Hisense-Backed Ligent Jumps 19% in $727M Hong Kong Debut on AI Optics Demand

Hisense-controlled optical-transceiver maker Ligent Technologies raised HK$5.67B (~$727M) in its Hong Kong IPO and surged as much as 19.2% on debut, giving it a market cap around $4.6B. About 70% of Ligent's revenue comes from datacom modules used inside AI data centers. Cornerstone investors including Primavera, Mirae Asset and Barings took roughly 47% of the offering; Ligent plans to spend 52.9% of proceeds on R&D for faster optical products and 25.1% on capacity.