Apple supplier Luxshare launches $3 billion Hong Kong IPO

Electronics manufacturing giant Luxshare Precision Industry Co. Ltd. (2475.HK; 002475.SZ) launched its Hong Kong IPO on Tuesday, with subscriptions open through next Monday. The company is offering 383 million Hong Kong-listed H-shares at a maximum price of HK$63.28 each, to raise net proceeds of about HK$24 billion ($3.06 billion). Its shares are set to debut on July 9.

Luxshare is a Shenzhen-listed precision intelligent manufacturing company, providing vertically integrated development and intelligent manufacturing solutions — from components and modules to systems — for end markets including consumer electronics, automotive electronics, communications and data centers. Citing third-party data, the company said it is the largest precision intelligent manufacturing solutions (PIMS) provider in the Mainland China and the fifth largest globally.

Luxshare is one of the core players in Apple’s supply chain. Its business has expanded from early-stage components such as connectors and cables to the assembly of products including AirPods, iPhones and Vision Pro. The prospectus shows that the company’s largest customer still contributed 56.7% of its revenue in 2025, though the figure was down from 75.2% in 2023.

On the financial side, Luxshare’s revenue reached 332.34 billion yuan ($48.92 billion) in 2025, up 23.6% year-on-year. Its profit for the year rose 24.6% to 18.17 billion yuan. By business line, consumer electronics remained its largest revenue source, generating 264.27 billion yuan in 2025, up 13.4% and accounting for 79.5% of total revenue.

The company said it will use proceeds from the listing primarily to expand its capacity and upgrade production bases. It will also use funds for investment in R&D, intelligent manufacturing and for industry-chain investments. Part of the proceeds will also be used to repay bank borrowings and replenish working capital.

By Lee Shih Ta

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