As the sole sponsor, sponsor-overall coordinator, overall coordinator, joint global coordinator, joint bookrunner and joint lead manager, Guotai Junan International Holdings Limited (“GTJAI” or “the Company”, stock code: 1788.HK), a company of Guotai Haitong Group, facilitated the successful listing of CIG SHANGHAI CO., LTD. (“CIG”, stock code: 6166.HK, 603083.SH) on the main board of the Hong Kong Stock Exchange. This listing establishes CIG as the first photonics and CPO (Co-packaged Optics) company with dual listings in both the A-share and H-share markets. Marking the largest IPO ever in the telecommunications equipment sector across these markets, the offering fully demonstrates Guotai Haitong Group’s comprehensive capabilities in resource integration and serving large technology enterprises through cross-border capital operations.
The final offering price for this issuance is set at HK$68.88 per share, with a total of 67.01 million shares offered, representing a base offering size of HK$4.616 billion. Upon full exercise of the over-allotment option, the total proceeds are expected to reach HK$5.308 billion. The offering attracted strong investor interest, with the international placement oversubscribed by approximately 16.5 times and the Hong Kong public offering oversubscribed by approximately 338.7 times. As of October 28, 2025, this transaction ranks among the top three Hong Kong IPO projects by fundraising size led by a sole sponsor in 2025.
Throughout the project execution, GTJAI leveraged its efficient communication, coordination and execution capabilities to assist CIG in completing the entire process—from submitting its H-share listing application to successfully listing in Hong Kong—within six months. The project team conducted in-depth research and crafted the company’s investment narrative, highlighting its leading position and technological advantages in AI infrastructure, optical communication and photonics. Through robust and thorough market outreach, they connected with the world’s top investors and assisted CIG in engaging a total of 16 top-tier cornerstone investors, including Barings, Morgan Stanley, HCEP, Arc Avenue, CloudAlpha Capital, Weiss, Cithara, 3W, Schonfeld, Infini Capital, Alpine, Dymon Asia, Boyu, Martis, Taikang Life and ICBC WM with cornerstone investments accounting for 48.89% of the total. These investors encompass premier foreign long-term funds, renowned foreign multi-strategy funds and Chinese long-term funds. International placement further secured orders from numerous top global long-term funds and sovereign wealth funds. This achievement not only demonstrates GTJAI’s leading global investor coverage capabilities but also underscores the confidence of world-class capital in CIG’s long-term development prospects.
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