[News] Ligent Technologies Goes Public on HKEX, Raising $723M to Scale Optical Transceiver and Chip Capacity

Ligent Technologies officially listed on the HKEX Main Board on September 22.

The company offered 172,014,700 shares globally, with an over-allotment option of up to 25,802,200 additional shares. The offer price was set at HK$32.96 per share, raising approximately HK$5.67 billion in gross proceeds and around HK$5.45 billion in estimated net proceeds. Citigroup and CITIC Securities served as joint sponsors for the IPO.

According to the prospectus, net proceeds from the IPO will primarily be allocated toward the research and development (R&D) of next-generation products and technologies, expanding production capacity for optical transceivers and optical chips with higher automation levels, bolstering sales marketing and global expansion, as well as executing domestic and international strategic investments and acquisitions.

Ligent Technologies’ portfolio spans optical transceivers, laser chips, and optical network terminals, which are widely deployed across artificial intelligence (AI), cloud computing, data centers, telecom transmission, and broadband access applications.

From 2023 to 2025, Ligent Technologies recorded revenues of CNY 4.239 billion, CNY 5.087 billion, and CNY 8.355 billion, respectively. Net profits for the same period were reported at CNY 216 million, CNY 89 million, and CNY 876 million. In the first half of 2026 (H1 2026), the company achieved revenue of CNY 5.393 billion—up 27.91% YoY—and a net profit of CNY 656 million, up by 28.76% YoY.

Ligent Technologies’ revenue mix has progressively shifted toward Datacom (data communication) optical transceivers. In 2023, Telecom transceivers generated 39.7% of total revenue, accounting for the largest share of the business. Fueled by surging demand across AI clusters and hyperscale data centers, the Datacom optical transceiver segment expanded rapidly, contributing 69.4% of overall revenue in H1 2026.

Notably, throughout 2026, the company has accelerated its deployment of high-speed optical transceivers and emerging optical interconnect architectures:

• High-Speed Transceivers & Engines: Achieved mass production for 800G and 1.6T optical transceivers, while advancing R&D for 3.2T optical modules, 6.4T NPO (Near-Packaged Optics) engines, and 12.8T XPO optical modules.
• Laser Chips: Developed 75mW and 100mW CW-DFB (Continuous Wave Distributed Feedback) laser chips alongside 100G EML (Electro-absorption Modulated Laser) chips. R&D is currently underway for high-power 150mW/400mW CW-DFB, 200G EML, and 400G InP (Indium Phosphide) laser chips.
• Architectural Innovations & Telecom: Commenced volume production of optical modules leveraging LPO (Linear-drive Plug-and-Play Optics) and LRO (Linear-drive Receive-only Optics) technologies between 2025 and Q1 2026. Early commercialization of ELSFP (External Laser Source Form-factor Pluggable) light-source modules supporting NPO and CPO (Co-Packaged Optics) architectures has also been achieved. Within the Telecom sector, the company has successfully developed and mass-produced 50G PON optical transceivers.

(Photo credit: Ligent)