HONG KONG – June 30 got off to a busy start in Hong Kong, with a wave of companies including Apple supplier Luxshare Precision Industry taking orders for listings worth a combined US$6 billion (S$7.8 billion).
Luxshare led the charge, looking to fetch as much as HK$24.3 billion (S$4 billion) in what would be the biggest debut of 2026 so far in Hong Kong.
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 and GIC, Hillhouse Investment, Millennium Management and Tencent Holdings.
In total there were nine filings for listings in the city on June 30, 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 per cent in 2026, one of the world’s worst-performing major gauges.
The bulk of filings on June 30 were mainland China-listed companies, with many – like Luxshare – involved in the technology sector. They include Chaozhou Three-Circle Group and Nexchip Semiconductor, both of which are seeking about HK$7 billion, and Guangdong Dtech Technology.
The stampede puts July on track to be the biggest month for first-time share sales in Hong Kong in 2026, topping the February peak of US$6.4 billion in proceeds, data compiled by Bloomberg show. Autonomous driving start-up Momenta Global and electronics manufacturer Anker Innovations Technology are also set to debut in the coming days, adding to the pile.
Luxshare’s listing is bigger than the other eight combined on June 30. The 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 per cent discount to the June 29 close of its Shenzhen-listed shares, similar to the average for dual-listed companies but way less than the 55 per cent discount at which peer Lens Technology 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.
Luxshare shares have climbed more than 100 per cent in Shenzhen over the past 12 months, helped by an 8 per cent per cent jump on June 30. The company has market value of about US$80 billion. In 2025, its revenue rose 24 per cent to 332 billion yuan (S$63.3 billion).
Founded in 2004, Luxshare made components for consumer electronics before expanding into automotive electronics and communication and data centers. 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. BLOOMBERG
