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 billion (US$6.8 billion) at a market capitalisation of over HK$1 trillion.But the listing has coincided with a global sell-off of AI-related stocks, with Innolight pricing the IPO at HK$980 per share – below its upper marketing limit of HK$1,010.The company’s share price in Shenzhen had slumped 16 per cent since the launch of its H-share public offering as of Wednesday, closing at 951 yuan per share. That narrowed the discount between its new H shares and existing A shares from 20 per cent to just 11 per cent.Days ahead of its Hong Kong debut, Innolight announced an A-share buy-back plan worth up to 8 billion yuan (US$1.2 billion), in an apparent attempt to pre-empt a shaky start to trading in the city.