Apple supplier Luxshare joins mainland tech firms in filing for Hong Kong IPO application
Hong Kong is the world’s top IPO venue, with 53 firms raising US$16.2 billion in the year’s first seven months
Apple supplier Luxshare Precision Industry has filed for a Hong Kong initial public offering (IPO), joining a wave of mainland Chinese technology firms seeking to raise funds in the world’s top listing destination this year.
The Shenzhen-listed company, which makes AirPods, iPhones and the Vision Pro headset, hired Citic Securities, Goldman Sachs and China International Capital Corporation as joint sponsors, according to a filing on Monday.
Luxshare, which unveiled its secondary listing plan in July, aimed to raise more than US$1 billion from its Hong Kong offering, according to Bloomberg.
Its listing bid comes as Hong Kong has cemented its position as the world’s top IPO venue this year. Fifty-three firms have raised HK$127 billion (US$16.2 billion) in the first seven months, exceeding last year’s total and also for each of the past three years, said Christopher Hui Ching-yu, the Secretary for Financial Services and the Treasury Bureau, last week.
More than 210 IPO applications were in the pipeline and under review by the bourse operator as of August 12. Over half of the applications submitted in the past 10 days were from the mainland’s technology sector, underscoring the growing dominance of tech firms in Hong Kong’s capital market.