Firms assist optical transceiver maker Ligent’s HKD5.67bn IPO
Leading optical transceiver maker Ligent Technologies has listed on the HKEX main board on 22 September, raising HKD5.67 billion (USD723 million). Cleary Gottlieb, Grandall Law Firm, Hogan Lovells Cadwalader, Harneys, Loeb & Loeb, Tilleke & Gibbins, Fairbairn Catley Low & Kong, Latham & Watkins and Tian Yuan Law Firm provided legal support for the listing.
Market researcher Frost & Sullivan said Ligent ranked fifth among specialised optical transceiver manufacturers globally and third in China by revenue in 2025.
Part of the Hisense Group, Ligent is its sixth company to list, following Hisense Visual Technology, Hisense Home Appliances, Sanden, Changelight and Kelin Electric.
Ligent issued 172 million shares at HKD32.96 each and opened at HKD36.60 on their first day of trading, 11% above the issue price, giving the company a market capitalisation of more than HKD36 billion.
The IPO attracted 24 cornerstone investors, including Primavera Investment Fund, Orient Asset Management, GigaDevice, Amlogic and GF Fund. Citigroup and CITIC Securities acted as joint sponsors.
Cleary Gottlieb advised Ligent on Hong Kong and US law, including US outbound investment rules. Grandall acted as PRC legal counsel, led by partners Zhang Bingxue and Li Peng, with partner Zhang Qiang also on the team. Hogan Lovells Cadwalader counselled on international sanctions law and US tariffs. Harneys and Tilleke & Gibbins advised on Cayman Islands and Thai law, respectively. Loeb & Loeb and Fairbairn Catley Low & Kong advised on general US and Hong Kong legal compliance matters, respectively.
Latham & Watkins acted as the underwriters’ Hong Kong and US legal counsel, with partners Zhang Daying and Terris Tang leading the team. Partner James Barker advised on US regulatory matters, while partners Xu Hui and Andrew Galdes advised on compliance matters. Tian Yuan Law Firm acted as the underwriters’ PRC legal counsel.
Headquartered in Shandong province, Ligent was established in 2009 and supplies optical communications and connectivity products. It focuses on the R&D, manufacture and sale of optical transceivers, chips and network terminals, with products used in AI, cloud computing, transmission networks and wireless applications.
The prospectus stated that the IPO proceeds would mainly be used for the R&D of new products and technologies, the expansion of production capacity for optical transceivers and chips, business promotion and overseas expansion, strategic investments and acquisitions over the next five years, and working capital and general corporate purposes.
