Luxshare Precision prices HK IPO at HK$63.28, raising $3.1 billion

Luxshare Precision Industry priced its Hong Kong initial public offering at HK$63.28 per share, the top of the indicated range, raising as much as $3.1 billion in the city's largest listing so far this year.

More than two dozen cornerstone investors, including Temasek Holdings, GIC, Hillhouse Investment, Millennium Management, Tencent Holdings and Abu Dhabi Investment Authority, committed a combined $1.5 billion to the offering, according to the company's prospectus. The backers agreed to a six-month lockup in exchange for guaranteed allocations.

The Shenzhen-listed Apple supplier is offering 383.5 million H shares, with about 90% going to international investors and the remainder to Hong Kong retail buyers. Trading is scheduled to begin July 9. The deal surpasses Victory Giant Technology's HK$20.12 billion listing in April, making it Hong Kong's biggest IPO in 2026.

The strong pricing signals robust demand for a key Apple supply chain player as Luxshare pushes to diversify beyond consumer electronics. Proceeds will fund manufacturing facilities for automotive and consumer-electronics products, research, investments and debt repayment. Citic Securities, China International Capital Corp. and Goldman Sachs are leading the offering.

Luxshare's revenue rose 24% to 332 billion yuan ($48.9 billion) last year, according to Bloomberg. Consumer electronics still generated close to 80% of sales, but the company's automotive electronics unit has grown rapidly, climbing to 11.8% of revenue from 3.9% two years earlier.

The company's reliance on its biggest customer — widely assumed to be Apple Inc. — has declined. That customer accounted for 57% of revenue in 2025, down from 75% two years prior, as Luxshare expanded into data centers and automotive electronics.

Luxshare was one of nine companies that filed for Hong Kong listings Tuesday. The combined offerings could raise up to roughly $6 billion, making July the busiest month for Hong Kong IPOs this year.

The pricing gives Luxshare an enterprise value that positions it among the most valuable Apple suppliers globally. First-day trading on July 9 will test whether institutional demand holds once the stock begins trading on Hong Kong's Main Board.

This article is for informational purposes only and does not constitute investment advice.