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Zoe SL Chan

Television maker Hisense Group Holdings’ optical communications unit made a steady debut in Hong Kong after raising HK$5.6 billion (US$714 million), adding momentum to a fresh wave of mainland Chinese conglomerates spinning off business units to tap overseas capital and support technology expansion.
Shares of fibre-optic communications equipment maker Ligent Technologies jumped as much as 19.2 per cent on Tuesday morning, valuing the company at more than HK$35 billion. The stock pared early gains to close 4.6 per cent higher at HK$34.48.
Following the initial public offering (IPO), Hisense retains a 40.1 per cent stake in Ligent, which like its parent is based in Qingdao, eastern China’s Shandong province.
Ligent’s fellow subsidiaries include Shanghai-listed Hisense Visual Technology and dual-listed Hisense Home Appliances Group.
The debut comes as the Hong Kong stock exchange seeks to further relax spin-off rules. It proposed to shorten the post-listing waiting period for spin-offs to one year from three years, according to a consultation paper released on Monday.
At least seven mainland Chinese conglomerates have announced plans to spin off businesses and seek listings in Hong Kong.
Fosun International, backed by billionaire Guo Guangchang, has filed for a Hong Kong IPO for holiday resort operator Club Med. Xinyi Glass has also applied to list its nearly 40-year-old auto glass business on the main board.
China Travel International Investment Hong Kong, GenScript Biotech and Sunny Optical Technology have announced spin-off plans this year.
“This benefits new and hi-tech enterprises, which have large funding needs and can list mature businesses in a short time,” said Andrew Lam, managing director of accounting and advisory firm BDO.
“They can also use the proceeds raised in Hong Kong for overseas acquisitions.”
Spin-offs have emerged as a primary growth driver for Hong Kong IPOs. Zijin Mining Group’s spin-off of Zijin Gold International raised HK$25 billion in September 2025, making it the city’s second-largest IPO that year.
At the listing ceremony, Hisense Group CEO and Ligent chairman Yu Zhitao pointed to the rapid growth of the global artificial intelligence economy.
“The Hong Kong listing provides a launch pad to expand Ligent’s global [research and development], manufacturing and delivery capabilities to integrate into global AI computing networks,” Yu said.
Ligent manufactures optical transceivers, optical chips and network terminals used across data centres, cloud computing and telecommunications networks.


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Ligent’s steady market debut comes as Hong Kong moves to streamline spin-off requirements


Ligent’s steady market debut comes as Hong Kong moves to streamline spin-off requirements.


Hisense unit gains in Hong Kong debut amid rush of mainland Chinese corporate spin-offs

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Ligent’s steady market debut comes as Hong Kong moves to streamline spin-off requirements

Ligent’s steady market debut comes as Hong Kong moves to streamline spin-off requirements