Zhongji Innolight Co, a Chinese mainland maker of optical communication modules and devices, is considering a listing in the Hong Kong Special Administrative Region, according to people familiar with the matter.

The Shandong-based company is working with advisers on the possible listing, the people said, asking not to be identified because the information is private. Considerations are preliminary and details like the size and timing of an offering are under discussion, the people added.

A representative for Innolight didn’t immediately respond to requests seeking comment during the holidays in the mainland.

Innolight makes optical transceivers used in cloud computing and data centers, as well as mobile and fixed networks. Its Shenzhen-listed shares have rallied 227 percent this year, for a market capitalization of about 450 billion yuan ($63 billion).

If it proceeds, the company would be joining a growing cohort of mainland-listed firms flocking to the SAR for fundraising, in many cases to support their overseas expansion.

These deals have helped push Hong Kong’s first-time share sale proceeds to almost $24 billion in 2025, heading for a four-year high, data compiled by Bloomberg show.

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Innolight would be among the largest mainland firms looking to list in Hong Kong, along with the likes of Shenzhen Mindray Bio-Medical Electronics Co and AirPods maker Luxshare Precision Industry Co, which filed an application with the stock exchange in August.

Innolight reported a 69 percent gain in net income for the first half, pushing its shares to a record and boosting sentiment for other mainland optics companies as rising artificial intelligence investment boosts demand for computing power.