Zhongji Innolight (HKEX: 03308), the world's largest optical transceiver maker, debuted in Hong Kong today — the biggest HK listing since Alibaba's 2019 return — and broke below its issue price on day one Its A-shares (300308 SZ) fell 15.69% to RMB 908, shedding over RMB 160B in a session, now down 35%+ from a June 22 high Two things drove the sell-off: chatter that 1.6T optical module prices could fall below $600 next year, stoking price-war fears; and a view that the lower H-share pricing — about a 21% discount to the A-shares — would weigh on the A-line The fundamentals tell a different story. Q1 2026 revenue hit RMB 19.5B, up 192% YoY, net profit up 273.7%. Hours after the drop, the chairman proposed a RMB 4–8B A-share buyback → NFA. For informational purposes only