AI data centre supplier Zhongji InnoLight tumbles on Hong Kong debut

Shares in Chinese data centre supplier Zhongji InnoLight tumbled more than nine percent in its Hong Kong debut on Thursday, after raising at least US$6.8 billion in the city's biggest IPO for seven years, driven by a demand for AI components. The Shenzhen-listed firm priced its shares at HK$980 on Thursday, raising about HK$53.4 billion (US$6.8 billion), the most since Chinese tech behemoth Alibaba listed in the city in 2019.