China's Lingyi iTech Guangdong Co. successfully raised HK$8.3 billion ($1.1 billion) through its Hong Kong listing, pricing its shares at the maximum permissible price. This strong investor interest led the company to turn away over 100 orders, according to sources familiar with the matter. The electronics components manufacturer offered 811.8 million shares at HK$10.18 each, as per an exchange filing.
The offering price of HK$10.18 per share represents a significant discount of almost 50% compared to Lingyi's closing price of 17.66 yuan in Shenzhen, where the company's stock is already traded. The company, an existing Apple supplier, is using this dual listing to fund an expansion into new technologies such as artificial intelligence hardware and humanoid robotics, aiming to diversify beyond the maturing smartphone market.
Lingyi iTech's strategic shift involves becoming a leading global supplier of embodied-intelligence hardware. The company plans to significantly increase annual production of humanoid robots from 10,000 units this year to 500,000 by 2030, following an acquisition of an 80% stake in a joint venture with robot maker AgiBot and the opening of a new robotics factory in Beijing. Cornerstone investors for the IPO included GF Fund, Sunny Optical Capital, and smartphone maker Honor.
