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endpoint: analytics
pattern: Technology
status: done
latency_ms: 96900
conversation_id: ee7efd1e-000b-470f-bbb8-e5385880f20d
citations: 4
created: 2026-05-31 18:23:50Z
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# Who are the key shareholders of Zhongji Innolight?

# Zhongji Innolight (300308.SZ) — Key Shareholders

Per the company's latest available annual report disclosures (FY2023 Annual Report Summary), Zhongji Innolight (中际旭创股份有限公司) is ultimately controlled by the **Wang family** through a holding-company structure, with a long tail of institutional/index-fund holders.

## Ownership & Control Structure (FY2023)

| Tier | Holder | Stake in Zhongji Innolight (300308) |
|---|---|---|
| **Controlling shareholder (legal entity)** | Shandong Zhongji Investment Holding Co., Ltd. (山东中际投资控股有限公司) | **11.29%** [1] |
| **Actual controller (individual)** | Wang Weixiu (王伟修) — Chairman | **6.20% direct** + indirect via Shandong Zhongji Investment Holding [1] |
| **Concert party (family)** | Wang Xiaodong (王晓东) — son of Wang Weixiu | **0.26% direct** + indirect via Shandong Zhongji Investment Holding [1] |

**Upstream control chain** — Shandong Zhongji Investment Holding (the controlling shareholder) is itself owned by the Wang family:
- Wang Weixiu owns **52.06%** of Shandong Zhongji Investment Holding [1]
- Wang Xiaodong (son) owns **19.28%** of Shandong Zhongji Investment Holding [1]

This means the Wang family (father + son) jointly controls ~71.3% of the holding company that owns 11.29% of the listed company, plus their direct 6.20% + 0.26% stakes — making **Wang Weixiu the ultimate beneficial owner and actual controller** of Zhongji Innolight.

## Notable Institutional / Index Holders Among Top 10 (FY2023)

These were flagged as "newly added" (新增) Top-10 shareholders in the FY2023 annual report:

| Institutional Holder | Shares Held | % of Total Shares |
|---|---|---|
| CCB – Hua An ChiNext 50 ETF (中国建设银行-华安创业板50ETF) | 5,493,031 | **0.68%** [4] |
| E Fund ChiNext ETF (custodian ICBC; 易方达创业板ETF) | 8,458,130 | **1.05%** [4] |
| CITIC Securities Co., Ltd. (中信证券股份有限公司) | 4,967,891 | **0.62%** [4] |

(Holders that exited the top 10 in FY2023 included Guangdong Hengkuo Investment Management and ITC. [4])

## Historical Context (FY2022)

In the FY2022 annual report, the Wang family's effective stake was disclosed slightly differently:
- Wang Weixiu: **52.06% direct + 8.01% indirect** in the holding-company chain [2]
- Wang Xiaodong: **19.28% direct + 0.34% indirect** [2]
- Shandong Zhongji Investment Holding's stake in listed Zhongji Innolight was then **11.73%** (vs. 11.29% in FY2023, a modest dilution likely from share issuance/incentive plans) [2]

## Key Takeaways

1. **Family-controlled**: Zhongji Innolight is a founder-controlled name; Chairman Wang Weixiu and his son Wang Xiaodong are the actual controllers via Shandong Zhongji Investment Holding.
2. **Concentrated control, dispersed economics**: The Wang family's direct stake in the listed company is modest (~6.5% combined), but control is reinforced via the 11.29%-stake holding vehicle they own ~71% of.
3. **Index-fund float**: A meaningful and growing portion of the free float sits with passive ChiNext index ETFs (E Fund, Hua An) and large brokerages (CITIC Securities), reflecting Zhongji Innolight's status as a ChiNext heavyweight and key China AI-optical-module proxy.
4. **No preferred shareholders / no differential voting rights** disclosed [1].

## Caveats

- Figures above are based on the **FY2023 Annual Report Summary** disclosed in early 2024 — the most recent shareholder-structure disclosure available in the indexed public-filing corpus. Top-10 institutional holders typically rotate quarterly (disclosed in interim/quarterly reports), so the index/brokerage names and exact percentages may have shifted in FY2024 / 1Q-3Q FY2025 reports.
- Internal CLSA research in the workspace covers Zhongji Innolight extensively on operations, AI optical-module demand (800G/1.6T), and tariff impact (e.g., "Zhongji Innolight – O-PF (Tariff impact manageable)", 23-Apr-2025), but does not present a standalone shareholder-structure table.

---
**Sources**
[1] 中际旭创 2023 年年度报告摘要 — Annual Report (filed 2024); ownership/control table showing Wang Weixiu 52.06% of Shandong Zhongji, Shandong Zhongji 11.29% of listed company
[2] 中际旭创 2022 年年度报告 — Annual Report (filed 2023); Wang Weixiu 52.06% direct + 8.01% indirect ownership disclosure
[3] 中际旭创 2023 年年度报告摘要 — Annual Report (filed 2024); Shandong Zhongji 11.29% holding of listed company
[4] 中际旭创 2023 年年度报告摘要 — Annual Report (filed 2024); top-10 shareholders table including E Fund ChiNext ETF, Hua An ChiNext 50 ETF, CITIC Securities

## Citations

- [1] **中际旭创：2023年年度报告摘要** · external
- [2] **中际旭创：2022年年度报告** · external
- [3] **中际旭创：2023年年度报告摘要** · external
- [4] **中际旭创：2023年年度报告摘要** · external

