Ligent Plans $723 Million Hong Kong IPO

China’s Ligent Technologies plans to raise about HK$5.67 billion (US$723 million) in a Hong Kong IPO by offering 172 million shares at HK$32.96 each, implying a market value of roughly HK$32.4 billion. Controlled by Hisense Group Holdings, the optical communications equipment maker expects its shares to begin trading on Sept. 22, with underwriters able to sell an additional 25.8 million shares. Ligent will use the proceeds for research and development, production expansion and general corporate purposes, while demand for its data-center transceivers has been boosted by growth in artificial intelligence and cloud computing. The company has secured about US$340 million from cornerstone investors and reported strong first-half results, including a 29.7% rise in net profit and a 27.9% increase in revenue.