中际旭创赴港上市融资534亿港元，为AI产业扩张蓄力

国产光模块龙头中际旭创近日完成港股上市，募资534.1亿港元，成为港股7年来最大IPO1。发行价定为980港元/股，较招股价上限折价3%1。公司在AI产业景气周期高位选择融资，旨在获取低成本资金，为下一代产品研发和全球产能扩张做准备1。

中际旭创的财务基本面保持强劲增长。2023至2025年营收从107.18亿元增至382.4亿元，年均复合增速达89%1。2025年全年经营活动现金流净额达109亿元，2026年第一季度为33.68亿元，同比增长55.58%1。截至2026年第一季度末，公司现金及现金等价物为121.76亿元，相当于2025年全年净利润的112.8%1。

募资资金的使用计划体现了公司的产能扩张和技术升级策略。其中35%用于研发1.6T、3.2T光模块及下一代技术，30%用于扩产，未来三年计划新增5000万只光模块产能1。这一布局与其主要客户的资本开支高速增长相匹配——英伟达2026财年资本开支同比增长79%至61亿美元，AWS、微软、谷歌和Meta的资本开支也分别同比增长53%至接近翻倍1。中际旭创的前五大客户为英伟达和四大北美云服务商，营收占比达81.9%1。

基石投资者包括淡马锡、贝莱德、阿里巴巴、腾讯等33家机构，共锁定约50%的股份，锁定期为六个月1。公司还实施了全额绿鞋稳价机制，香港散户分配545万股1。

Zhongjisemi-Conductor Xuangchuang, a leading domestic optical module manufacturer, raised 53.41 billion Hong Kong dollars through its Hong Kong IPO, marking the largest listing in seven years since Alibaba's public offering 1. The company priced shares at 980 Hong Kong dollars each, representing a 3% discount to the upper end of the IPO range at 1,010 Hong Kong dollars per share and a 21% discount compared to its A-share closing price of 1,077 yuan on the same day 1.

The company's financial trajectory reflects robust growth in the AI-driven infrastructure sector. Revenue expanded from 10.718 billion yuan in 2023 to 38.24 billion yuan in 2025, representing a compound annual growth rate of approximately 89% 1. Operating cash flow from business activities reached 10.9 billion yuan for the full year 2025, with first-quarter 2026 cash flow of 3.368 billion yuan, up 55.58% year-over-year 1. As of the first quarter of 2026, the company held 12.176 billion yuan in cash and cash equivalents, equivalent to 112.8% of its full-year 2025 net profit 1.

The IPO comes as major cloud and AI infrastructure providers dramatically scale their capital expenditures. NVIDIA plans to spend 6.1 billion dollars in fiscal 2026, up 79% year-over-year, while AWS budgets 200 billion dollars, up 53% 1. Microsoft allocated 190 billion dollars with a 61% year-over-year increase, Google budgeted 180–190 billion dollars with near-doubling growth, and Meta committed 125–145 billion dollars, representing a 73% increase 1. The company's top five customers, including NVIDIA and the four major North American cloud service providers, account for 81.9% of revenue 1.

Zhongjisemi-Conductor Xuangchuang plans to deploy the raised capital strategically: 35% toward developing next-generation 1.6T and 3.2T optical modules and advanced technologies, and 30% for capacity expansion, with plans to add 50 million units of optical module production capacity over the next three years 1. Thirty-three cornerstone investors, including Temasek, BlackRock, Alibaba, and Tencent, locked up approximately 50% of shares for six months 1. The company implemented a full 15% greenshoe stabilization mechanism and allocated 5.45 million shares to Hong Kong retail investors 1.