Apple supplier Lingyi seeks US$1.1 billion Hong Kong IPO to fund AI and robotics push
The Shenzhen-listed components maker is using a Hong Kong float to fund its push into AI servers, smart glasses and robotics
Apple supplier Lingyi iTech is looking beyond smartphones, seeking to raise up to HK$8.3 billion (US$1.1 billion) in a Hong Kong initial public offering (IPO) to fund an ambitious expansion into artificial intelligence hardware and humanoid robotics.
The Shenzhen-listed electronic components maker is expected to debut on the Hong Kong stock exchange on Friday after offering 811.8 million shares at a maximum price of HK$10.18 each, according to a company filing.
The subscription period opened last Wednesday, with cornerstone investors including GF Fund, Sunny Optical Capital and smartphone maker Honor.
The dual listing marks a strategic push by Lingyi and its founder, Zeng Fangqin, to diversify beyond a maturing smartphone market. The company is positioning itself to benefit from emerging demand for humanoid robots, smart glasses, foldable devices and AI servers.
Headquartered in Jiangmen, Guangdong province, Lingyi has set a goal of becoming one of the world’s top three suppliers of embodied-intelligence hardware.
In September, the company acquired an 80 per cent stake in a joint venture with robot maker AgiBot. Earlier this month, it opened a robotics factory in Beijing and plans to increase annual production from 10,000 units this year to 500,000 by 2030.
Lingyi said it had secured leading North American robotics customers and established partnerships with more than 20 Chinese robotics companies. By the end of November, it had assembled or supplied components for 5,000 humanoid robots.