Why is Zhongji unveiling US$1.2 billion in buy-backs before its Hong Kong debut?

Zhongji Innolight’s buy-back plan – worth as much as 8 billion yuan (US$1.2 billion) in the run-up to its offshore listing in Hong Kong – may give global investors an anchor for pricing, as the Chinese supplier of US hyperscalers seeks to pre-empt a shaky start to trading in the city. The Chinese maker of optical transceivers used in artificial intelligence (AI) data centres said it would repurchase its Shenzhen-listed shares for between 4 billion and 8 billion yuan, through its own or borrowed...