Apple supplier Luxshare joins mainland tech firms in filing for Hong Kong IPO application

Apple supplier Luxshare Precision Industry has filed for a Hong Kong initial public offering (IPO), joining a wave of mainland Chinese technology firms seeking to raise funds in the world's top listing destination this year.

The Shenzhen-listed company, which makes AirPods, iPhones and the Vision Pro headset, hired Citic Securities, Goldman Sachs and China International Capital Corporation as joint sponsors, according to a filing on Monday.

Luxshare, which unveiled its secondary listing plan in July, aimed to raise more than US$1 billion from its Hong Kong offering, according to Bloomberg.

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Its listing bid comes as Hong Kong has cemented its position as the world's top IPO venue this year. Fifty-three firms have raised HK$127 billion (US$16.2 billion) in the first seven months, exceeding last year's total and also for each of the past three years, said Christopher Hui Ching-yu, the Secretary for Financial Services and the Treasury Bureau, last week.

A file photo from December 2017 show Apple CEO Tim Cook visiting Chinese supplier Luxshare's plant in Kunshan, Jiangsu province. Photo: Handout alt=A file photo from December 2017 show Apple CEO Tim Cook visiting Chinese supplier Luxshare's plant in Kunshan, Jiangsu province. Photo: Handout>

More than 210 IPO applications were in the pipeline and under review by the bourse operator as of August 12. Over half of the applications submitted in the past 10 days were from the mainland's technology sector, underscoring the growing dominance of tech firms in Hong Kong's capital market.

Among the candidates is electric vehicle battery maker Sunwoda Electronic, which filed for an IPO on August 13. It previously planned to raise funds on the Shenzhen exchange's ChiNext start-up board.

Other prospective listing candidates include Transwarp Technology (Shanghai), B&K Corporation, ShanH Technology, Shenzhen Creality 3D Technology and Wolong Electric Group.

Luxshare said in the filing that geopolitical tensions and tariff uncertainties posed challenges to its global operations and supply chain resilience. Nearly 80 per cent of its revenue came from five customers, which it did not name in the document. Apple is believed to be its largest customer, contributing about 70 per cent of its revenue.

The company's shares have declined nearly 4 per cent this year, giving it a market capitalisation of 283.84 billion yuan (US$39.42 billion).

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In a separate filing to the Shenzhen exchange, Luxshare said its listing plan was awaiting approval from mainland and Hong Kong regulators, as well as the Hong Kong stock exchange.

The company ranked fourth globally in the precision intelligent manufacturing sector and first in mainland China by revenue last year, according to consultancy Frost & Sullivan. It provides precision intelligent manufacturing solutions, spanning consumer electronics, automotive electronics, and communication and data centres.

Controlling shareholders Wang Laisheng and his sibling Grace Wang Laichun founded the company in 2004 and sit on the board. In April, Luxshare said executive director Wang Laisheng planned to increase his stake in the firm by as much as 300 million yuan, with the stock purchase to be made over the next six months.

This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved.

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