The primary Apple supplier, Luxshare Precision, is seeking a listing on the Hong Kong Stock Exchange, with this fundraising effort set to become the largest IPO on the exchange in recent times.
Luxshare Precision Industry Co., Ltd. officially disclosed its prospectus for the Hong Kong share offering on June 30, initiating the global offering of H shares. The company plans to issue approximately 383.5 million H shares, with a maximum offer price of HK$63.28 per share. Excluding the over-allotment option, the net proceeds are estimated to be around HK$24 billion (approximately US$3.1 billion).
The offering's joint sponsors and overall coordinators are CITIC Securities, Goldman Sachs, and China International Capital Corporation. HSBC and Guosen Securities (Hong Kong) are among the institutions participating in the underwriting syndicate. The final offer price is expected to be determined on July 7, with allocation results announced on July 8. Trading on the Main Board of the Hong Kong Stock Exchange is scheduled to commence at 9:00 a.m. on July 9 under the stock code 2475.
Offering Structure
The global offering is divided into two main tranches.
The Hong Kong public offering will initially comprise approximately 38.35 million shares, representing about 10% of the total offering. The international offering will initially consist of roughly 345.1 million shares, accounting for approximately 90%. Additionally, the company has granted the international underwriters a 15% over-allotment option, allowing for the potential issuance of up to an extra 57.52 million shares.
Goldman Sachs (Asia) L.L.C. will act as the stabilizing manager, with the stabilization period running from the listing date until August 5, 2026.
The Hong Kong public offering will be conducted entirely electronically, with no printed prospectus available. The subscription period is open from 9:00 a.m. on June 30 to 11:30 a.m. on July 6. Payment must be completed by 12:00 noon on the same day. The board lot size is 100 shares, requiring a total application amount of HK$6,391.82.
Use of Proceeds
The allocation of the HK$24 billion in net proceeds is clearly defined:
35% will be used to expand production capacity and upgrade global manufacturing bases.
30% will be allocated to technological research and development and the enhancement of smart manufacturing systems.
15% is earmarked for acquiring high-quality companies in the upstream and downstream supply chain.
10% will be used to repay bank borrowings that bear interest.
10% will serve as supplementary working capital for daily operations.
This allocation strategy reflects the company's current strategic priorities—consolidating its manufacturing scale while accelerating its expansion into higher value-added segments.
Business Fundamentals
According to the prospectus and Frost & Sullivan data, Luxshare Precision is the largest precision intelligent manufacturing solutions provider in mainland China by 2025 revenue and the fifth-largest globally. Its consumer electronics components business holds an 11.2% global market share.
Financial data shows that the company's revenue for 2023, 2024, and 2025 was RMB 231.9 billion, RMB 268.8 billion, and RMB 332.3 billion, respectively. Net profit attributable to shareholders grew for three consecutive years, reaching RMB 12.2 billion, RMB 14.6 billion, and RMB 18.2 billion.
A shift in the business structure is underway. Consumer electronics remains the core, contributing nearly 80% of revenue in 2025. However, the contribution from automotive electronics has increased from 3.9% in 2023 to 11.8% in 2025. This segment also boasts a significantly higher gross margin than the consumer electronics business, establishing it as a new growth engine. The communications and data center businesses are also expanding, with demand driven in the medium to long term by AI computing servers and XR wearable devices.
The company operates 105 manufacturing bases globally and is actively investing in emerging sectors such as humanoid robots, in-vehicle devices, and semiconductor consumables.
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