Ligent Technologies

AI Infrastructure · Optical Networking · Hong Kong IPO

IPO

Ligent Technologies files for $723M Hong Kong IPO on AI optics demand

Nearly half the offering was already snapped up by institutional cornerstone buyers before public trading even opens.

• Ligent Technologies filed to raise about $723 million (HK$5.67 billion) in a Hong Kong IPO, offering 172 million shares at HK$32.96 apiece, with trading set to begin September 22, 2026.
• Ligent makes optical transceivers, optical chips and network terminals used in data centers, cloud computing and telecom networks, and is majority controlled by China's Hisense Group Holdings.
• Nearly 30 cornerstone investors, including Primavera Investment Fund, Mirae Asset Securities HK, PAG, Barings, GF Fund and E Fund, committed $340 million, covering 47% of the base offering before public trading even begins.
• Revenue for the six months ended June 30, 2026 rose 27.9% to 5.39 billion yuan, while net profit climbed 29.7% to 661 million yuan ($98.5 million).
• Sales of data-center transceivers, Ligent's largest business line, jumped 36.6% to 3.74 billion yuan, driven by AI and cloud-computing demand for high-speed optical links.
• The offer price values Ligent at about HK$32.4 billion ($4.13 billion); Hisense's stake will fall to 40.1% from 48.6% once the IPO settles.
• The listing tests whether investors will treat the optical hardware that moves AI data — not just chips or software — as its own durable AI-infrastructure trade.