❯ Ligent Technologies files for a Hong Kong IPO of about $720M, with data-center optics driving nearly 70% of revenue

Filing detailsLigent Technologies, an optical-module maker controlled by Hisense Group, has filed for a Hong Kong listing to raise up to HK$5.67 billion, about $720 million, with trading expected to start on September 22, Bloomberg reported. The filing shows 172 million shares at HK$32.96 each, and Hisense’s stake will fall from 48.6% to 40.1%.

Who is payingTwenty-four cornerstone investors subscribed about $340 million, or 47% of the base offering. In the same period the company posted net profit of RMB 661 million, up 29.7%, on revenue of RMB 5.39 billion, up 27.9%, with data-center transceiver revenue up 36.6% to RMB 3.74 billion, lifting its share of the mix to 69.4%. By comparison, rival Zhongji Innolight raised about $6.8 billion in Hong Kong in July.

Where it sitsFor optical-module makers and their upstream chip suppliers, two large Hong Kong raises in a row open a capacity expansion window; for data-center buyers, more supply does not automatically mean lower prices, because delivery timing still depends on optical-chip and packaging capacity. In the second half, 800G and 1.6T order scheduling will say more about the cycle than the raise size.

▪ SIGNALWith optics raises falling from $6.8 billion to $720 million, the test is whether second-tier suppliers can win AI orders.