On September 8, ZJ INNOLIGHT (03308.HK) declined 3.82% in regular trading to HK$1,159.0, with turnover of HK$1.771 billion. The stock had surged 19.58% in the prior session after Goldman Sachs initiated H-share coverage with a buy rating and a 12-month target price of HK$3,267, while Citi simultaneously initiated coverage with a buy rating and a HK$1,524 target.

Goldman Sachs projected net profit forecasts 25% and 42% above market consensus for the current and next fiscal year respectively, citing the companys leadership in silicon photonics modules, accelerating 1.6T and above solution ramp, diversified production bases, and manageable CPO competition. Despite the bullish institutional backdrop, the stock faced selling pressure following the sharp prior-session rally. Separately, Morgan Stanley had reduced its H-share long position from 6.44% to 5.68%, and JPMorgan trimmed its stake from 15.59% to 13.67% in recent filings, suggesting institutional rebalancing activity around elevated price levels.

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