Apple Supplier Lingyi iTech Targets US$1.1 Billion Hong Kong IPO to Fuel AI and Robotics Ambitions

Lingyi iTech, a key Apple supplier already listed in Shenzhen, is raising up to HK$8.3 billion (US$1.1 billion) through a Hong Kong initial public offering. The company is offering 811.8 million shares at a maximum price of HK$10.18 each, with the stock expected to begin trading on the Hong Kong Stock Exchange on Friday. The subscription window opened last Wednesday, attracting cornerstone investors including GF Fund, Sunny Optical Capital, and smartphone maker Honor.

Strategic Pivot Beyond Smartphones

The dual listing underscores a deliberate shift by Lingyi and its founder, Zeng Fangqin, to reduce reliance on the maturing smartphone market. Instead, the company is positioning itself to capture emerging demand in artificial intelligence servers, smart glasses, foldable devices, and humanoid robotics. Headquartered in Jiangmen, Guangdong province, Lingyi has set an explicit goal: to become one of the top three global suppliers of embodied-intelligence hardware.

Robotics Expansion and Production Targets

Lingyi has taken concrete steps to scale its robotics footprint. In September, the company acquired an 80% stake in a joint venture with robot maker AgiBot. Earlier this month, it inaugurated a dedicated robotics factory in Beijing. Production capacity is set to grow dramatically, from 10,000 units this year to 500,000 units annually by 2030. The company also reported that it has secured leading North American robotics clients and established partnerships with over 20 Chinese robotics firms. By the end of November, Lingyi had either assembled or supplied components for 5,000 humanoid robots.

The source for this article is https://www.scmp.com/tech/article/3357705/apple-supplier-lingyi-seeks-us11-billion-hong-kong-ipo-fund-ai-and-robotics-push.