Lightelligence, a Shanghai-based optical computing company and MIT spin-off, debuted on the Hong Kong Stock Exchange on April 28, opening at HK$880 against an offer price of HK$183.20—a roughly 400% surge—after its $310 million IPO was oversubscribed 5,784 times in the retail tranche. The company is the first mainland Chinese photonics chipmaker to list in Hong Kong; its technology uses photons rather than electrons for data transmission and computation, reducing latency, bandwidth constraints, and power consumption in AI data centers. Bloomberg reported that cornerstone investors including Alibaba Investment, GIC, and Temasek subscribed more than 71% of the offering.