AI supplier Innolight falls 10% after Asia's second-biggest listing of 2026

Global Market: Zhongji Innolight shares slip in Hong Kong debut after record $6.8 billion IPO

Zhongji Innolight (21.2% optical interconnect market, 61.7% US revenue) raised $6.8B in Hong Kong's largest 2026 IPO but shares fell 8% at debut. Weak opening reflects investor concerns on valuations amid stretched AI capex cycles and Chinese competition.