Luxshare Precision Industry, a Chinese components manufacturer and Apple NASDAQ:AAPL supplier, raised HK$24.3 billion, or $3.1 billion, after pricing its Hong Kong listing at the top of the range. The company priced 383.5 million shares at HK$63.28 each, according to an exchange filing Tuesday, representing a 13% discount to its latest Shenzhen closing price of 63.28 yuan. The stock is expected to begin trading in Hong Kong on Thursday, giving investors another major technology-linked listing to watch.
Luxshare, which assembles products including iPhones and AirPods, appears to be entering Hong Kong with strong momentum after gaining more than 80% in Shenzhen over the past year and reaching a market value of almost $72 billion. The offering is set to become Hong Kong's biggest first-time share sale this year, surpassing Victory Giant Technology Huizhou, a printed circuit board maker, which raised HK$23.1 billion in April. Luxshare stopped taking orders on Friday instead of Monday, suggesting investor demand may have been strong enough to close the book early.
Founded in 2004, Luxshare began by making components for consumer electronics before expanding into automotive electronics, communications and data centers. The company is now seeking opportunities in AI devices, 3D printing, robotics and the low-altitude economy, areas investors may view as potential growth extensions beyond Apple-linked assembly work. The listing also comes as investor enthusiasm around AI-related debuts has helped push Hong Kong share sales to a five-year high, with cornerstone investors including Temasek Holdings, GIC and Hillhouse Investment backing Luxshare's offering.