IPO News | Nafin Technology, a leading enterprise in AI optical interconnect laser chips and optical modules, has launched its IPO. It is scheduled to list on September 22, with a minimum subscription lot size of HKD 3,329.24.

Futu News, September 14:$LIGENT (09856.HK)$Announcement released: The IPO subscription period is from September 14 to September 17. The company plans a global offering of approximately 172.0147 million shares and is expected to list on September 22.

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Company Overview

The company is an established supplier of optical communication and optical connectivity products, dedicated to the R&D, manufacturing, and sales of optical modules, optical chips, and optical network terminals, serving domestic and international clients. Over the past two decades, the company has empowered global cloud service providers, telecommunications and network equipment suppliers, and operators through its capability to produce and deliver a variety of high-quality products, covering areas such as AI, cloud computing, FTTx, transmission networks, and wireless applications.

According to Frost & Sullivan data, in 2025, the company held a 4.0% market share by global optical module revenue, ranking fifth among all specialized optical module manufacturers worldwide; by Chinese optical module revenue, it held a 10.1% market share, ranking third globally among specialized optical module manufacturers. Furthermore, according to the same source, in 2025, by global datacom optical module revenue, the company held a 4.7% market share, ranking fifth globally; by global FTTx optical module revenue, it held a 5.4% market share, ranking third globally; by Chinese optical network terminal box revenue, it held a 5.4% market share, ranking second globally among specialized optical network terminal box manufacturers.

Financial Overview

The company recorded revenues of RMB 4,239.0 million, RMB 5,086.6 million, RMB 8,354.7 million, and RMB 5,392.6 million in 2023, 2024, 2025, and the six months ended June 30, 2026, respectively. The company's gross profit increased slightly from RMB 873.9 million in 2023 to RMB 883.1 million in 2024; its gross profit margin decreased from 20.6% in 2023 to 17.4% in 2024.

Use of Proceeds

Regarding the use of proceeds, Nafin Technology expects net proceeds from the global offering to be approximately HKD 5.445 billion (assuming the over-allotment option is not exercised, based on an offer price of HKD 32.96). According to the prospectus, Nafin Technology intends to use the funds raised from the global offering for the following purposes:

Approximately 52.9% of the net proceeds are expected to be allocated to continued investment in R&D for new products and technologies; approximately 25.1% to expanding production capacity for optical modules and optical chips, as well as enhancing automation across the entire product line; approximately 4.0% to strengthening business promotion and expanding into overseas markets; approximately 8.0% to strategic investments and acquisitions along the optical communication value chain in both domestic and overseas markets over the next five years; and approximately 10.0% to working capital and general corporate purposes to support our business operations and growth.

Further reading:Najing Technology IPO book

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Edited by Vincent

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