a paper loss ranging from HK$400 to HK$525 per board lot of 50 shares across three platforms.

Notably, the firm's management convened an meeting conference call on Tuesday to deny rumors of aggressively cutting pricing for its 1.6T optical modules and address concerns over artificial intelligence spending.

It emphasized that the AI demand from customers has extended into 2028, with firm orders for 2027 already placed.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓