---
title: "\"The Fruit Chain Boss\" breaks below issue price on the first day! The richest woman from Chaoshan bets 24 billion on AI"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/292421349.md"
description: "On July 9th, LUXSHARE ICT's stock price fell on its first day of listing on the Hong Kong Stock Exchange, closing down 1.55%. Despite having a top-tier cornerstone investor lineup and being oversubscribed nearly 10 times, the market holds a cautious attitude towards its valuation due to the IPO price being close to the A-share discount space and over half of its revenue still relying on Apple. Founder Wang Laichun's wealth ranks among the top globally, and the company is attempting to shed its \"Apple supply chain OEM\" label to transform into AI, but the road to transformation remains challenging"
datetime: "2026-07-13T01:14:50.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/292421349.md)
  - [en](https://longbridge.com/en/news/292421349.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/292421349.md)
---

# "The Fruit Chain Boss" breaks below issue price on the first day! The richest woman from Chaoshan bets 24 billion on AI

The challenge for the richest woman in Chaoshan has just begun.

On July 9, "the king of the fruit supply chain" LUXSHARE-ICT officially listed on the Hong Kong Stock Exchange. After opening, the stock plummeted, at one point dropping over 9% during the day, and ultimately closed down 1.55%, marking a failure to maintain its offering price, resulting in a loss of nearly HKD 300 for retail investors who participated in the IPO. Although on July 10, its stock price rose by 1.12%, it still remained below the offering price.

The failure on the first day of LUXSHARE-ICT's listing is attributed to the halo of being "the largest IPO in Hong Kong this year" and a top-tier global cornerstone investor lineup, but the market did not respond positively. The reason may lie in the fact that Wang Laichun, the richest woman in Chaoshan, built a hundred billion business empire relying on Apple, and now she wants to shed the label of "fruit supply chain OEM," but the road to transformation remains long and challenging.

According to the Hurun Research Institute's "2026 Hurun Global Self-Made Women Entrepreneurs List," Wang Laichun ranks fourth globally with a wealth of RMB 91 billion, second in the country, and is the highest-ranked female entrepreneur in Shenzhen. The "2026 Hurun Global Rich List" shows that Wang Laichun ranks 232nd globally with a wealth of RMB 91 billion.

**"The King of the Fruit Supply Chain" Fails to Maintain Offering Price on First Day**

In this Hong Kong IPO, LUXSHARE-ICT faced an extreme split market characterized by "long-term institutional buying and short-term capital fleeing."

A total of 383 million shares were globally offered, with 90% allocated to international placements, oversubscribed nearly 10 times; 26 top-tier institutions locked in nearly half of the offered shares, with three global top sovereign funds participating simultaneously, binding USD 1.5 billion in real capital for the long term. In the context of this year's Hong Kong IPO market, this cornerstone lineup is considered top-tier.

The core contradiction lies in the pricing; LUXSHARE-ICT chose to set the IPO price at the upper limit, resulting in a relative discount of only 13% compared to A-shares.

It is not difficult to find that in recent years, leading A-share companies listing in Hong Kong generally provide a discount range of 20%-30%. LUXSHARE-ICT listed almost at the same price as A-shares, leaving a very thin safety cushion for the Hong Kong secondary market.

From an operational perspective, although LUXSHARE-ICT has been downplaying its reliance on Apple, over half of the company's revenue is still tied to a single major client.

In the valuation system of the capital market, consumer electronics OEMs always earn hard-earned money, belonging to typical manufacturing valuations, which cannot compare to pure technology growth stocks.

Therefore, short-term capital in the Hong Kong market only looks at the current fundamentals— as long as the "Apple dependency" is not eliminated, even the grandest transformation story is unlikely to support a high valuation.

When talking about LUXSHARE-ICT, one cannot avoid the founder Wang Laichun, the legendary richest woman in Chaoshan In her early years, she rooted herself in the Foxconn workshop, rising from a frontline female worker to an executive, thoroughly understanding the entire process of precision manufacturing in consumer electronics. In 2004, she returned home to start a business, betting on the windfall of the Apple supply chain. With stable quality control and exceptional delivery capabilities, she gradually secured core orders for Apple cables, assembly, and structural components, transforming a small OEM factory into the second-largest manufacturer in the global fruit chain.

Over the past decade, Apple has consistently accounted for 70% of Luxshare Precision's revenue, serving as the company's growth foundation and the core card for Wang Laichun's ascent to a net worth of 100 billion.

By 2025, the consumer electronics segment is expected to contribute revenue of 264.2 billion yuan, accounting for nearly 80% of the company's total revenue, with Apple remaining the single largest customer.

The global fruit chain industry is continuously restructuring, with risks lurking: Apple continues to reduce the procurement unit price of components, while mid-range production capacity is increasingly diverted to India and Vietnam. Establishing factories overseas also incurs higher labor costs and compliance risks, and geopolitical policy fluctuations can impact the company's fundamentals at any time.

As long as the consumer electronics business still accounts for 80% of revenue, Luxshare Precision cannot escape the low valuation shackles imposed by the market for "low-end OEM manufacturing," which is also the core concern preventing capital from offering high premiums.

**A 24 Billion Gamble**

This time, Luxshare Precision's listing in Hong Kong raised 24 billion Hong Kong dollars, making it the largest IPO in the Hong Kong stock market in 2026.

According to the prospectus, 35% of the funds will be used for global capacity expansion and upgrading overseas bases to undertake automotive and computing hardware production; 30% will be invested in technology research and development, focusing on high-speed optical interconnection, automotive precision manufacturing, and liquid cooling.

It is evident that Wang Laichun aims to leverage the A+H dual listing platform to completely restructure the business and shed the heavy "fruit chain" label.

In recent years, Luxshare Precision has gone all-in on two new tracks: automotive electronics and AI computing hardware, attempting to break free from Apple's constraints.

Unfortunately, the ideal is full, but the reality is thin. The scale of Luxshare Precision's new businesses is too small to support the company's valuation in the short term.

Financial reports show that by 2025, revenue from automotive electronics is expected to reach 39.255 billion yuan, a significant year-on-year increase of 185.34%, with the revenue share rising from 5% to 11.81%. However, it is still several times away from replacing the consumer electronics foundation and can only contribute incremental growth in the short term, unable to hedge against potential fluctuations in Apple’s business.

Additionally, Luxshare Precision's AI computing hardware story is appealing, but performance realization will take at least two more years. Computing power is currently the hottest track in the capital market, and Luxshare Precision has also made early arrangements: supplying high-speed connectors in bulk to NVIDIA's MGX servers, entering NVIDIA's supply chain with liquid cooling, and achieving small batch deliveries of 800G optical modules.

Financial reports indicate that Luxshare Precision's communication and data center revenue contribution in 2025 will be 24.5 billion yuan, accounting for less than 7.4% of total revenue, with optical modules and high-speed connectors still in the early stages of capacity ramp-up Multiple foreign institutions have unanimously estimated that Luxshare Precision's 800G and 1.6T optical modules will see a large-scale release window in the second half of 2027; the computing power business will only contribute 10% to profits in 2027, and will increase to 16% in 2028.

This means that Luxshare Precision's AI computing-related business will take at least 1-2 years to see substantial performance contributions, and in the short term, it cannot change the company's revenue structure.

The first day of trading in Hong Kong saw a decline, which essentially reflects the negative pricing from the secondary market regarding the "long transformation cycle."

The logic of the capital market is always realistic: long-term stories can provide valuation premiums, provided that there is a continuous increase in performance. Currently, Luxshare Precision's core revenue and profits are still tied to Apple, the scale of the transformation business is too small, and the realization cycle is too long, making it seem that funds are unwilling to pay for performance two or three years down the line in advance.

**Conclusion**

From a female worker at Foxconn to the helm of a company with a market value of 100 billion, Wang Laichun has completed a class leap through the Apple supply chain, but is also constrained by a single customer that limits the valuation ceiling.

Apple's revenue share has dropped from 70% to 50%, seemingly showing initial success in "de-Apple-ization," but nearly 80% of revenue still relies on consumer electronics, with emerging businesses accounting for less than 20%, and the transformation is far from reaching its endpoint.

The HKD 24.2 billion fundraising ammunition is already in place, with both automotive electronics and AI computing power new tracks making simultaneous efforts, but ramping up production capacity, customer certification, and order volume still require time.

The first day of trading in Hong Kong did not deny Luxshare Precision's manufacturing capabilities, but rather reminds Wang Laichun: to completely break free from the valuation shackles of the Apple supply chain and no longer be swayed by "Apple dependency" affecting the company's stock price, it will take at least another 2-3 years of a long business ramp-up period.

Luxshare Precision's long march towards "de-Apple-ization" has only just reached the halfway point

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