Ligent Technologies Files HK$5.45 Billion Hong Kong IPO

Cleary Gottlieb represented Ligent Technologies Inc. (stock code: 9856.HK) (Ligent Technologies) in its approximately HK$5.45 billion initial public offering and listing on the Main Board of The Stock Exchange of Hong Kong Limited.

The fixed offer price for Ligent Technologies’ global offering was HK$32.96 per share. Based on the offer price, the company’s market capitalization upon listing was approximately HK$32.4 billion. Following completion of the global offering, the company expects to receive net proceeds of approximately HK$5.445 billion, which is expected to increase to approximately HK$6.296 billion if the overallotment option is exercised in full.

Ligent Technologies is an established optical communication and connectivity product provider that develops, manufactures, and sells optical transceivers, optical chips, and optical network terminals, serving customers in China and overseas. Ligent Technologies has in-house research, development and production capabilities in both optical transceivers and optical chips, and is well positioned to benefit from the rapid growth in global demand for high-speed optical communications driven by the continued development of artificial intelligence, large model training, and cloud computing infrastructure.

The underwriting syndicate included Citigroup Global Markets Asia Limited and CITIC Securities (Hong Kong) Limited, as joint sponsors, alongside other leading international and local investment banks. The offering attracted cornerstone investments from a total of 24 institutions, including Primavera Capital Group, Greater Bay Area Homeland Investments Limited, CFTC Paragon SP, Broad Vision, Orient Asset Management, ZW Capital, Sinofortune Nova, SoftBank, Mirae Asset Securities, PAG Capital, Orix, GF Fund, E Fund, GigaDevice, Detong Capital, Alphahill Capital, and Barings Group, among others, underscoring strong global investor confidence in Ligent Technologies.

The Cleary team was led by partners Freeman Chan, Shuang Zhao, Miao Zhang, and Biyuan Zhang, and counsel Robert Williams and Daisy Yan, and included associates Eva Hong and Michelle Chan. Partner Matthew Brigham and associates Nathaniel Pribil and Yoolim Lee advised on U.S. tax matters.