--- title: "LY iTECH debuts on the Hong Kong stock market, \"Queen of the Fruit Chain\" ventures into a new capital landscape with AI manufacturing" type: "News" locale: "en" url: "https://longbridge.com/en/news/290953250.md" description: "On June 26, LINGYI ITECH officially rang the bell for its listing on the Hong Kong Stock Exchange. As a core supplier for Apple, the company's Hong Kong IPO aims to accelerate its transformation from a single precision component manufacturer to a full-stack AI hardware manufacturing platform covering AI terminals, humanoid robots, and AI servers, opening a new chapter in capital development" datetime: "2026-06-26T10:38:05.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/290953250.md) - [en](https://longbridge.com/en/news/290953250.md) - [zh-HK](https://longbridge.com/zh-HK/news/290953250.md) --- # LY iTECH debuts on the Hong Kong stock market, "Queen of the Fruit Chain" ventures into a new capital landscape with AI manufacturing **21st Century Business Herald Reporter Zhang Sainan** On June 26, Zeng Fangqin led LINGYI ITECH (01688.HK) to ring the bell for its listing on the Hong Kong Stock Exchange. Known as the "Queen of the Fruit Chain," she stands on a new capital platform eight years after the company's A-share backdoor listing. As an "invisible champion" in the field of precision manufacturing for consumer electronics, LINGYI ITECH is familiar to the outside world as an Apple supplier. However, this time, with its Hong Kong listing, LINGYI aims to accelerate its transformation from a single precision component manufacturer to a full-stack AI hardware manufacturing platform covering AI terminals, physical AI (humanoid robots), and AI servers. In the era of AI, how will Zeng Fangqin lead LINGYI to tell a new story? In 2006, after years of accumulation in the precision manufacturing field, Zeng Fangqin keenly captured the signals of an explosion in the consumer electronics industry and chose to give up the generous treatment of multinational companies to start her own business. This became the "starting point" for LINGYI ITECH's development. At the time of her entrepreneurial decision, Zeng Fangqin was already 41 years old. She rented a small factory in Shenzhen and founded the predecessor of LINGYI ITECH, Lingsheng Electronics, officially entering the precision die-cutting track. In 2009, Lingsheng Electronics became an Apple supplier by supplying Mac components, and subsequently expanded to the entire series of products including iPhone, iPad, and Apple Watch. By 2012, according to Frost & Sullivan data, Lingsheng Electronics' mobile phone die-cutting business ranked first in the global industry by revenue. It was also in this year that Zeng Fangqin realized: "The risk of a single track is too great; we must lay out new fields in advance." Thus, she founded LINGYI Technology, further broadening the business landscape from precision die-cutting to multiple fields such as stamping and CNC processing. Later, LINGYI ITECH also ventured into photovoltaics, new energy vehicles, and robotics. In 2018, Zeng Fangqin promoted the company's backdoor listing on the A-share market, becoming a leading figure in global precision manufacturing, alongside Luxshare Precision's founder and chairman Wang Laiqun and Lens Technology's founder and chairman Zhou Qunfei, both of whom are also hailed as the "Queens of the Fruit Chain." Despite the expansion into more fields, consumer electronics has remained the core foundation of stable cash flow for LINGYI ITECH over the past twenty years. Currently, the company has established a complete integrated process system for die-cutting, stamping, CNC, MIM, thermal management, and special welding, deeply binding with global leading terminal manufacturers such as Apple, Honor, and Xiaomi, covering all categories of precision components, thermal modules, and structural parts for AI phones, AIPC, foldable screens, and XR wearables. With the popularization of large models on the edge and the increasing penetration rate of foldable screens year by year, the company continues to invest in high-end material processes such as lightweight titanium alloys, carbon fiber, and ultra-thin VC uniform heat plates, deeply participating in clients' front-end product development, transforming from a component supplier to an integrated solution service provider. The mature consumer electronics business generates stable operating cash flow each year, continuously supporting high R&D investment in emerging tracks such as humanoid robots and AI servers, nurturing new growth curves with its "cash cow." Against the backdrop of the explosion of the AI wave, the narrative of consumer electronics is changing, and LINGYI ITECH is also transforming into a new identity. It is not difficult to find that LINGYI's current layout is closely related to AI. The company has proposed a strategic layout in three golden tracks: edge AI, physical AI, and AI servers, opening up the N growth curve. From precision functional components to structural components and then to modules, the company's value and share in edge AI hardware are continuously rising. According to Frost & Sullivan data, under the revenue standard for 2025, the company ranks first in the global AI terminal high-precision functional components market and third in the global AI terminal intelligent manufacturing platform. At the same time, AI servers and computing power infrastructure represent the company's second growth curve with the strongest certainty. The company is driving growth through a dual approach of internal R&D and external mergers and acquisitions, holding a controlling stake in Limin Da to complement the liquid cooling sector, and relying on Saierkang to solidify the high-power power supply track, creating a rare "liquid cooling + power supply" integrated complete supporting capability in the industry. In terms of liquid cooling business, the subsidiary Limin Da holds international top-tier computing power customer certification qualifications. At the NVIDIA GTC 2026 conference in March 2026, a series of supporting liquid cooling products from LINGYI ITECH's subsidiary Limin Da, including the Vera Rubin NVL72 Tray Inner Manifold, UQD/MQD, were showcased. In the humanoid robot sector, LINGYI aims to rank among the top three suppliers of embodied intelligent hardware globally. The company independently develops core components such as RV reducers and joint modules, integrating MIM and precision CNC composite manufacturing processes; on the complete machine side, it has formed stable assembly capacity across multiple global bases and established comprehensive long-term strategic partnerships with leading domestic and international robot brands such as Zhiyuan Robotics, Beijing Humanoid, and Honor, covering the entire supply chain including complete machine ODM, joint modules, and structural components. Public information shows that LINGYI ITECH has built a global delivery network for embodied intelligent hardware manufacturing with five major bases in Beijing, Chengdu, Dongguan, Zhengzhou, and overseas, with the Beijing base planned to achieve an annual production capacity of 10,000 units by 2026 and a long-term plan to expand to 500,000 units by 2030. From the fundraising direction of this Hong Kong stock listing, it is also related to the aforementioned fields: focusing on the expansion of AI server liquid cooling capacity, upgrading humanoid robot manufacturing bases, and researching cutting-edge precision processes. The company stated that after the listing, it will leverage the international capital window to open up diversified financing channels in Hong Kong dollars, US dollars, and RMB, facilitating overseas industrial mergers and acquisitions and global capacity expansion, continuously connecting with global sovereign funds and long-term technology capital. It is worth noting that the cornerstone investor lineup introduced in this Hong Kong stock listing by LINGYI is quite luxurious, including 19 international investment institutions and industrial funds such as GF Securities, KKR, Qube, Value Partners, as well as Shenghong Technology, Sunny Optical, and Honor. In recent years, leading manufacturing companies in the A-share market have been listing on the Hong Kong stock market, starting a global capital layout. 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