Liu Sheng, Chairman and CEO of Zhongji Innolight (C) toasts with HKEX CEO Bonnie Chan (L) and Hong Kong's Acting Financial Secretary Michael Wong (R) at the launch of the company's initial public offering (IPO) at the Hong Kong Exchanges and Clearing Limited (HKEX) in Hong Kong on July 30, 2026. (Photo by Peter PARKS / AFP via Getty Images)