Nazhen Technology, an optical communications company under Hisense Group, rose 4.61% to HK$34.48 in its Hong Kong debut after pricing its IPO at HK$32.96 a share. The stock opened about 11% higher and reached HK$39.30, a 19.2% gain, before retreating. The company issued 172 million shares, raising gross proceeds of about HK$5.67 billion and net proceeds of approximately HK$5.445 billion. Its public offering was oversubscribed 34.16 times, with retail investors receiving a 4.01% allocation. Hisense Group controls 48.61% of Nazhen, while founder Dr. Huang Weiping holds 23.22% through TransLight and Primavera Capital owns 16.48%. Founded in 2003, Nazhen develops optical modules, optical chips and optical network terminals for AI computing, cloud services and large data centers. Revenue rose from CNY4.239 billion in 2023 to CNY8.355 billion in 2025. First-half 2026 revenue increased 27.9% year on year to CNY5.393 billion, while gross profit jumped 65.7% to CNY1.306 billion and net profit reached about CNY660 million. The company has begun externally selling self-developed optical chips and plans to use IPO funds for advanced technology, production expansion, overseas growth, industrial investment, acquisitions and working capital.