InnoLight's HK IPO: Optical Module Valuation Arbitrage or the Last AI Compute Frenzy?

The most valuable piece of information in this article is that Innolight chose to raise HK$54.5 billion via H-shares at an issue price of HK$1,010. While this pricing represents a noticeable discount relative to its A-share price, when scaled to the global optical module market, this might be the last opportunity for Chinese AI hardware companies to undergo a systematic valuation reset in overseas capital markets.