Luxshare Precision Industry, a major supplier to Apple, has debuted in Hong Kong with a lukewarm initial public offering (IPO). The company raised HK$24.27 billion ($3.10 billion) in the city’s biggest listing this year, but its shares dropped as much as 9.6% to a low of HK$57.2 compared to its offer price of HK$63.28.
Background
Luxshare, founded in 2004 by Wang Laichun and her brother Wang Laisheng, makes parts, modules, and finished products used in consumer electronics, cars, communications gear, and data centers. The company is one of Apple’s largest suppliers, with products including parts used in smartphones, laptops, smart wearables, wireless charging modules, routers, and video-conferencing equipment.
The IPO is part of a larger trend of Chinese technology and advanced manufacturing firms listing in Hong Kong to fund expansion and research in electronics, chips, and artificial intelligence. However, the market has been volatile, driven by a tech-stock pullback and renewed geopolitical tensions.
Other companies that have recently listed in Hong Kong include Knowledge Atlas Technology, also known as Zhipu AI, and chipmaker Nexchip Semiconductor. However, most of the six other Hong Kong debutants also received lukewarm welcomes on Thursday.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
