The Chaoshan female billionaire with a net worth of 61.5 billion is about to IPO again.

Under the wave of the Hong Kong stock market bull run, leading companies in the A-share market are accelerating their IPOs in Hong Kong.

On the evening of July 2, Luxshare Precision, a leading "Apple supply chain" company, announced that it is planning to issue shares overseas and list on the Hong Kong Stock Exchange. The company is discussing the specific details of the H-share issuance and listing with relevant intermediaries, and the details have not yet been finalized. This H-share issuance and listing will not result in changes to the company's controlling shareholder or actual controller.

Previously, multiple media reports indicated that Luxshare Precision is collaborating with China International Capital Corporation (CICC), CITIC Securities, and Goldman Sachs on its Hong Kong listing.

According to insiders, Luxshare Precision may conduct an IPO on the Hong Kong Stock Exchange as early as this year, raising over $1 billion. The insider noted that the matter is still under discussion, and the scale and timing of the stock issuance may change. They also mentioned that other banks may join as underwriters for Luxshare Precision.

Luxshare Precision's announcement confirms the above reports.

In fact, due to the strong performance of the Hong Kong stock market this year, leading companies across various industries in the A-share market are accelerating their listings in Hong Kong. Therefore, Luxshare Precision's decision to initiate an IPO in Hong Kong is not surprising. Kanjian Finance believes that as the domestic market becomes increasingly saturated, globalization strategies are a critical window of opportunity for leading manufacturing companies.

It is worth noting that another leading "Apple supply chain" company, Lens Technology, has successfully passed the Hong Kong Stock Exchange's hearing and entered the share offering process.

The announcement shows that Lens Technology's H-share IPO will involve the issuance of approximately 262 million shares, with a preliminary price range set at HKD 17.38 to HKD 18.18. Based on this, the company may raise RMB 4.3 billion. Lens Technology stated that the Hong Kong IPO aims to further its globalization strategy, enhance its brand image, and strengthen its overall competitiveness.

Regarding the use of proceeds from the IPO, Lens Technology indicated that about 48% will be used to enrich and expand its product and service portfolio; about 28% will be used to expand overseas business; about 14% will be used to improve vertical integration and smart manufacturing capabilities; and about 10% will be used for working capital and other general corporate purposes.

Some believe that Lens Technology, which rose to prominence through the "Apple supply chain," is now seeking to gradually reduce its reliance on Apple.

Kanjian Finance argues that Apple's business adjustments in recent years have significantly impacted "Apple supply chain" companies. To reduce their heavy reliance on Apple, leading companies like Luxshare Precision and Lens Technology have proactively adjusted some of their business segments.

Currently, the efforts of "Apple supply chain" companies to reduce their dependence on Apple have had some effect, but progress remains slow. Listing in Hong Kong and accelerating globalization is now seen as the best opportunity to "break free" from Apple. Therefore, this round of Hong Kong IPOs holds great importance for "Apple supply chain" companies.

From Factory Worker to "Queen of Contract Manufacturing"

For Luxshare Precision, founder Wang Laichun is a name that cannot be overlooked.

From dropping out of high school to work in a factory, to becoming a factory worker at Foxconn, then rising to become the leader of a RMB 240 billion company, and eventually the richest woman in Chaozhou, Wang Laichun's life is nothing short of a miracle.

In 1988, Foxconn established a factory in Shenzhen, and Wang Laichun became one of the first 150 female workers. At the time, she was assigned to a department that primarily produced connecting wires. Through hard work, she rose from the lowest-level assembly line worker to management.

By 1997, after working at Foxconn for 10 years, Wang Laichun had become a section chief, the highest management rank for mainland employees at Foxconn. For Wang Laichun, a predictable factory life was not her destiny. That year, she chose to resign and start her own business, beginning with the production and sales of electronic connecting wires and connectors.

In 1999, Wang Laichun and her brother Wang Laisheng jointly purchased shares in Luxshare Limited. In 2004, Wang Laichun officially founded Luxshare Precision.

By 2010, Luxshare Precision successfully listed on the Shenzhen Stock Exchange, and Wang Laichun's net worth exceeded RMB 2 billion. After the listing, with the support of the capital market, Wang Laichun ushered in an era of rapid expansion for Luxshare Precision.

In 2011, her business reached a turning point. Luxshare Precision acquired a 60% stake in Kunshan Lianhao, marking its first entry into Apple's supply chain. As Wang Laichun put it, "Flying with a phoenix will surely produce outstanding birds."

Since then, Luxshare Precision has become a core supplier for Apple. With Apple's support, Luxshare Precision achieved a qualitative leap. Through a series of capital maneuvers, Wang Laichun's acquisition strategy became increasingly successful.

In 2016, Luxshare Precision acquired Suzhou Meite, entering the acoustic field. At the time, Apple's wireless AirPods had high production requirements. Through acquisitions and in-depth R&D, Luxshare Precision improved the yield rate to nearly 100%, further strengthening its ties with Apple after gaining its approval.

Entering the Apple AirPods segment boosted Luxshare Precision's revenue to new heights. According to its financial reports, in 2017, the company's revenue reached RMB 22.826 billion, a year-on-year increase of 65.86%; net profit was RMB 1.691 billion, up 46.18% year-on-year. In 2018, revenue surged another 57.06% to RMB 35.85 billion, while net profit jumped to RMB 2.723 billion.

Of course, as Apple continued to grow rapidly, Luxshare Precision chose to deepen its ties with the company. In 2020, Luxshare Precision acquired Jiangsu Wistron and Kunshan Weixin, entering the iPhone assembly segment. Thus, Luxshare Precision officially became an "Apple contract manufacturer," and Wang Laichun earned the title "Queen of Contract Manufacturing."

In recent years, as Apple's growth has slowed, "Apple supply chain" companies have faced challenges, making reducing reliance on Apple a key goal.

Currently, Wang Laichun is leading the company to shed its contract manufacturing label.

Contract Manufacturing Has No Soul

Shedding the "contract manufacturing" label is a key goal for Wang Laichun in the next phase.

Therefore, Wang Laichun strongly disagrees with defining Luxshare Precision solely as an "Apple contract manufacturer" or "Apple supply chain" company.

In an interview, Wang Laichun stated, "I think contract manufacturing has no soul, but providing solutions to customers has soul."

She added, "Some people always glorify foreign companies in the same industry as us as high-end, but when it comes to Chinese companies, they immediately label them as contract manufacturers. I think this is quite unfair."

She emphasized, "This is self-deprecation."

In fact, to reduce its reliance on Apple, Luxshare Precision has long been diversifying its product lines.

In 2021, Wang Laichun launched the "Three Five-Year Plans" to comprehensively develop businesses in consumer electronics, automotive, communications, industrial, and medical fields. In the automotive sector, she set a strategic goal of entering the global top 10 in Tier1 business.

In 2022, Luxshare Precision chose to deepen its ties with Chery. It signed a "Strategic Cooperation Framework Agreement" with several Chery subsidiaries to establish a joint venture with Chery New Energy for ODM platform development and vehicle assembly.

Moreover, Luxshare Limited, the controlling shareholder of Luxshare Precision, acquired a 19.88% stake in Chery Holding, a 7.87% stake in Chery Automobile, and a 6.24% stake in Chery New Energy for RMB 10.054 billion.

Notably, Luxshare Precision also entered the automotive cable production sector by acquiring Fujian Yuanguang Electric Co., Ltd.; it joined the luxury car supply chain by acquiring German automotive plastic parts company SuK Kunststofftechnik GmbH; and it entered the smart vehicle field by acquiring ZF Group's global body control systems division...

Wang Laichun has stated that she hopes to see 30% of Luxshare Precision's segmented products enter the industry's "no man's land" within the next 20 years. To accelerate the "contract manufacturing" label removal, Wang Laichun continues to pursue acquisitions.

On January 23, Luxshare Communications signed a "Share Transfer Agreement" with Wingtech Communications to acquire 100% equity in three Wingtech subsidiaries—Jiaxing Yongrui and two others—for RMB 616 million, along with settling related payable amounts of RMB 1.0805 billion.

On the evening of March 20, Luxshare Precision and Wingtech Technology announced that Wingtech Technology plans to transfer 100% equity in five subsidiaries—including Kunming Winxun and others—and business assets of three other companies to Luxshare Precision and its wholly-owned subsidiary Luxshare Communications through cash transactions.

Industry experts believe that Luxshare Precision's acquisition of Wingtech Technology's consumer electronics system integration business serves two purposes: first, the consumer electronics business can generate higher revenue; second, it can optimize Luxshare Precision's customer structure and reduce the risk of over-reliance on a single client. It is worth noting that Wang Laichun is also accelerating acquisitions in other fields.

Kanjian Finance believes that Luxshare Precision's Hong Kong IPO is of great significance to the company. On one hand, it can help Luxshare Precision "break through" globally through international expansion. On the other hand, it can further diversify its business and reduce its reliance on Apple.

Now, both Luxshare Precision and Wang Laichun are at a critical juncture. If the Hong Kong IPO proceeds smoothly, Luxshare Precision is likely to reach new heights, and its founder's wealth will likely follow suit. According to

the Hurun Global Rich List 2025, Wang Laichun's net worth is RMB 61.5 billion, ranking her 362nd globally, up 65 places from the previous year.$LUXSHARE-ICT(002475.SZ)