(June 30): Tuesday got off to a busy start in Hong Kong, with a wave of companies including Apple Inc supplier Luxshare Precision Industry Co taking orders for listings worth a combined US$6 billion.
Luxshare led the charge, looking to fetch as much as HK$24.3 billion in what would be the biggest debut of 2026 so far in Hong Kong. In total there were nine filings for listings in the city Tuesday, as companies rush to tap the market before month-end to avoid having to update financial statements.
The boom in artificial intelligence globally has lifted enthusiasm in Hong Kong, even as the local equity market struggles for lift-off this year — the Hang Seng Index is down 11% in 2026, one of the world’s worst-performing major gauges.
The bulk of Tuesday’s filings were mainland China-listed companies, with many — like Luxshare — involved in the technology sector. They include Chaozhou Three-Circle Group Co and Nexchip Semiconductor Corp, both of which are seeking about HK$7 billion, and Guangdong Dtech Technology Co.
The stampede puts July on track to be the biggest month for first-time share sales in Hong Kong this year, topping the February peak of US$6.4 billion in proceeds, data compiled by Bloomberg show. Autonomous driving startup Momenta Global Ltd and electronics manufacturer Anker Innovations Technology Co are also set to debut in the coming days, adding to the pile.
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Luxshare’s listing is bigger than Tuesday’s other eight combined. The Shenzhen-based company, which assembles products such as iPhones and AirPods, is offering 383.5 million shares at a maximum of HK$63.28 each, its listing document shows. That’s a 16% discount to the Monday close of its Shenzhen-listed shares, similar to the average for dual-listed companies but way less than the 55% discount at which peer Lens Technology Co trades in Hong Kong.
Luxshare said it plans to use the proceeds to increase automotive and consumer-electronics production capacity, spend on research and development, invest in companies, repay bank borrowings and fund working capital.
Cornerstone investors, which get a guaranteed allocation in exchange for holding shares for at least six months, have agreed to buy US$1.5 billion worth of Luxshare stock. They include Singapore’s Temasek Holdings Pte and GIC Pte, Hillhouse Investment, Millennium Management and Tencent Holdings Ltd.
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Luxshare has climbed more than 100% in Shenzhen over the past 12 months, helped by an 8% jump Tuesday morning. The company has a market value of about US$80 billion. Last year, its revenue rose 24% to 332 billion yuan.
Founded in 2004, Luxshare made components for consumer electronics before expanding into automotive electronics and communication and data centres. It is now also seeking opportunities in industries like AI devices, 3D printing, the low-altitude economy and robotics.
The company joined the exclusive club of global iPhone assemblers a few years ago, marking a seismic shift to a decade-old production model just as Washington-Beijing tensions escalated. It struck a deal to acquire Wistron Corp’s iPhone unit and become the first mainland Chinese company to assemble Apple’s marquee device.
Luxshare is a major player in a crop of fast-rising Chinese electronics businesses vying with established names like Hon Hai Precision Industry Co for Apple orders. Before that, it became the world’s biggest maker of AirPods — one of the fastest-selling consumer accessories in the pre-Covid market.
Citic Securities Co, China International Capital Corp and Goldman Sachs Group Inc are leading Luxshare’s listing.
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