Ligent Technologies to debut on Hong Kong stock exchange after $727M IPO

Ligent Technologies, a maker of optical transceivers and chips that keep data centers humming, is about to go public in Hong Kong after pricing an IPO worth roughly $727 million. The company will begin trading under stock code 9856.HK on September 22, 2026, landing a post-IPO valuation of approximately HK$32.4 billion, or about $4.13 billion.

Ligent offered 172 million shares at HK$32.96 each.

The numbers behind the listing

Nearly 30 cornerstone investors committed around $340 million to the deal, covering 47% of the base offering before public subscriptions even opened.

The subscription window ran from September 14 through September 17, 2026.

The company’s recent financials help explain why. First-half 2026 revenue hit 5.39 billion yuan, roughly $803 million, representing a 27.7% jump compared to the same period a year earlier. Net profit climbed nearly 30% to 661 million yuan.

A full 70% of that revenue came from datacom transceivers.

Why AI is the tailwind

Ligent ranks as the fifth-largest pure-play optical module vendor globally by revenue, carving out a niche in integrated optical module and chip solutions designed specifically for AI computing networks and cloud infrastructure.

The company plans to deploy IPO proceeds toward research and development, expanding production capacity, and general corporate expenses.

The Hisense connection

Ligent isn’t exactly a scrappy startup. The company is headquartered in San Jose but controlled by China’s Hisense Group Holdings, which held a 48.6% stake prior to the IPO. Hisense is better known to Western consumers for televisions and home appliances.

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