Computing networks maker Ligent Technologies Inc’s shares rose in their debut on the Hong Kong stock exchange on Tuesday after the company raised HK$5.7 billion ($727 million) in an initial public offering, adding to this year’s stampede of companies capitalizing on the global artificial intelligence buildout.

The stock rose as much as 19 percent to HK$39.30 after the Qingdao-based company, which makes optical transceivers and chips used in data center networks, sold 172 million shares at HK$32.96 apiece. At the IPO price, the company’s market value was about $4.6 billion.

A deluge of AI infrastructure companies have debuted in Hong Kong this year, with IPOs proceeds reaching nearly $47 billion, according to data compiled by Bloomberg. With brisk follow‑on offerings, the city is on track for its strongest fund-raising since at least 2021. Ligent’s local rival Zhongji Innolight Co raised $7.8 billion in July, in what was Hong Kong’s biggest listing in July, Hong Kong’s biggest in seven years and one of the world’s largest listings of 2026.

Cornerstone investors — which get guaranteed allocation in the deal in exchange for holding the stock for at least six months — signed up for about 47 percent of the base offering. They include Primavera Investment Fund, Greater Bay Area Homeland Investment Ltd and CFTC Paragon SP, as well as chipmakers GigaDevice Semiconductor Inc and a unit of Amlogic Shanghai Co.

Proceeds will be used for the research and development of new products and technologies, and expanding production capacity for optical transceivers and optical chips. Revenue reached 5.39 billion yuan ($805 million) in the first half of 2026, up nearly 30 percent year-on-year.

Citigroup Inc and Citic Securities Co are joint sponsors on the deal.