a day ago
- Business
- South China Morning Post
AirPod maker Luxshare plans IPO deal as Hong Kong listing pipeline swells
Luxshare Precision Industry, which supplies Apple's AirPods and some iPhone models, plans to sell new shares in Hong Kong in what could be one of the 10 biggest tech listings this year after Beijing opened the door for more companies to raise capital offshore.
The Shenzhen-listed firm said its listing plan was to improve overseas financing capabilities and accelerate global expansion, according to its exchange filing on Thursday. The firm is said to be seeking more than US$1 billion from its stock offering later this year, according to a Bloomberg report on the same day.
The first-time offering in Hong Kong would not alter Luxshare's leadership structure or change its controlling shareholders and beneficial owners, according to the filing.
At least 16 onshore industry peers have similar Hong Kong listing plans amid appetite from global funds seeking to diversify from US dollar assets, including Apple supplier Lens Technology, smartphone maker Shanghai Longcheer Technology and semiconductor designer OmniVision Integrated Circuits, according to Huatai Securities.
Hong Kong hosted some of the biggest global tech listings this year. EV battery king Contemporary Amperex (US$5.2 billion), drug maker Jiangsu Hengrui Pharmaceuticals (US$1.26 billion), condiment producer Foshan Haitian Flavouring & Food (US$1.3 billion), and Zhejiang Sanhua Intelligent Controls (US$1.2 billion) topped the billion-dollar deals.
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Sales grew 16 per cent in 2024 to 268.8 billion yuan, while earnings jumped 22 per cent to 13.37 billion yuan, its annual report showed. Apple, one of the so-called Magnificent Seven US tech stocks, is believed to be its single largest customer, accounting for almost 71 per cent of its annual revenue.
