China's Lingyi iTech Guangdong Co. successfully raised HK$8.3 billion ($1.1 billion) by pricing its Hong Kong listing at the maximum allowed price of HK$10.18 per share. This offering of 811.8 million shares saw robust investor demand, compelling the company to turn down more than 100 orders. This marks a significant capital injection for the electronics components manufacturer.
The offering price of HK$10.18 per share represents a substantial discount of nearly 50% compared to Lingyi's Wednesday closing price of 17.66 yuan on the Shenzhen stock exchange, where its shares are already listed. The company aims to leverage this capital to expand its artificial intelligence (AI) capacity, with approximately 37.6% (HK$3.07 billion) of the IPO proceeds allocated for enhancing production capacity and upgrading core manufacturing processes.
Specifically, about HK$1.71 billion is earmarked for strengthening manufacturing in emerging sectors over the next three years, including high-density AI servers, humanoid robot hardware, and AI optical communication infrastructure. Lingyi, an Apple supplier founded in 2006 by billionaire Zeng Fangqin, provides components for smartphones, tablets, and laptops, counting Apple, Huawei, and Samsung among its key customers. The company is positioning itself to capitalize on the increasing global demand for AI infrastructure and advanced hardware, moving beyond its traditional focus on a maturing smartphone market. Trading of its shares on the Hong Kong Stock Exchange commenced on June 26, 2026.
