Luxshare Precision Industry Co., Ltd. has submitted an application to the main board of the Hong Kong Stock Exchange. The joint sponsors for the listing are CITIC Securities, Goldman Sachs, and CICC. The company had previously filed an application for a Hong Kong listing on August 18, 2025.
According to the prospectus, Luxshare Precision is a globally leading innovative technology company specializing in precision manufacturing. It is dedicated to providing global customers in the consumer electronics, automotive electronics, communication and data center, and other end markets with vertically integrated development and manufacturing solutions spanning from precision components and modules to systems. Based on 2024 sales volume, one out of every two smartphones, one out of every three smart wearable devices, and one out of every five smart vehicles globally uses a product from Luxshare Precision.
According to Frost & Sullivan data, based on 2024 revenue, Luxshare Precision ranked fourth globally and first in Mainland China in the Precision Intelligent Manufacturing Solutions (PIMS) industry. The company holds leading global positions across its major business lines, including consumer electronics, automotive electronics, and communication and data centers. By 2024 revenue, it ranked second globally and first in Mainland China in the consumer electronics components and modules PIMS market, with a global market share of 11.3%. In the automotive wiring harness PIMS market, it ranked fourth globally and first in Mainland China, with a 12.2% global market share. In the communication and data center copper interconnect PIMS market, it ranked fourth globally and first in Mainland China, with a 4.4% global market share. Through sustained performance, Luxshare Precision was listed on the Fortune Global 500 for three consecutive years from 2023 to 2025.
For the nine months ended September 30 in 2023, 2024, and 2025, the company reported revenues of approximately RMB 231.905 billion, RMB 268.795 billion, and RMB 220.915 billion, respectively. The profit for the respective periods was RMB 12.243 billion, RMB 14.579 billion, and RMB 12.728 billion. The gross profit margins for these periods were 11.1%, 10.1%, and 11.8%, respectively.
PIMS refers to customer-centric, technology-driven manufacturing services that integrate advanced processing technologies, rapid prototyping, automation control, and intelligent systems to provide high-precision components, functional modules, and system integration. These solutions go beyond standardized production, featuring deep customization, and are designed to transform breakthrough product concepts into mass-producible products with high technical standards. The products are widely used in advanced, high-tech, and innovation-driven fields such as consumer electronics, smart vehicles, and communication and data centers.
Based on 2024 global revenue market share, the group ranked as the fourth-largest global PIMS provider, the highest ranking among companies headquartered in Mainland China. In the global PIMS market for 2024, the top five players were Company A, Company B, Company HH, the Group, and Company C, with market shares of 17.1%, 5.0%, 3.5%, 3.0%, and 2.8%, respectively.
Benefiting from growing demand for AI technology, the overall shipment volume of smart wearable devices (including AI glasses/XR devices, smartwatches, and smart bands) exceeded 169 million units in 2024, representing significant year-on-year growth. Driven by the deep integration of technologies like AI and IoT with emerging consumer electronics products, smart audio terminals, smart home devices, and outdoor electronics have demonstrated strong development potential due to advantages such as expanded functionality, upgraded interactive experiences, connectivity, and enhanced intelligent features. In 2024, shipments of smart audio terminals, smart home devices, and outdoor electronics reached 330 million units, 903 million units, and 58 million units, respectively. The integration of innovative consumer electronics design with AI applications is expected to drive further product replacement cycles.
The board of directors consists of eight members, including five executive directors and three independent non-executive directors. As of the latest practicable date, the company was approximately 37.49% owned by Luxshare Limited (a company owned 50% by Ms. Wang and 50% by Mr. Wang) and approximately 0.27% owned directly by Mr. Wang.
The intermediary team includes joint sponsors CITIC Securities (Hong Kong) Limited, Goldman Sachs (Asia) LLC, and CICC Hong Kong Securities Limited. The company's legal advisors are DLA Piper and Han Kun Law Offices. The legal advisors for the joint sponsors are Herbert Smith Freehills and Zhong Lun Law Firm. The reporting accountant and auditor is BDO Limited Hong Kong. The industry consultant is Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch, and the compliance advisor is Fulbright Capital Limited.
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