China’s Zhongji Innolight Co has started taking investor orders for a listing in the Hong Kong Special Administrative Region to raise as much as HK$55 billion ($7 billion), the city’s biggest in seven years.

The maker of optical transceivers essential to the data center buildout is offering 54.5 million shares at a maximum price of HK$1,010 apiece, according to the company’s listing document on Wednesday. That reflects a discount of 23 percent to the 1,136.55 yuan closing price on Tuesday in Shenzhen.

Innolight expects to list its shares on July 30 in Hong Kong. The company plans to use proceeds from the offering for research and development, expanding its production capacity, enhancing its supply chain, acquisitions, investments and working capital.

Its revenue climbed to 19.5 billion yuan ($2.9 billion) for the first three months of 2026.

Cornerstone investors — which get guaranteed allocation in the deal in exchange for holding the stock for at least six months — have agreed to buy $3.45 billion worth of Innolight shares. They include asset managers BlackRock Inc, Hillhouse Investment and JPMorgan Asset Management, as well as Singaporean state-owned investor Temasek Holdings Pte, confirming an earlier Bloomberg News report.

Innolight’s listing is building on the wave of offerings by Chinese companies in the AI supply chain that have fueled this year’s deals boom in Hong Kong.

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The company’s shares have risen about 500 percent over the past year, giving Innolight a market value of $187 billion as of Tuesday. The stock’s meteoric rise has enriched Innolight co-founder Wang Weixiu, who has a net worth of about $28 billion, according to the Bloomberg Billionaires Index.

At $7 billion, Innolight’s listing would be Hong Kong’s biggest since technology giant Alibaba Group Holding Ltd’s $12.9 billion share sale in 2019. Along with other deals in the pipeline, it would also catapult the city’s listing proceeds to a six-year high, even as a selloff in chipmakers has gathered pace on worries that the AI spending spree is becoming harder to justify.

Goldman Sachs Group Inc, China International Capital Corp, Morgan Stanley and GF Securities Co are leading Innolight’s listing. Haitong International Securities Co, Citigroup Inc, HSBC Holdings Plc and China Galaxy Securities Co are also working on the deal.