Zhongji Innolight shares fall on Hong Kong debut amid global AI sell-off
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Zhongji Innolight, a Chinese optical transceiver maker, priced its shares at HK$980 in Hong Kong's biggest IPO since Alibaba in 2019, raising HK$53.4 billion. The shares fell 2.86–3 % on debut amid a global downturn in investor sentiment toward AI companies.
Zhongji Innolight saw its share price drop as much as 3 per cent after its hotly anticipated debut on the Hong Kong stock market on Thursday, as the Chinese firm felt the impact of a global downturn in investor sentiment towards the artificial intelligence sector.
By 9.33am, it dropped by 2.86 per cent to HK$953.
The Chinese firm – a leading producer of optical transceivers used in AI data centres – had earlier completed Hong Kong’s biggest initial public offering of the year, raising HK$53.4...
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