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IPO[1]。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].
