Lingyi, Apple Supplier, Pursues US$1.1 Billion Hong Kong IPO to Accelerate AI and Robotics Initiatives

Key Takeaways

Lingyi iTech aims to raise up to HK$8.3 billion (US$1.1 billion) through its Hong Kong IPO to fund its expansion into AI hardware and robotics.
The company plans to diversify from smartphones to capitalize on demand for humanoid robots and smart technology.
Lingyi has already secured key partnerships and aims to boost robotics production significantly by 2030.

Expansion Plans for Lingyi iTech

Lingyi iTech, a key supplier for Apple, is preparing for a significant shift in its business focus. The company seeks to raise up to HK$8.3 billion (equivalent to US$1.1 billion) through an initial public offering (IPO) in Hong Kong, intending to direct these funds into the development of artificial intelligence (AI) hardware and humanoid robotics.

The Shenzhen-listed manufacturer is set to make its debut on the Hong Kong stock exchange this Friday. The IPO involves offering 811.8 million shares at a maximum price of HK$10.18 each. As interest in the IPO builds, the subscription period, which began last Wednesday, has attracted cornerstone investors, including GF Fund, Sunny Optical Capital, and Honor, a prominent smartphone maker.

This dual listing reflects a strategic initiative by Lingyi and its founder, Zeng Fangqin, who aims to diversify the company’s operations beyond the increasingly saturated smartphone market. The company recognizes the emerging demand for advanced technologies, such as humanoid robots, smart glasses, foldable devices, and AI servers, positioning itself to become a leader in these sectors.

Located in Jiangmen, Guangdong province, Lingyi has ambitious objectives. The company aims to establish itself among the top three global suppliers of embodied-intelligence hardware. In line with this goal, it acquired an 80 percent stake in a joint venture with AgiBot, a robot manufacturer, in September. Recently, Lingyi opened a state-of-the-art robotics factory in Beijing and plans to ramp up production from the current 10,000 units to an impressive 500,000 units annually by 2030.

To further bolster its ambitions, Lingyi has secured partnerships with over 20 robotics companies in China and obtained contracts with leading North American clients. By the end of November, it had manufactured or supplied components for 5,000 humanoid robots, marking significant progress in its venture into robotics.

Lingyi iTech’s strategic pivot highlights the growing intersection of traditional electronics manufacturing and innovative technologies, indicating its readiness to embrace new market opportunities and challenges in the robotics and AI sectors.

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