Apple supplier Lens Technology joins list of Chinese firms planning Hong Kong IPOs
More new share offerings from Chinese firms are headed for the Hong Kong stock exchange, which analysts predict will return to being the world's top initial public offering (IPO) venue this year.
Lens Technology, Apple's iPhone glass supplier, said on Thursday that its board approved a plan to list in Hong Kong. It did not disclose details. The Shenzhen-listed firm would join a slew of mainland-listed companies eyeing listings in the city amid improved stock market sentiment and regulatory support.
Avatr Technology, the electric vehicle (EV) unit of Shenzhen-listed Changan Automobile, is reportedly considering a US$1 billion Hong Kong IPO. Changan said that while there are plans for Avatr to spin-off for a listing, no specific implementation plans are in place yet, according to mainland media reports.
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Financial Secretary Paul Chan Mo-po said at a tech forum on Wednesday that Hong Kong IPOs could raise between US$17 billion and US$20 billion this year, in line with forecasts from Deloitte and PwC. Last year, IPO proceeds in the city added up to US$11 billion, ranking fourth globally. The city was the world's top IPO venue seven times between 2009 and 2019.
Lens said its Hong Kong listing would "advance the company's global strategic layout, enhance its international brand image and boost overall competitiveness", according to its filing.
The company has well-known clients in the consumer electronics and smart car industries, including Apple, Samsung, Huawei, Xiaomi, Tesla, BYD and Meta Platforms. Nearly 68 per cent of its total sales derived from overseas in 2023 and 82 per cent in 2022.
Founder Zhou Qunfei ranked 26th in Forbes' 2024 list of China's 100 richest people. Her current net worth is estimated at US$12 billion, and her company has a market capitalisation of around 130 billion yuan (US$18 billion).
A total of 25 mainland-listed companies applied for Hong Kong listings since 2024, surpassing the average yearly number of such cases from 2016 to 2023, which was five, analysts at CGS International said in a note.
An electric vehicle made by Avatr Technology, a unit of Shenzhen-listed Changan Automobile is pictured in an undated file photo. Photo: Handout alt=An electric vehicle made by Avatr Technology, a unit of Shenzhen-listed Changan Automobile is pictured in an undated file photo. Photo: Handout>
Deals could include Chinese machinery maker Sany Heavy Industry, which is said to be eyeing a US$1.5 billion fundraising, IT services company Unisplendour, which plans a US$1 billion offering, and the world's biggest producer of EV batteries, Contemporary Amperex Technology, or CATL, which aims to raise at least US$5 billion. Sany Heavy Industry is Shanghai-listed, while Unisplendour and CATL are listed in Shenzhen.
Shanghai-listed drug maker Jiangsu Hengrui Pharmaceuticals also submitted a Hong Kong listing plan to raise at least US$2 billion, according to media reports. Another Shanghai-listed firm, China's biggest condiment maker Foshan Haitian Flavouring and Food is said to be aiming to raise at least US$1.5 billion in Hong Kong.
Avatr, established in 2018 by Changan and EV maker Nio, could submit a listing application to the Hong Kong exchange as early as the second half of this year, according to IFR, citing insiders. The firm gained support from Huawei and CATL in 2021 after Nio left the venture.
The increasingly full pipeline of listings has added to analysts' confidence in Hong Kong's IPO market.
Fundraising in the city was set to rise more than 80 per cent to HK$160 billion (US$20.6 billion) in 2025 from last year, analysts at CGS International said in a note on Monday.
That would make the exchange, operated by Hong Kong Exchanges and Clearing, the top IPO venue globally, they said, adding that it would maintain that status in 2026.
Factors driving the city's resurgence as an IPO venue included policies encouraging mainland companies to list in Hong Kong and US listings becoming less appealing due to regulatory risks, CGS said.
Jumbo deals, or those exceeding the US$1 billion threshold, could contribute US$15 billion to this year's IPO fundraising, it said.
This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved.
Copyright (c) 2025. South China Morning Post Publishers Ltd. All rights reserved.
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