Following Luxshare Precision and Lens Technology, another Apple supply chain leader is pursuing a Hong Kong IPO. Guangdong Lingyi iTech (Lingyi iTech) has submitted an application to list H-shares on the Hong Kong Stock Exchange's main board.
At the helm of this nearly $90 billion market cap company is Zeng Fangqin, dubbed the "Queen of Shenzhen," who is poised to achieve her first IPO after two decades of entrepreneurship.
Lingyi iTech initially went public on the A-share market via a backdoor listing in 2017, acquiring Jiangfen Magnetic Materials for $20.7 billion with regulatory approval in 2018. Over seven years, its revenue doubled while market value quadrupled, with shares rising over 60% this year amid advancements in embodied AI.
According to Frost & Sullivan, Lingyi iTech ranks first globally in high-precision components for AI terminal devices and third in AI terminal smart manufacturing platforms by 2024 revenue. The company stated that Hong Kong IPO proceeds will fund expansion and cross-border M&A, aligning with its 2030 goals to enhance global influence and talent retention.
Zeng Fangqin, with extensive experience in precision manufacturing, founded Lingyi Electronics in 2006 after recognizing the consumer electronics boom. Starting with Nokia as a key client, the company became an Apple supplier in 2009 by providing Mac components, later expanding to iPhones, iPads, and Apple Watches. By 2012, Lingyi Electronics led global mobile phone component revenue.
To diversify, Zeng established Lingyi Technology, expanding into stamping, CNC machining, photovoltaics, NEVs, and robotics. The 2017 backdoor listing enabled multiple acquisitions, including Salcomp (charger modules, 2019), Zhejiang Jintai (NEVs, 2021), and Zhejiang Xianglong (auto transmission parts, 2025), building a global precision manufacturing empire. As of November 24, Lingyi iTech's market cap reached $95.3 billion.
In the first three quarters of 2025, revenue grew 19.25% YoY to $37.59 billion, with net profit up 37.66% to $1.94 billion. The Hong Kong IPO aims to support strategic acquisitions in high-growth tech sectors like servers, humanoid robots, and AI optical communication infrastructure.
This marks Lingyi iTech's second Hong Kong IPO attempt after withdrawing in 2021 due to market conditions. With港股回暖 and simplified listing procedures, Zeng sees an optimal window for global capital access. The company operates 58 production sites and 8 assembly bases worldwide, with overseas revenue占比 rising to 74.21% in H1 2025.
Pivoting from consumer electronics to "AI terminals + robotics," Lingyi iTech's AI hardware revenue reached 87.6% of total by Q3 2025. In June 2025, it committed $200 million annually to become a top-three embodied AI hardware maker. Its Zhuhai factory launched a humanoid robot production line with daily capacity of 5,000 units, securing an $800 million order from a North American robotics firm for December delivery.
Zeng likened the robotics industry to smartphones' early stage, projecting a trillion-dollar market. IPO funds will boost R&D and production in AI servers, humanoid robots, and optical communication infrastructure, capitalizing on surging AI demand. The company plans to expand AI server power supply capacity and enhance vertical integration in embodied AI hardware manufacturing to accelerate industrialization.