Photon module supplier HIGANXIN (01191) is now officially launching its IPO. Several cornerstone investors such as SORIS Technology and E Fund have subscribed for approximately 763.4 million Hong Kong dollars.

Hokai Semiconductor (01191) is scheduled to be listed from June 18, 2026, to June 24, 2026. The company plans to globally offer 13.4315 million H shares, with 10% for public sale in Hong Kong (subject to reallocation) and 90% for international sale (subject to reallocation), with an additional 15% over-allotment option. The offer price will be HK$114.00 per share, with 50 shares in each lot of H shares. It is expected that H shares will start trading on the Stock Exchange of Hong Kong on June 29, 2026, at 9:00 am. In addition, the company has entered cornerstone investment agreements with JSC International Investment Fund SPC (on behalf of Jingxin SP), Double Win Technology, KINGSOFT CLOUD Network, UBS AM Singapore, Perseverance Asset Management, and E Fund-Raising, with cornerstone investors agreeing to subscribe for approximately HK$763.4 million in shares. Assuming the over-allotment option is not exercised and the offer price is HK$114.00 per share, the net proceeds from the global offering are expected to be approximately HK$1.415 billion. Around 53.4% of the proceeds are intended to expand the company's capacity for optical modules and other optoelectronic interconnect products, and enhance the automation level of the company's product lines; about 35.0% is expected to be invested in continuous research and development of new products and technologies over the next three years; approximately 1.5% is earmarked for business promotion and market expansion measures over the next three years; and about 10.0% is intended for working capital and general corporate purposes. The company is a provider of optoelectronic interconnect products, offering optical modules, Active Optical Cables (AOC) (which integrate optical modules and optical fiber cables into a single component for high-speed interconnection), and other products. The company's optoelectronic interconnect products are widely used in AI data centers to support high-speed, high-density, and energy-efficient data transmission. The company has end-to-end technological capabilities from chip design to optical module manufacturing and focuses on silicon photonics technology. The company's optical module product portfolio covers transmission rates of 100G, 200G, 400G, and 800G, compatible with various industry standard form factors. All single-mode optical modules with specifications of 400G and above use silicon photonics technology. According to Frost & Sullivan data, based on revenue, the company ranked 17th among global optical module suppliers in 2025, with a global market share of 0.8% (based on revenue) in 2025. Based on revenue from AI optical modules in 2025, the company ranked eighth among Chinese optical module suppliers globally, with a global market share of 1.6%. In 2023-2025, the company achieved revenues of approximately RMB 175 million, RMB 862 million, and RMB 1.221 billion, with losses of approximately RMB 109 million, RMB 17.895 million, and RMB 100 million, respectively. The losses during the period were primarily due to (i) a gross loss in 2023, as the company sold a higher proportion of low-speed products (including optical modules and AOC) to reduce inventory levels, while production and sales of high-speed products (including optical modules and AOC) were still in the ramp-up phase and had not yet reached optimal production scale or cost efficiency. Subsequently, the company's gross margin turned positive from 2024 onwards, mainly due to economies of scale and improved production efficiency resulting from increased production volumes and capacity utilization rates, and (ii) significant research and development expenditures incurred during previous periods. Since 2023, the percentage of research and development expenses as a proportion of revenue has decreased significantly due to the realization of research and development achievements. The company's research and development activities are mainly focused on next-generation high-speed optical interconnect products, with core projects including the development and customer sampling of the 400G QSFP112 optical module, flagship-level 800G full range module, and 1.6T cutting-edge optical module for next-generation computing networks. These high-speed products have already been commercially delivered and have formed an independent segment of high-end high-speed optical module revenue. These products have higher gross margins compared to traditional low-speed modules and continue to drive overall revenue and profitability growth for the company.