AdvertisementIPOBusinessCompanies
Zhongji sets highest subscription threshold in Hong Kong IPO history
Zhongji sets an IPO city record for minimum lot price, which may price out retail investors though institutional demand remains strong
2-MIN READ2-MIN Listen
Zoe SL ChanPublished: 5:00pm, 23 Jul 2026Zhongji Innolight, the largest IPO in Hong Kong in nearly seven years, has set the highest subscription threshold in the city’s history, dampening retail investors’ appetite, though institutional demand remains strong, with multiple oversubscriptions already placed, according to people familiar with the matter.
Priced at a maximum of HK$1,010 per share and requiring 50 shares per board lot, the minimum threshold is HK$51,009.29 (US$6505.49), making it the most expensive initial public offering entry threshold in Hong Kong’s history.
The company began its Hong Kong public offering on Wednesday, offering 54.5 million H-shares globally, with 10 per cent allocated to retail investors.
As the city’s largest IPO since 2019, Zhongji had successfully attracted substantial institutional interest, with its international placing already oversubscribed, according to sources.
Stocks are traded in so-called “lots” in the city, with the Hong Kong Exchanges & Clearing recently standardising board lot sizes into eight tiers – 1, 50, 100, 500, 1,000, 2,000, 5,000, and 10,000 shares – in order to lower barriers for retail investors, reduce odd lots and boost market liquidity.
High entry thresholds are also seen in nearby markets. In Taiwan, Hon. Precision, an integrated circuit test handler solutions provider, set a record in December with an issue price of NT$1,495, requiring NT$1.495 million per lot.
AdvertisementSelect VoiceSelect Speed00:0000:001.00x