Zhongji Innolight shares surge on $8B Hong Kong IPO approval

Zhongji Innolight shares surged as much as 8% Monday after the Chinese optical transceivers firm received approval for a Hong Kong listing worth up to $8 billion. The deal will exceed Luxshare Precision's $3.1 billion IPO, becoming the largest Hong Kong listing this year. Hong Kong's IPO market posted its strongest first-half result in five years.