On July 9th, domestic precision manufacturing leader LUXSHARE-ICT officially listed on the main board of the Hong Kong Stock Exchange, becoming the highest IPO project in terms of fundraising scale in Hong Kong for 2026, completing the A+H dual listing layout.

The global offering was priced at HKD 63.28 per share, with a total issuance of 383.47 million shares, raising approximately HKD 24.27 billion, with a net fundraising amount of nearly HKD 24.04 billion.

Figure △ LUXSHARE-ICT LUXSHARE-ICT official website

Despite a luxurious cornerstone lineup of 31 top global institutions including Temasek, GIC, Tencent, and the Abu Dhabi Investment Authority, collectively locking in 48.44% of the offering shares, the stock price was pressured and fell below the issue price on the first day of listing. After a slight drop at the opening, it continued to decline, hitting a low of HKD 57.2 during the day, with a maximum drop of over 9%, maintaining a decline of 4%-5% during the midday session.

The market generally believes that the first-day drop reflects, to some extent, current market concerns about the overall cyclical fluctuations in consumer electronics and the short-term worries brought about by the company's large-scale cross-border mergers and acquisitions in recent years, leading to high capital expenditures.

However, looking at the longer term, from the financial data, LUXSHARE's fundamentals still show relative resilience.

01

For three consecutive years

LUXSHARE-ICT's revenue and profit continue to rise

The years 2023-2025 are expected to be three years of simultaneous explosive growth in scale and profitability for LUXSHARE-ICT, with revenue and net profit attributable to the parent company steadily increasing year by year, and the comprehensive gross margin recovering upward.

In terms of revenue, LUXSHARE-ICT is projected to achieve CNY 231.905 billion in 2023, CNY 268.795 billion in 2024, and CNY 332.344 billion in 2025. The three-year compound growth rate exceeds 20%, with a year-on-year growth of 23.64% in 2025, ranking fourth globally in precision manufacturing and first in mainland China.

In addition to high revenue growth, LUXSHARE's net profit attributable to the parent company is also steadily increasing. It is expected to be CNY 10.953 billion in 2023, CNY 13.366 billion in 2024, and CNY 16 billion in 2025; the year-on-year growth rate of net profit in 2025 is 24.20%, with both revenue and profit reaching historical highs that year.

In terms of comprehensive gross profit and gross margin, LUXSHARE is expected to achieve gross profits of CNY 25.738 billion, CNY 27.070 billion, and CNY 38.444 billion over the three years; corresponding gross margins are 11.58%, 10.41%, and 11.91%. The gross margin in 2024 is slightly affected by the rise in upstream metal raw material prices and merger integration costs, but is expected to recover to near a three-year peak in 2025 as the proportion of high-margin automotive electronics and communication businesses increases 02

LUXSHARE ICT Consumer Electronics Ballast

Automotive and AI Computing Open New Growth Curve

LUXSHARE ICT has formed three major business tiers: a consumer electronics base, high growth in automotive electronics, and long-term increments in communication and AI data centers. By 2025, LUXSHARE's revenue structure will clearly demonstrate the effectiveness of its transformation, with the proportion of low-margin OEM business continuously declining and the weight of high value-added businesses increasing year by year.

As the foundation of LUXSHARE ICT, consumer electronics will bring in revenue of 264.266 billion yuan in 2025, accounting for 79.52%. Covering all categories of components and complete assembly including smartphones, smart wearables, VR/AR, acoustic modules, wireless charging, and complete computers, it is a core supplier in Apple's global supply chain, exclusively undertaking the assembly of VisionPro, with shares of iPhone, Apple Watch, and AirPods continuously increasing.

In 2025, the segment is expected to grow by 13.37% year-on-year, maintaining steady growth despite a high base, with a global market share of 11.3% in consumer electronics components, ranking second in the world; the segment's gross margin is 10.3%, providing stable cash flow for LUXSHARE ICT to support R&D investments in automotive and computing businesses.

In recent years, LUXSHARE ICT's customer concentration has continued to decline, with revenue from Apple-related products falling from a peak of 65%, and the expansion of multi-terminal and multi-brand customers showing initial results.

Automotive electronics is the company's second growth engine, with revenue of 39.255 billion yuan in 2025, surging 185.34% year-on-year, with a gross margin of 15.6%, significantly higher than the main consumer electronics business. LUXSHARE's business covers core components such as high and low voltage wiring harnesses, smart cockpits, drive-by-wire chassis, electric control connectors for new energy vehicles, and autonomous driving sensor wiring harnesses.

By acquiring Germany's Leoni and establishing a presence in Jingxi International, LUXSHARE ICT has connected with the supply chains of mainstream OEMs in Europe and America such as Mercedes-Benz, BMW, Volkswagen, and Audi, transitioning from a consumer electronics OEM to a global automotive Tier 1 supplier. The industry's dividends combined with mergers and acquisitions have led to LUXSHARE's automotive business share increasing threefold from 3.9% in 2023, becoming a core performance engine for the next five years.

Figure △ Leoni "International Cables and Connections" Photography

Communications and data centers are LUXSHARE ICT's third major business, with revenue of 24.568 billion yuan in 2025, accounting for 7.39%, with a year-on-year growth of 33.81%, and a gross margin better than consumer electronics. Core products include high-speed copper cable connectors for AI servers, 800G/1.6T optical modules, liquid cooling components, and data center power interconnection kits, with 224G high-speed connectors already entering the supply chains of leading AI computing clusters in bulk; At the same time, it is laying out base station filters and communication harnesses, balancing the dual demands of traditional communication and AI computing hardware.

LUXSHARE-ICT's three major businesses are synergistic and complementary: consumer electronics provide stable blood supply, automotive electronics contribute to short-term high growth, and AI data centers open up long-term ceilings, breaking free from the development bottleneck of relying solely on consumer electronics.

03

Founder of LUXSHARE-ICT

From assembly line worker to female leader in manufacturing

When it comes to LUXSHARE-ICT, one cannot overlook the company's founder and chairwoman, Wang Laichun, who is often described as "from assembly line worker to female leader in manufacturing."

In 1988, Wang Laichun moved south to Shenzhen to join Foxconn, becoming one of the first female assembly line workers in the factory. Over ten years, she rose from a frontline operator to a manager overseeing thousands of people, deeply engaging in precision manufacturing, quality control, and factory management systems, accumulating solid experience in the manufacturing industry and honing a management style focused on extreme cost control and refined production.

In 1999, Wang Laichun resigned from her executive position at Foxconn and, together with her brother Wang Laisheng, acquired Hong Kong LUXSHARE. In 2004, LUXSHARE-ICT was officially established in Shenzhen. In the early days of entrepreneurship, it survived by relying on overflow orders from Foxconn. After going public on the A-share market in 2010, it embarked on a path of mergers and acquisitions, acquiring Kunshan LianTao, Meite Acoustic, and Wistron’s iPhone assembly plant, successfully entering Apple's entire industrial chain and securing core orders for AirPods, iPhone, and VisionPro, earning the market title of "Queen of the Apple Supply Chain."

At the strategic level, Wang Laichun anticipated the growth ceiling of consumer electronics and launched a three-phase five-year plan in 2021, clearly identifying automotive electronics and AI computing as future core directions. She continued to make significant acquisitions of Lainai and Jingxi International, actively reducing dependence on Apple’s business and promoting LUXSHARE's transformation from a single consumer electronics OEM to a comprehensive precision manufacturing platform across multiple tracks.

From the Foxconn assembly line to ringing the bell at the Hong Kong Stock Exchange, Wang Laichun has spent over thirty years transforming LUXSHARE-ICT from a small outsourcing factory into a precision manufacturing platform spanning consumer electronics, automotive, and AI computing.

After the A+H structure is established, the real test for LUXSHARE-ICT has just begun: can the integration of Lainai achieve the scale profits of automotive Tier 1, and can 224G and 1.6T capture the next wave of dividends in AI computing?

The answer will not be written in the prospectus but will be reflected in LUXSHARE's financial reports over the next few quarters.

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