Luxshare Precision Industry, a Shenzhen-based Apple NASDAQ:AAPL supplier that assembles products including iPhones and AirPods, came under pressure in its Hong Kong debut on Thursday after raising HK$24.3 billion, or $3.1 billion, in the city's biggest listing so far this year. Shares closed 1.6% lower at HK$62.30 after falling as much as 9.6%, even after the company sold 383.5 million shares at HK$63.28 each, the top end of the offering range. Meanwhile, Luxshare's Shenzhen-listed shares rose 3.2% to 64.46 yuan, widening their premium over the Hong Kong stock to about 19%.
The listing arrived as Hong Kong's equity fundraising market has continued to accelerate, supported by a wave of Chinese technology companies selling shares. First-time offerings in Hong Kong have raised more than $30 billion so far in 2026, moving close to the 2025 total of $36.8 billion, which marked a four-year high. Luxshare's deal also moved ahead of Victory Giant Technology, a company not further described in the source article, whose $2.9 billion April debut had previously been the city's largest listing this year, while cornerstone investors including Temasek Holdings, GIC, Hillhouse Investment, Millennium Management and Tencent Holdings (TCEHY), a Chinese technology and internet company, agreed to buy $1.5 billion worth of Luxshare stock.
Investors may still view Luxshare as more than a consumer-electronics assembly story, as the company has expanded from components into automotive electronics, communications and data centers since its founding in 2004. Its automotive electronics unit has become a larger part of the business, with revenue contribution rising to 11.8% in 2025 from 3.9% in 2023, while Guoyuan International analyst Li Chengru said Luxshare's consumer-electronics business remains resilient and its automotive electronics unit offers long-term growth potential. Luxshare, which has a market value of about $80 billion and posted a 24% rise in revenue last year to 332 billion yuan, said it plans to use the proceeds to expand automotive and consumer-electronics capacity, fund research and development, invest in companies, repay bank borrowings and support working capital.