AI stock rout fells Innolight after mega Hong Kong IPO

Zhongji Innolight fell on its trading debut after Hong Kong’s biggest initial public offering in seven years amid souring appetite worldwide for artificial intelligence (AI) shares. The stock closed down 2 per cent after earlier plunging as much as 10 per cent. Shenzhen-listed shares of Innolight, which supplies AI data-centre operators such as Amazon and Alphabet, tumbled 9.2 per cent, extending declines from a June peak to 38 per cent. Prior to the sell-off, the stock had surged almost 10-fold...