Zhongji sets an IPO city record for minimum lot price, which may price out retail investors though institutional demand remains strong.

Zhongji Innolight, a maker of AI data-centre optics, is gauging demand for an $8bn Hong Kong listing, the city's biggest since Alibaba in 2019.

The Chinese firm is aiming to raise US$8 billion in its Hong Kong listing on July 30, making it the city’s biggest share sale in seven years.