Heart Capital Congratulates Zhongji Innolight on Official Hong Kong Listing — This Year's Largest Hong Kong IPO
Today, portfolio company Zhongji Innolight (03308.HK), China's leading optical module manufacturer backed by Heart Capital, officially listed on the Hong Kong Stock Exchange, achieving a dual "A+H" platform structure. The IPO was priced at HK$980 per share, raising approximately HK$53.4 billion — making it Hong Kong's largest IPO this year. **Yan Han, Founding Partner of Heart Capital, offered his sincere congratulations to Zhongji Innolight:**
Today, Zhongji Innolight (03308.HK), a leading domestic optical module company in Heart Capital's portfolio, officially listed on the Hong Kong Stock Exchange, achieving a dual "A+H" platform structure. The IPO priced at HK$980 per share, raising approximately HK$53.4 billion — making it the largest Hong Kong IPO of 2025. Yan Han, Founding Partner of Heart Capital, extended his sincere congratulations to Zhongji Innolight:
"Congratulations to Zhongji Innolight on its successful listing on the Hong Kong Stock Exchange, officially entering a new phase of dual A+H listings!
The rapid development of artificial intelligence depends on continuous breakthroughs in computing power, as well as high-speed, efficient connectivity. As critical infrastructure for AI data centers, high-speed optical modules are becoming the vital link connecting chips, servers, and computing clusters.
Zhongji Innolight has long focused on the high-speed optical module space. Through sustained technological innovation, scalable delivery capabilities, and a global vision, it has grown into an important Chinese technology force serving the global AI industry.
This Hong Kong listing marks a new starting point for Zhongji Innolight to connect with international capital markets and accelerate its global expansion. We look forward to seeing Zhongji Innolight continue pushing the boundaries of optical communications technology, providing more efficient and reliable connectivity for global AI infrastructure. Heart Capital will also continue to pay close attention to early-stage innovation opportunities in AI chips, optical communications, computing infrastructure, and applications."
Regarding this listing, Zhongji Innolight stated that the proceeds will be primarily directed toward three areas: R&D for optical interconnect products, global capacity expansion, and strategic acquisitions and investments. Meanwhile, Zhongji Innolight also disclosed in its prospectus that it has already begun actively adapting its 3.2T silicon photonics modules to NVIDIA's next-generation Rubin computing platform, with mass production expected by 2028.
Founded in 2022, Heart Capital is a venture capital fund focused on investing in early-stage Chinese technology startups.
The Heart Capital team is primarily composed of founding partners and core investors from Lightspeed China Partners, alongside seasoned investors from industry backgrounds. The team's past investments include MetaX (688802.SH), Xpeng Motors (NYSE: XPEV, 09868.HK), Full Truck Alliance (NYSE: YMM), SUNMI (06810.HK), RoboSense (02948.HK), Ambiq Micro (NYSE: AMBQ), Hanshow Technology Co., Ltd. (301275.SZ), FinVolution (NYSE: FINV), HERE (NASDAQ: HERE), as well as LandSpace, MicroNano Space, Baichuan, Yunmanman Cold Chain Logistics, World Logistics, FanDeng Reading, and Lanhu.
Rooted in China with a global outlook, Heart Capital is committed to early-stage support and partnership with entrepreneurial teams that have the potential to become future world-class companies in China's technology sector. Heart Capital champions the value of "heart," believing that technology can serve as a bridge connecting minds. Heart Capital looks forward to accompanying more young Chinese entrepreneurs onto the world stage.
