--- title: "China's female billionaire rings the bell on the Hong Kong stock exchange, how does the \"fruit chain\" giant navigate itself in the AI era?" type: "News" locale: "en" url: "https://longbridge.com/en/news/292540787.md" description: "LUXSHARE-ICT successfully listed on the Hong Kong Stock Exchange, becoming the largest IPO in Hong Kong this year, but the stock price fell below the issue price on the first day of trading. Founder Wang Laichun has thus ascended to the position of China's richest woman. Despite the company's large revenue scale, it still has a high dependence on a single client. LUXSHARE-ICT is attempting to transition from an OEM model to expand into the automotive electronics and AI computing sectors to break free from reliance on traditional OEM business" datetime: "2026-07-13T23:23:07.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/292540787.md) - [en](https://longbridge.com/en/news/292540787.md) - [zh-HK](https://longbridge.com/zh-HK/news/292540787.md) --- # China's female billionaire rings the bell on the Hong Kong stock exchange, how does the "fruit chain" giant navigate itself in the AI era? **Southern Finance Journalist Wang Dayu** Last week, Luxshare Precision (02475.HK) successfully landed on the Hong Kong Stock Exchange. Despite the aura of being "the largest IPO in the Hong Kong stock market this year" and boasting an ultra-luxurious global cornerstone lineup, Luxshare Precision's stock price fell below the issue price on its first day of trading. This company, which started from the Foxconn assembly line, has grown over 22 years to become the largest precision manufacturing solutions (PIMS) provider in mainland China by revenue and the fifth largest globally. Founder Wang Laichun has ascended to the position of the richest woman in China according to Forbes with a net worth of 85.5 billion yuan, and the approximately 24 billion Hong Kong dollars raised makes this IPO one of the most watched issues in the Hong Kong stock market this year. Behind the glamorous numbers, an old problem has always shadowed the company: in 2025, a single largest customer still contributed 56.7% of its revenue. In its prospectus, Luxshare Precision positions itself as a "ferryman," neither purely an OEM nor an independent brand, but rather a company that spans the entire lifecycle of products for top global clients. From Foxconn to Apple, and now to automotive electronics and AI computing power, this "ferryman" is attempting to ferry itself away from the fate of being a contract manufacturer. The story of Luxshare Precision begins with a female worker at Foxconn's Shenzhen factory. In 1988, 21-year-old Wang Laichun became one of the first female workers at Foxconn's Shenzhen factory, rising from an assembly line worker to a manager overseeing thousands of employees in just ten years. In 1999, Wang Laichun left Foxconn and started a business with her brother Wang Laisheng, with funding support from Foxconn founder Terry Gou, who also entrusted her with some of Foxconn's orders. In May 2004, Wang Laichun officially founded Luxshare Precision in Shenzhen. According to Luxshare Precision's 2010 A-share prospectus, from 2007 to 2009, Foxconn was a major customer of Luxshare Precision, with sales to Foxconn accounting for 47.73%, 56.46%, and 45.38% of its revenue during those years. In its early days, Luxshare was highly dependent on orders from Foxconn. In September 2010, Luxshare Precision was listed on the Shenzhen Stock Exchange. Just before the listing, Foxconn Electronics invested 40 million yuan to become the third largest shareholder, with its controlling shareholder being Terry Gou's younger brother, Gou Taiqiang, highlighting the deep ties between Luxshare and Foxconn. The key turning point from Foxconn to Apple occurred in 2011. In that year, Luxshare Precision spent 580 million yuan to acquire 60% of Kunshan LianTao, which produced iPad connection cables, marking Luxshare's first entry into Apple's supply chain. Subsequently, Luxshare Precision made a series of acquisitions, including Suzhou Meite (acoustics), Wistron iPhone assembly plants, and Kunshan Shishuo, transitioning from a component supplier to a participant in complete machine assembly, gradually becoming a core supplier for Apple's AirPods, the second largest contract manufacturer for iPhones, and a major contractor for Vision Pro. Three years ago, Apple CEO Tim Cook specifically visited Luxshare Precision's factory that produces Apple Watch to observe operations, with Wang Laichun accompanying him throughout the visit. At that time, Cook also posted on social media stating, "We have been working with Luxshare Precision for over a decade, and now they are producing some of our most advanced products, including the carbon-neutral Apple Watch series and iPhone 15 Pro Max." Luxshare will achieve carbon neutrality in production for Apple by 2030. For this reason, Wang Laiqun is referred to by the outside world as the "Queen of the Apple Supply Chain." In March 2026, Wang Laiqun, who came from a "working-class" background, topped the Forbes list of China's female billionaires with a fortune of 85.5 billion yuan. According to Frost & Sullivan data, based on 2025 revenue, Luxshare is the largest precision manufacturing solutions (PIMS) provider in mainland China and the fifth largest globally; it ranks second in the global consumer electronics components and modules PIMS market, with a market share of 11.2%. The company's business covers 29 countries worldwide, with 105 production bases, 28 self-operated R&D centers, and 94 testing laboratories, making it to the Fortune Global 500 for three consecutive years. Its clients include the top ten global consumer electronics brands, five major automotive electronics brands, and five major communication and data center brands, as well as over 100 Fortune Global 500 companies. However, the high customer concentration remains a Damocles sword hanging over the contract manufacturers. The prospectus reveals that Luxshare's largest customer (referred to as "Customer A/Supplier A" in the prospectus, widely believed to be Apple) has a long-term high revenue share: 73.3% in 2022, 75.2% in 2023, and 70.7% in 2024. In 2025, this proportion drops to 56.7%, and the combined share of the top five customers also decreases from 82.4% in 2023 to 65.0% in 2025. Luxshare explicitly stated in the prospectus: We expect the revenue share of Customer A/Supplier A to continue to decline. Whether it can break free from the unavoidable shackles of contract manufacturing is a significant test Luxshare is currently facing. Luxshare positions itself as an "enabler" for top clients across various fields globally. The confidence in this statement comes from its stable high-growth performance. From 2023 to 2025, Luxshare recorded revenues of 231.905 billion yuan, 268.795 billion yuan, and 322.344 billion yuan, with year-on-year growth rates of 8.35%, 15.91%, and 23.64%, respectively. The net profit attributable to the parent company for 2025, excluding non-recurring items, is expected to be 14.149 billion yuan, a year-on-year increase of 21.16%, maintaining double-digit high growth for many years. Breaking down Luxshare's business structure, it still relies primarily on consumer electronics, with the consumer electronics segment accounting for 88.3%, 86.7%, and 79.5% of total revenue from 2023 to 2025, contributing over 200 billion yuan in revenue. However, the consumer electronics segment occupies nearly 80% of revenue, and the uneven growth structure is the reason Luxshare is determined to transform. Wang Laiqun candidly stated that the next three to five years have already been determined by the previous three to five years. In 2021, Wang Laiqun proposed "three five-year plans," aiming to expand from consumer electronics to multiple business sectors such as automotive, communications, industrial, and medical In 2022, LUXSHARE-ICT acquired equity in Chery, entering into cooperation on the complete vehicle ODM platform; in 2024, LUXSHARE-ICT acquired 50.1% equity in the German company Leoni for €525 million. Leoni is the fourth largest automotive wiring harness supplier in the world, serving over 80% of mainstream automotive brands globally, including BMW, Mercedes-Benz, and Volkswagen, with manufacturing bases in 26 countries. With this significant acquisition, the automotive electronics business finally reaped rewards. In 2025, LUXSHARE-ICT's automotive electronics business achieved revenue of 39.255 billion yuan, nearly three times that of 2024. In its 2025 report, LUXSHARE-ICT stated that the automotive electronics business mainly benefited from the acquisition and integration of the Leoni Group, as well as the rapid introduction of its smart cockpit and intelligent driving domain control products to clients. After substantial growth, whether this segment can shake the dominant position of consumer electronics remains to be seen. LUXSHARE-ICT is also laying out plans in the AI field, particularly in the communications and data center sectors. In its prospectus, LUXSHARE-ICT mentioned that its business covers copper interconnection, optical interconnection, thermal management, and power management, but its market position in this field is still categorized as "Others." According to Frost & Sullivan, LUXSHARE-ICT is the tenth largest provider of precision manufacturing solutions for components and modules in the global communications and data center market, with a global market share of 2.5%. However, AI is crucial for the future of LUXSHARE-ICT. Wang Laiqun stated that AI is not an optional enhancement but a vital necessity, serving as the core engine driving the upgrade of the entire value chain. AI will not just be a tool but will reconstruct the genes of electronic manufacturing. She expects the AI penetration rate across the entire chain to reach 30% within three years, ensuring that every screw carries intelligent genes. Successfully listing on the Hong Kong stock market has also opened a new channel for LUXSHARE-ICT's global operations. LUXSHARE-ICT stated in its prospectus that the approximately HKD 24 billion raised from this Hong Kong listing will mainly be directed towards expanding the production capacity of automotive electronics and consumer electronics, upgrading production bases, as well as technology research and development and industrial chain mergers and acquisitions. As of the close on July 13, LUXSHARE-ICT's stock was priced at HKD 61.40 per share, down 2.97% from the issue price of HKD 63.28, with a market capitalization of HKD 474.3 billion ### Related Stocks - [002475.CN](https://longbridge.com/en/quote/002475.CN.md) - [02475.HK](https://longbridge.com/en/quote/02475.HK.md) - [00388.HK](https://longbridge.com/en/quote/00388.HK.md) - [AAPL.US](https://longbridge.com/en/quote/AAPL.US.md) - [09973.HK](https://longbridge.com/en/quote/09973.HK.md) - [LEO.DE](https://longbridge.com/en/quote/LEO.DE.md) - [BMW.DE](https://longbridge.com/en/quote/BMW.DE.md) - [BMWYY.US](https://longbridge.com/en/quote/BMWYY.US.md) - [MBGYY.US](https://longbridge.com/en/quote/MBGYY.US.md) - [VOW.DE](https://longbridge.com/en/quote/VOW.DE.md) - [VWAGY.US](https://longbridge.com/en/quote/VWAGY.US.md) - [80388.HK](https://longbridge.com/en/quote/80388.HK.md) - [HKXCY.US](https://longbridge.com/en/quote/HKXCY.US.md) - [BMW3.DE](https://longbridge.com/en/quote/BMW3.DE.md) - [VWAPY.US](https://longbridge.com/en/quote/VWAPY.US.md) - [VOW3.DE](https://longbridge.com/en/quote/VOW3.DE.md) ## Related News & Research - [Luxshare Raises $3.1 Billion in Hong Kong's Biggest IPO of the Year](https://longbridge.com/en/news/291971459.md) - [ZAWYA: ADIA joins cornerstone investors in Apple supplier Luxshare’s $3.1bln Hong Kong IPO](https://longbridge.com/en/news/291369955.md) - [AI glasses have a new hater: Lorde](https://longbridge.com/en/news/292517914.md) - [The whirlwind 72 hours of rival AI announcements](https://longbridge.com/en/news/292338769.md) - [The smartest artificial intelligence (AI) investment moves to make with $5,000 in July](https://longbridge.com/en/news/292466210.md)