Luxshare Precision opens flat, as former factory worker Wang Laichun mints $13 billion fortune
Shares of precision contract manufacturer Luxshare Precision Industry Co. Ltd. (2475.HK; 002475.SZ) opened down 0.04% at HK$63.25 in their Hong Kong trading debut on Thursday, giving it a market capitalization to over HK$450 billion ($57.7 billion). The stock continued to fall during the day, ending down 5% by the midday break.
The company sold 383 million shares priced at HK$63.28 apiece, netting HK$24 billion in proceeds. The retail tranche of the offering was oversubscribed by 2.8 times, while the international placement was 8.5 times oversubscribed. A total of 34 cornerstone investors purchased 186 million shares, representing approximately 48.44% of the total offering.
Luxshare Precision was founded by Wang Laichun and her older brother, Wang Laisheng. Born to a farming family, Wang Laichun found work as a rank-and-file assembly line operator at electronics contract manufacturer Foxconn in the 1980s. Eleven years later, she left to start a business with her brother, officially establishing Luxshare in 2004 and eventually taking the company public on the Shenzhen Stock Exchange in 2010.
The family of Wang Laichun, the company’s largest shareholder, holds more than 35.47% of Luxshare’s stock. Factoring in her holdings in the Shenzhen-listed entity, Wang’s personal fortune now exceeds HK$100 billion.
By Lau Chi Hang
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