The Hong Kong IPO market in 2025 is witnessing the expansion of the "Luxshare Empire." Following Luxshare Precision Industry Co., Ltd.'s (002475.SZ) announcement of its dual-listing plan, its sibling company LJ Innovation has filed its prospectus, marking the family's strategic move in the capital markets.
Behind this lies the story of two key figures: Wang Laichun, who rose from a Foxconn assembly line worker to become the "Richest Woman in Chaoshan," and her younger brother Wang Laixi, founder of LJ Innovation.
Wang Laichun, the helm of Luxshare Precision, built the company into a billion-dollar "Apple supply chain giant" over three decades. Her brother Wang Laixi, though less prominent, leveraged his experience at Luxshare to establish his own venture.
The siblings have a clear division of labor: Wang Laichun continues to lead Luxshare in precision manufacturing, while Wang Laixi steers LJ Innovation in innovative technologies. Wang Laichun also serves as chairman of LJ Innovation, and its core management team is entirely composed of Luxshare veterans, each with over a decade of experience in the "Luxshare system."
#1 Tied to the "Apple Supply Chain" With annual revenue of 27.9 billion yuan, LJ Innovation is making its IPO bid. The company, a "precision optical solutions provider," supplies camera and display modules for consumer electronics, appearing in one out of every six laptops globally.
Revenue has grown steadily, from 12.75 billion yuan in 2022 to 27.91 billion yuan in 2024, doubling in three years. In the first half of 2025, revenue reached 14.2 billion yuan, up 54.3% year-on-year.
Net profit also surged, from 689 million yuan in 2022 to 1.05 billion yuan in 2024, and jumped 101.5% year-on-year to 554 million yuan in H1 2025.
Consumer electronics dominate revenue, contributing 12.51 billion yuan (88.2%) in H1 2025. Meanwhile, LJ Innovation is expanding into automotive electronics, smart office applications, and emerging sectors, which contributed 376 million yuan, 727 million yuan, and 578 million yuan, respectively, in H1 2025.
Despite serving over 320 clients, the company relies heavily on its top five customers, which accounted for 89% of revenue in H1 2025. Its largest customer, "Client A," contributed 9.6 billion yuan (67.6%) in the same period.
The prospectus reveals that "Client A" is also LJ Innovation's largest supplier, with procurement from this supplier rising to 45.9% of total purchases in H1 2025. Industry sources suggest this client is Apple.
To mitigate risks, LJ Innovation plans to use IPO proceeds for R&D, smart manufacturing upgrades, strategic investments, debt repayment, and working capital. As of H1 2025, the company had 4.16 billion yuan in cash but total liabilities of 5.95 billion yuan.
#2 M&A Strategy and Ties to Luxshare LJ Innovation's growth mirrors Luxshare's acquisition-heavy approach. In 2018, the Wang family acquired Lite-On Technology's camera module division for $360 million to establish LJ Innovation. The 2020 acquisition of Cowell, an Apple front-camera supplier, was pivotal.
Subsequent acquisitions expanded LJ Innovation's reach into smart office solutions, optical lenses, and lidar technology. By 2024, it ranked second globally in consumer electronics camera modules and first in tablet and laptop modules.
LJ Innovation and Luxshare also engage in related-party transactions, including property leases, services, and supply chain cooperation. From 2022 to H1 2025, these transactions totaled millions annually, with Luxshare purchasing XR modules from LJ Innovation starting June 2025.
#3 "Luxshare DNA" in Leadership LJ Innovation represents the Wang family's internal entrepreneurship. Wang Laichun, now chairman, transitioned from Foxconn worker to billionaire business leader, while Wang Laixi, the founder, brings 14 years of Luxshare experience.
The four siblings collectively hold 48.06% of LJ Innovation through LJ Limited. Wang Laixi owns 56.34% of LJ Limited, while the rest is held by Jing Shan Limited, distributed among the other siblings.
Beyond the two listed companies, the family's industrial network includes companies supplying Apple, Google, and Luxshare. LJ Innovation's executive team is stacked with Luxshare veterans, spanning strategy, finance, operations, and capital markets.
Pre-IPO investors include China Life, Sequoia, IDG, and CITIC Securities, with a post-Series B valuation of 22.5 billion yuan in 2024.
The Wang family is replicating its success: as Luxshare became an Apple supply chain giant, LJ Innovation follows the same blueprint, poised to reshape the family's wealth landscape with its IPO.
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