Ligent Technologies, a supplier of optical transceivers and chips, is preparing for a Hong Kong IPO scheduled for September 22. The company plans to offer 172 million shares at HK$32.96 each, aiming to raise HK$5.67 billion. The listing is expected to result in a market capitalization of approximately HK$32.4 billion.
The company has shifted its focus from telecom broadband infrastructure to data-center components driven by AI demand. Revenue from data-communications transceivers grew from RMB1.06 billion in 2023 to RMB5.47 billion in 2025, accounting for 69.4% of total revenue in the first half of 2026. Total revenue reached RMB8.35 billion in 2025.
Ligent has vertically integrated by developing its own optical chips, including laser technologies acquired through deals with LigentCom and Multiplex. As of September 5, 2026, the company held 1,581 granted patents. It is currently mass-producing 800G and 1.6T transceivers while researching 3.2T and 6.4T solutions.
The company maintains a global footprint with production facilities in China, Thailand, and the US, alongside R&D centers in Qingdao, Wuhan, Silicon Valley, and Singapore. North American revenue nearly doubled in the first half of 2026 to RMB1.21 billion compared to the same period in 2025, reflecting a strategic shift toward regional supply chains.
Ligent faces high customer concentration, with its five largest clients accounting for 71.8% of revenue in the first half of 2026. While the company reported a first-half 2026 profit of RMB661 million, it must continuously innovate to offset the natural price decline of optical products and manage the risks associated with its reliance on major cloud-service providers.
