---
title: "880 billion! The \"Queen of the Apple Supply Chain\" has gained another IPO"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/290910116.md"
description: "LY iTECH officially listed on the Hong Kong Stock Exchange, becoming a dual-listed company in A+H. The opening market value was HKD 88 billion, at a discount compared to the A-share market. The company expects revenue to exceed RMB 51.4 billion in 2025, with industry-leading gross margins in AI hardware. Founder Zeng Fangqin remains the controlling shareholder, and this fundraising of nearly HKD 8.3 billion will be used to enhance high-density A"
datetime: "2026-06-26T03:26:11.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/290910116.md)
  - [en](https://longbridge.com/en/news/290910116.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/290910116.md)
---

# 880 billion! The "Queen of the Apple Supply Chain" has gained another IPO

![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OpqaU9MMwrCLjxZUSnPfpK0ybfSBDF3dqJBglKeHYHcR8AA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

The "IPO All Observation" column focuses on companies going public for the first time, reporting on entrepreneurs' startup experiences and success stories, analyzing company business models and operating performance, and revealing the investment contributions of various capital forces such as VC and CVC. Author: Man Di Editor: Guan Ju Source: LINGYI ITECH. Today, the electronic device smart manufacturer "LINGYI ITECH" rang the bell at the Hong Kong Stock Exchange, becoming a company listed in both A+H markets.

LINGYI ITECH opened at HKD 10.8, with an opening market value of HKD 88 billion, which is significantly discounted compared to its A-share market value of RMB 123 billion at the same time.

LINGYI ITECH provides one-stop precision manufacturing services for global consumer electronics and AI terminals, covering the entire industry chain of precision functional parts, structural parts, modules, and high-end assembly business. According to revenue projections for 2025, LINGYI ITECH ranks first in the global high-precision functional parts industry for AI terminal devices and third in the global high-precision smart manufacturing platform for AI terminal devices. In addition to serving clients in the consumer electronics industry such as smartphones and laptops, the company is strategically positioning itself for the next decade's growth matrix by creating a "human-eye-folding-service" strategy, beginning to provide precision components and solutions for humanoid robots, AI glasses, foldable screens, and AI servers. In 2025, LINGYI ITECH's revenue is expected to reach a new high, exceeding RMB 51.4 billion, with a year-on-year growth of 16.20%. The gross profit margin of its core AI hardware business has reached 17.21%, the highest in the industry. Founder Zeng Fangqin established Lingsheng Electronics, the predecessor of LINGYI ITECH, in Dongguan at the age of 41. Starting from a small factory with 80 employees, she led the team to focus on technology, achieving over 90% yield to enter Apple's supply chain, and in 2018, she facilitated the company's backdoor listing in A-shares. Zeng Fangqin has become a leading figure in global precision manufacturing and, along with Luxshare Precision founder and chairman Wang Laichun and Lens Technology founder and chairman Zhou Qunfei, is known as the "Queen of the Apple Supply Chain." In recent years, LINGYI ITECH has launched new businesses through multiple acquisitions. Notably, the acquisition of thermal management company Limin Da has enabled LINGYI ITECH to obtain top certification from NVIDIA, entering the AI server liquid cooling market and achieving a transition from the "Apple Supply Chain" to the "NVIDIA Supply Chain." After the Hong Kong IPO, Zeng Fangqin holds approximately 56% of the company's shares and remains the controlling shareholder. The total fundraising amount from this Hong Kong IPO is nearly HKD 8.3 billion, which will be used to enhance the company's research and production capabilities in emerging markets and product categories such as high-density AI computing servers, humanoid robot hardware and assembly, and AI optical communication infrastructure.

![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Os6DUYJgZwyZcNml-2Zbwze8xaJ8k1gT_n_tpFs1HA0PcAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) The birth of the "Queen of the Fruit Chain" Zeng Fangqin, the founder of LINGYI ITECH, was born in 1965 in Shenzhen, Guangdong. She was admitted to Wuhan University as early as the early 1980s. After graduating from university, she was assigned to a state-owned enterprise in Shenzhen to engage in fishery management work, quickly rising from an ordinary employee to deputy general manager. However, this enviable "iron rice bowl" did not make her complacent. Attracted by the wave of studying abroad in the 1980s, Zeng Fangqin went to the United States to pursue a master's degree. After graduation, she smoothly entered a technology company in Silicon Valley, starting her journey as a "Silicon Valley female elite." In 2000, at the age of 35, she chose to return to China for development, serving as the general manager of the China region for the American company Meishi Precision. During this period, she was first exposed to the precision machinery field, laying an important foundation for her future entrepreneurship. In 2006, Zeng Fangqin realized the enormous potential of China's intelligent manufacturing industry and made the most critical decision of her career—resigning from her high-paying position at the American company to start her own business. In May of the same year, at the age of 41, she founded Lingsheng Electronics Technology (the predecessor of LINGYI ITECH) in Dongguan, starting with only 80 employees and 10 machines.

![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O2wr7uR_zwJ3_oruCRiFzy4gGfV42g2dBIzzpjEyNgoMIAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

At the beginning of her entrepreneurship, Zeng Fangqin, chairman and general manager of LINGYI ITECH, faced difficulties such as a shortage of funds and a lack of customers, with her biggest concern being "unable to ship goods." To address this, she filled the company conference room with machines, stating bluntly, "Nothing can hinder shipping." With the technical knowledge accumulated at Meishi Precision and the international management experience gained in Silicon Valley, she led her team to repeatedly refine processes, quickly securing orders from major clients such as Nokia and Foxconn, establishing a foothold in the industry. Between 2007 and 2008, Zeng Fangqin seized the most important opportunity. At that time, Apple began to expand its supply chain network globally, but the requirements for suppliers were extremely strict, making it no easy task to enter Apple's supply chain. Zeng Fangqin later recalled, "When the yield was 30%, the customer wanted 50% to 70%. We said this was impossible, yet we achieved it; when the customer asked for 85%, we said this was impossible, but we improved and achieved it. Later, when the requirement rose to 90%, we bit our gums until they bled." After a tough struggle, Lingsheng Electronics successfully secured iPhone structural component orders with a yield rate of over 90%, gradually covering the entire series of products including iPad, Apple Watch, AirPods, and Apple Vision Pro, becoming one of Apple's core suppliers. To cope with Apple's stringent pricing pressure, LINGYI ITECH took the lead in pursuing extreme cost reduction. At that time, there was a saying in the industry: "Red ink for orders, blue ink for shipping," meaning that accepting orders according to customer requirements often resulted in losses, and only through meticulous control of the entire process could profitability be achieved at the time of final shipment. Therefore, Zeng Fangqin led her team to take the lead in "operating on" equipment, upgrading the flat processing technology commonly used in the domestic die-cutting industry to a more efficient round knife process, which not only significantly improved production efficiency but also compressed costs to the extreme In the following five years, the management team almost immediately went to the production line upon waking, working day and night with engineers to study processes. In 2018, LINGYI ITECH achieved A-share listing by shelling Jiangfen Magnetic Materials with a valuation of 20.73 billion yuan.

![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OlwuZarXGVI5-ss6-rUMo_FAM22KwyAnOqt0FxMc8f_KIAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

After going public, Zeng Fangqin quickly initiated a "buy-buy-buy" model, transforming from the "fruit chain" to the "computing power chain." Zeng Fangqin was well aware of the risks of relying solely on the Apple supply chain. The customer structure evolved from initially relying on Apple to establish a foothold, becoming one of the world's largest manufacturers of die-cutting, stamping, and CNC processes; subsequently expanding to clients such as Huawei, Xiaomi, Samsung, and Tesla in the new energy vehicle sector, and now evolving strategically to include computing giants like NVIDIA. As early as 2019, LINGYI ITECH acquired the mobile phone and consumer electronics charger ODM manufacturer, Saierkang. This move was not merely a simple business expansion but aimed to enhance SMT (Surface Mount Technology, the core automated assembly process in the current electronics manufacturing industry) and FATP (Final Assembly Testing) capabilities, achieving vertical integration from single parts to modules and system integration, laying the foundation for undertaking more complex system-level businesses. Starting in 2021, she led LINGYI ITECH to enter the new energy vehicle supply chain, investing in the acquisition of Zhejiang Jintai to layout structural components for power batteries, followed by the acquisition of Jiangsu Keda and Zhejiang Xianglong, extending into new energy vehicle decorative parts and transmission systems. In the robotics field, LINGYI ITECH began its layout in 2019 and reached a cooperation with Zhiyuan Robotics in 2023, aiming to become a manufacturer of robotic "main assembly." The most strategically significant turning point was the acquisition of Readore in 2025, a transaction with a premium of over 34 times, amounting to 875 million yuan, with the core goal targeting Readore's NVIDIA AVL and RVL dual certification—this is the top supplier qualification in the AI server liquid cooling field. Through this acquisition, LINGYI ITECH will transfer its precision processing capabilities accumulated in the consumer electronics field to the high-growth AI computing hardware track, rapidly establishing a full liquid cooling solution capability covering products such as liquid cooling plates, manifolds, and UQD quick connectors, and smoothly entering the supply chain of NVIDIA's GB200/300 and even the future Vera Rubin platform.

![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OpArahWJvz5qE2J8m8wATYWy3fD3acyWW13Olcm7wBQJ0AA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

In 2026, the company's business focus includes accelerating the mass production of liquid cooling modules and customer introduction, promoting large-scale delivery of humanoid robots, deepening the market share of AI glasses and foldable screen structural components, and expanding targeted clients in the automotive and low-altitude economy sectors. From an initial pure precision functional parts manufacturer, it has gradually grown into a system solution provider spanning three major tracks: consumer electronics, new energy vehicles, and AI computing power, with its business model evolving from a passive order-taking OEM to an intelligent manufacturing platform with Tier 1 capabilities and top client certifications However, such rapid merger and acquisition expansion has also brought high goodwill, integration pressure, and cash flow challenges. Currently, nearly 90% of the company's revenue still relies on the Apple-dominated consumer electronics business, and whether the new business can truly become a pillar remains to be seen over time. In terms of finance, in 2025, LINGYI ITECH achieved an operating revenue of 51.429 billion yuan, a year-on-year increase of 16.20%, and a net profit attributable to the parent company of 2.288 billion yuan, a year-on-year increase of 30.34%. From the revenue structure, AI hardware-related businesses are the absolute mainstay of LINGYI ITECH's revenue generation. It mainly focuses on three major terminal markets, including AI terminal devices, robotics, and enterprise-level servers. This segment's revenue in 2025 is expected to be 44.793 billion yuan, accounting for 87.10% of total revenue, with a gross profit margin of 17.21%. Additionally, revenue from automotive and low-altitude economy businesses is 2.954 billion yuan, accounting for 5.74%, but has increased by 39.56% year-on-year, becoming the second fastest-growing growth curve.

![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OHQ5dCZw1V9tOzrQx5YcwWw6xZPb7IlFHgrRIg_BYyu5EAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

The revenue share of LINGYI ITECH's segmented businesses. Source: Prospectus. In addition to traditional consumer electronics products such as smartphones and laptops, LINGYI ITECH has begun to develop four emerging business directions characterized by "human eye captivating" — namely humanoid robots, AI glasses and XR devices, foldable screen devices, and AI servers. Specifically, "human" corresponds to humanoid robots, where the company develops core components such as servo motors, reducers, dexterous hands, and joint modules, and provides complete machine assembly. In 2025, LINGYI ITECH is expected to deliver over 5,000 sets of complete machines, joint modules, and 16-degree-of-freedom dexterous hands, serving more than 20 leading domestic and international clients, including major North American AI companies, Tesla Optimus, and Zhiyuan Robotics. Its goal is to target the top three embodied intelligent hardware manufacturers globally. "Eye" corresponds to AI glasses and XR devices, providing core hardware such as soft functional components, injection-molded parts, heat dissipation, and charging solutions, compatible with new smart wearable terminals; its key clients include major global manufacturers, including Apple, Meta, Google, XREAL, and Rokid. "Fold" corresponds to foldable screen devices, mass-producing ultra-thin titanium alloy and carbon fiber support components, and providing key components such as middle frames, VC heat spreaders, and hinge modules for foldable screen smartphones; "Serve" corresponds to AI servers, mainly providing liquid cooling products (liquid cooling plates, manifolds, UQD, etc.) and power supply equipment (such as 1300W CRPS power supplies).

![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/ObC4PXWP3Uyg53EFviMKHyJiIDVHrfpt6sJZMniZmsO_wAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) LY iTECH Component Application Terminal Equipment Matrix  Source: Prospectus

![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OaKAbJ270bRoxDkezKAL4F4-yeqReuxtQ85-phoGl_la8AA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

In the current global high-precision manufacturing landscape of AI terminal devices, based on revenue projections for 2025, LY iTECH ranks first in the global high-precision functional components market for AI terminal devices, with a market share of approximately 6.7%. At the same time, it ranks third in the global high-precision intelligent manufacturing platform for AI terminals, with a market share of about 1.5%. If "high-precision functional components" measure the company's specialized capabilities in manufacturing micro, precise, and non-standardized parts within AI terminal devices, then "high-precision intelligent manufacturing platform" assesses the company's ability to assemble multiple parts and functional components into larger assemblies, modules, and even provide a complete solution that includes assembly. From the perspective of leading companies in high-precision intelligent manufacturing for AI terminal devices, the industry landscape exhibits two main characteristics. First, there are companies like Luxshare Precision that occupy an absolute leading position due to their scale and full industry chain capabilities, alongside companies like LY iTECH, GoerTek, and BYD Electronics that have formed differentiated advantages in their respective segments. Second, all companies are extending from traditional consumer electronics into high-growth sectors such as AI servers, automotive electronics, and robotics, with the competitive focus shifting from single part manufacturing to comprehensive "mechatronic" solutions and system integration capabilities for emerging terminals.

![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O_uJMffcn4MoI7Yx_keKNfQ-TZzqkjFhi4y_T1i-RQ5IwAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

In terms of overseas business layout, contract manufacturing giants like Luxshare Precision and GoerTek, characterized by deep binding with core major clients, have a very high proportion of overseas revenue, close to 90%. LY iTECH's overseas revenue proportion is expected to be around 71% to 74% by 2025, with overseas clients including Apple (the second-largest client), Samsung, and Tesla. The company has established 58 locations globally and has set up factories in Vietnam, India, and Mexico. Approximately 66% of BYD Electronics' revenue comes from overseas, with AI computing clients like Apple and NVIDIA also playing significant roles in its overseas business.

This article is an original work by Chuangyebang and may not be reproduced without authorization; otherwise, Chuangyebang reserves the right to pursue legal responsibility. For reprints or any inquiries, please contact editor@cyzone.cn

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