Lingyi iTech, a key Apple supplier and electronics manufacturer based in Guangdong, China, is launching a Hong Kong IPO to raise up to US$1.1 billion. The capital will support its strategic pivot into artificial intelligence hardware and humanoid robotics as the company seeks to diversify from the maturing smartphone market.
- Lingyi targets HK$8.3 billion in Hong Kong IPO for AI and robotics
- Plans to scale humanoid robot production from 10,000 to 500,000 units by 2030
- Revenue grew 16% to US$7.2 billion in 2025, led by display components
What happened
Lingyi iTech, a prominent electronic components maker and supplier to Apple, announced a Hong Kong initial public offering aiming to raise up to HK$8.3 billion (approximately US$1.1 billion). The IPO offering includes 811.8 million shares priced at a maximum of HK$10.18 each, with the subscription period already open. This dual listing expands Lingyi’s market presence beyond its original Shenzhen listing.
The company’s founder and chairwoman, Zeng Fangqin, has driven Lingyi's transformation from a smartphone parts supplier to a diversified electronics manufacturer. Lingyi’s growth strategy includes recent acquisition of a majority stake in a robotics joint venture and opening a new robotics factory in Beijing. These moves lay the groundwork for its pivot to AI hardware and embodied intelligence products.
Why it matters
Lingyi’s IPO and strategic focus reflect the broader tech industry shift in China from mature smartphone components to emerging high-tech sectors such as AI and robotics. The company targets becoming a leading global supplier of embodied intelligence hardware, tapping into demand for smart devices like humanoid robots, smart glasses, foldable phones, and AI servers.
Despite robotics currently representing a small portion of revenue, Lingyi has secured prominent North American clients and forged partnerships with over 20 Chinese robotics firms, enhancing its ecosystem. Lingyi’s strong 2025 financial performance—16% revenue growth to US$7.2 billion and 30% net profit rise—underlines its robust foundation as it embarks on this new growth phase.
What to watch next
Investors and industry watchers should monitor Lingyi’s IPO reception on the Hong Kong stock exchange, including pricing dynamics and cornerstone investor participation. Successful fundraising will be key to advancing capacity expansion plans, notably scaling humanoid robot production from 10,000 units this year to 500,000 by 2030.
Additionally, future developments in Lingyi’s partnerships and customer base, particularly in international AI robotics markets, will be important indicators of its success in carving out a leadership position. Progress in R&D, manufacturing yields, and diversification into new device categories will also signal how effectively Lingyi adapts to evolving technology trends.