21st Century Business Herald Reporter Eric Wu

In July, the bell of the Hong Kong Stock Exchange rang incessantly once again. This time, the spotlight was on the listing ceremony of "Fruit Chain King" LUXSHARE-ICT, which raised approximately HKD 24.266 billion in this IPO.

With LUXSHARE-ICT landing on the Hong Kong stock market, the three Chinese precision manufacturing leaders known in the industry as the "Three Giants of the Fruit Chain"—LUXSHARE-ICT, Lens, and LY iTECH—successfully completed their "A+H" dual listings and officially gathered in the Hong Kong stock market in less than a year.

Lens was the first to land on the Hong Kong Stock Exchange in July 2025, with a first-day surge of 9.13%; LY iTECH followed closely in June 2026, raising a total of HKD 8.266 billion; LUXSHARE-ICT completed its final leap on July 9, securing the largest IPO position in the Hong Kong stock market since 2026.

These three companies share similar starting points, deeply tied to the Apple supply chain, and have similar current demands to expand financing channels and promote globalization through the Hong Kong stock platform. The levels of cornerstone investors and the scale of lock-up shares intuitively reflect the divergence in global foreign capital's judgment on the long-term value of these enterprises.

LUXSHARE-ICT's total cornerstone subscription reached USD 1.5 billion, locking in 48.44% of the offered shares, with 26 top global institutions led by three sovereign funds: Temasek, GIC, and ADIA; LY iTECH's total cornerstone subscription was approximately USD 407 million, locking in 38.59%, mainly from medium-sized overseas long-term funds; Lens had a cornerstone subscription of USD 191 million, the smallest among the three companies.

From "Fruit Chain" to "Multi-Chain" is a common narrative that these three companies have repeatedly told in recent years. LUXSHARE-ICT's revenue share from Apple has decreased from 75.2% in 2023 to 56.7% in 2025, while the combined revenue share from automotive electronics and communication and data center businesses has approached 20%; Lens's revenue share from Apple has dropped from 71% in 2022 to 49.5% in 2024; LY iTECH's revenue share from Apple and Foxconn in 2025 is 32%. The pace at which these three companies are shedding their dependence on major clients varies, but the direction is highly consistent, shifting towards new tracks such as AI hardware, automotive, and robotics.

However, the stock price performance of these three transforming companies on their first day in the Hong Kong stock market varied. LUXSHARE-ICT closed at HKD 62.3 on its first day, down 1.55% from the offering price of HKD 63.28; LY iTECH fell 4.62% on its first day; only Lens rose 9.13% on its first day.

The three manufacturing giants have gathered in the Hong Kong stock market and are seeking to embark on a new journey in the new tracks of AI, automotive, and robotics. The capital market remains concerned about whether these three companies can transfer the precision manufacturing capabilities and profitability accumulated during the consumer electronics era to new tracks with greater imaginative potential.

As of July 10, the report shows that Lens (06613.HK) is at HKD 23.7 per share, up 1.46%; LY iTECH (01688.HK) is at HKD 8.2 per share, up 3.67%; LUXSHARE-ICT (02475.HK) is at HKD 63.1 per share, up 1.68%

The Three Giants Compete on the Same Stage

LUXSHARE-ICT, Lens, and LY iTECH all belong to the "fruit chain," but their roles and business models within the Apple ecosystem show significant differences.

LUXSHARE-ICT represents complete machine assembly and system-level solutions. The company initially entered the Apple supply chain through connectors, cables, and other components, gradually expanding into the assembly of products such as AirPods and Apple Watch, and entered the iPhone complete machine OEM field through the acquisition of Wistron-related assets. By 2025, the company's revenue reached 332.344 billion yuan, a year-on-year increase of 23.64%, ranking second in the global consumer electronics components and modules PIMS market, with a market share of 11.2%.

Lens is a leader in precision structural components and glass covers. Starting with mobile phone glass covers, it gradually expanded into glass, sapphire, ceramics, and metals, becoming a core supplier of exterior parts and protective panels for Apple. Based on 2024 revenue, Lens ranks leading in the global consumer electronics precision structural components and modules comprehensive solutions industry, with a market share of 13.0%.

LY iTECH focuses on precision functional components, covering parts such as die-cutting, stamping, and CNC. The company opened the door to Apple in 2009 by supplying Mac components, becoming one of the earliest Chinese enterprises to enter the "fruit chain." Based on 2025 revenue, LY iTECH ranks first in the global AI terminal high-precision functional components market, with a market share of 7.0%; in 2025, revenue from Apple and assembly OEM Foxconn reached 16.452 billion yuan, accounting for 32% of total revenue.

These three companies, all in the consumer electronics sector, rushed to the Hong Kong stock market for IPOs within less than a year, with significant differences in the pricing signals given by international capital, especially in the disparity of cornerstone investor lineups, which intuitively reflects the judgment of global foreign capital on corporate value.

LUXSHARE-ICT set its issue price at HKD 63.28 per share, raising a total of approximately HKD 24.266 billion, backed by a luxurious cornerstone lineup, with 26 top global institutions including Temasek, GIC, ADIA, Tencent, and Hillhouse collectively subscribing approximately USD 1.5 billion, locking in 48.44% of the issued shares, with nearly half of the chips locked in by cornerstone funds at once.

LY iTECH's issue price was HKD 10.18, raising HKD 8.266 billion, with a total cornerstone subscription of approximately USD 407 million, locking in 38.59%. The cornerstone investor lineup included two entities from mainland long-term public funds under GF Fund and Huatai-PineBridge, as well as mature overseas investment institutions such as MSIP under Morgan Stanley and entities under KKR. The company's public offering was oversubscribed by 96.16 times, and the international placement was oversubscribed by 10.27 times, indicating a strong market interest Lens's issue price is HKD 18.18, raising approximately HKD 4.768 billion. The cornerstone total subscription was only USD 191 million, the smallest among the three, mainly consisting of small-scale hedge funds and regional asset management, lacking national-level pension funds and long-term value investment institutions. However, its public offering in Hong Kong was oversubscribed by 462.76 times, with retail enthusiasm far exceeding the other two.

After listing, the three companies showed distinct performances in the secondary market. Lens, which was listed on July 9, 2025, performed the best. It opened 3.85% higher on the first day, closing at HKD 19.84, up 9.13%. As of the close on July 9, Lens reported HKD 23.36, an increase of approximately 28.5% from the issue price of HKD 18.18.

LY iTECH, listed on June 26, 2026, showed weak performance. It briefly surged after opening but then declined, closing at HKD 9.71, down 4.62% from the issue price of HKD 10.18. On the second trading day, it fell another 3.4%, reporting HKD 9.38, nearly an 8% drop from the issue price. As of the close on July 9, LY iTECH reported HKD 7.91, a cumulative decline of approximately 22.3% from the issue price.

LUXSHARE-ICT, listed on July 9, 2026, broke its issue price on the first day. It opened at HKD 63.25, slightly down 0.05% from the issue price, hitting a low of HKD 57.2 during the day, with a maximum drop of over 9%. The decline narrowed in the afternoon, closing at HKD 62.3, down 1.55%. Despite a luxurious cornerstone lineup, the top pricing strategy failed to maintain the issue price.

The starkly different stock price performances of the three companies reflect the capital market's pricing logic regarding the "fruit chain" transformation story, focusing more on the visibility of performance realization and the profitability quality of new businesses.

From "Fruit Chain" to "Multi-Chain"

Currently, the common narrative among the three companies is to reduce dependence on major clients, but the progress varies significantly.

LUXSHARE-ICT's progress is the most evident. The company's revenue proportion from core consumer electronics clients has decreased from 75.2% in 2023 to 56.7% in 2025, with consumer electronics contributing revenue of CNY 264.266 billion in 2025, accounting for 79.52%.

Lens's revenue proportion from Apple has also decreased significantly, from 71% in 2022 to 45.01% in 2025. However, the revenue from smartphone and computer products still accounts for 82.63% of total revenue, and the contribution from new businesses is not yet sufficient to fully offset dependence on Apple.

LY iTECH can be said to have the lowest direct dependence on Apple among the three. In 2025, revenue from Apple and assembly contractor Hon Hai Precision (Foxconn) reached CNY 16.452 billion, accounting for 32% of total revenue.

Behind the efforts to reduce dependence on major clients, the three companies have different focuses in their new business layouts, and their fundraising purposes in the Hong Kong stock market clearly reflect their respective transformation directions LUXSHARE-ICT is transforming towards automotive electronics, communications, and data center businesses. Automotive electronics is the fastest-growing second growth curve, with revenue expected to reach 39.255 billion yuan in 2025, a significant year-on-year increase of 185.34%, and the revenue share rising from 3.9% two years ago to 11.8%. This growth is supported by two lines of effort, including the continuous rollout of its own automotive electronics product matrix and the completion of the acquisition and integration of the German Leoni Group in 2025.

In addition, the company's communications and data center business also maintains rapid growth, with revenue expected to reach 24.568 billion yuan in 2025, a year-on-year increase of 33.81%. The company is a core infrastructure supplier for NVIDIA's Blackwell platform, with 800G optical modules already in mass production and 1.6T optical modules entering the stage of large-scale commercial use. Previously, it reached a strategic cooperation with Marvell for high-end optical-copper interconnection, seizing the opportunity of the global AI computing infrastructure wave.

Entering 2026, the company's growth momentum continues, with a forecast for the first half of 2026 net profit attributable to the parent company to be between 7.84 billion yuan and 8.11 billion yuan, a year-on-year increase of 18% to 22%. Against the backdrop of rapid growth in automotive electronics and AI computing supporting businesses, LUXSHARE-ICT plans to use the raised funds to expand production capacity and upgrade existing production bases, invest in technology research and development, and invest in high-quality targets in upstream and downstream industries.

Goldman Sachs is optimistic about LUXSHARE-ICT's strong growth in data center business and the continued expansion of automotive electronics business, expecting the company's revenue compound annual growth rate to reach 22% from 2025 to 2028. Guohai Securities has given an initial "Buy" rating, believing that consumer electronics, automotive, and communications are expected to flourish in multiple areas.

Lens, while consolidating its foundation in precision structural components for consumer electronics, is extending into fields such as intelligent automotive interaction systems, key core components for humanoid robots, and key core components for AI glasses.

In the humanoid robot field, Lens has indicated in research that it has secured module shares from overseas major robot clients and will gradually ramp up production according to customer plans this year. Meanwhile, the company is also making strides in the commercial aerospace field, with its independently developed aerospace-grade UTG flexible glass undergoing joint research and technical verification with domestic and foreign clients. After its listing on the Hong Kong Stock Exchange, the company's raised funds will mainly be used for advanced technology research and development of new materials and processes, capacity expansion for intelligent automotive electronics and AR/VR, as well as supplementing working capital.

Haitong International has raised Lens's target price from HKD 26.37 to HKD 33.79, believing that the company, as a leading enterprise in AI and intelligent terminals, has clear growth potential in emerging business layouts. The report points out that the company supplies UTG glass, PET film, glass brackets, and 3D glass covers in the foldable screen project, with high project value and leading market share. In the long term, the AI server business is expected to expand rapidly, the automotive business continues to advance, and the embodied intelligence business is also on the verge of breakthroughs.

LY iTECH is focusing on the AI hardware track, transitioning from a single "fruit chain" supplier to an AI hardware intelligent manufacturing platform, comprehensively laying out in four directions: humanoid robots, AI glasses, foldable screens, and AI servers. By 2025, revenue related to AI terminals is expected to reach 44.793 billion yuan, accounting for 87.1% of the company's overall revenue In the field of humanoid robots, the company officially announced its entry into the robotics sector in June 2025, aiming to become one of the top three embodied intelligent hardware manufacturers globally. The company revealed on its investor interaction platform that it has established deep collaborations with leading enterprises such as QiangNai Technology and ZhiYuan Robotics, covering the entire chain from hardware manufacturing to scenario development and AI large model construction, and has already received assembly orders for over a hundred complete machines from top industry clients.

From the perspective of fundraising allocation, capacity expansion and strategic mergers and acquisitions are the two core directions. LUXSHARE-ICT plans to seek acquisition opportunities in high-growth technology verticals that align with its business and have considerable scaling potential. Approximately 37.6% will be used for equipment investment to enhance capacity and upgrade core processes, about 30.0% for strategic investments and acquisitions, around 11.9% to enhance R&D capabilities and technological innovation, and about 10.5% to expand domestic and international production infrastructure.

Regarding LUXSHARE-ICT, some institutions believe that the company's consumer electronics base is sufficiently robust to provide stable cash flow for investment in new tracks such as AI servers and humanoid robots. However, the traditional consumer electronics components business is likely to still be valued according to manufacturing industry profits in the Hong Kong stock market. The company's valuation switch will still rely on quarterly orders, gross margins, and other confirmations.

In fact, the gathering of the "fruit chain" three giants in the Hong Kong stock market is a reflection of the collective transformation of China's consumer electronics OEM industry. From manufacturing for Apple to creating supply chains for new industries, they are migrating the precision manufacturing capabilities accumulated during the consumer electronics era to new tracks with greater imaginative potential.

From a realistic perspective, although LUXSHARE-ICT's stock price fell on its first day of listing, the long-term backing from sovereign funds and top global asset management firms remains strong; Lens's stock price trend has been relatively stable post-listing, but the scale of its new business is still small; LUXSHARE-ICT's AI hardware story is the most talked about, but there is a contrast between short-term profit pressure and stock price performance.

The "fruit chain" label is fading, and the "multi-chain" narrative is unfolding. The capital market continues to question whether the incremental growth brought by new businesses can offer more profitable imaginative potential than the OEM business. This will determine whether the three companies can reach a new valuation level in the Hong Kong stock market