A manufacturer of components listed in Shenzhen is utilizing a Hong Kong stock offering to finance its expansion into AI servers, smart glasses, and robotics.
An Apple supplier named Lingyi iTech is expanding its focus beyond smartphones, aiming to secure up to HK$8.3 billion (US$1.1 billion) through a Hong Kong IPO to support a major growth plan in artificial intelligence hardware and humanoid robotics.
A Hong Kong stock exchange listing is anticipated for the Shenzhen-based electronics component manufacturer on Friday, following the issuance of 811.8 million shares at a peak price of HK$10.18 per share, as stated in a company announcement.
The subscription period began last Wednesday, featuring key investors such as GF Fund, Sunny Optical Capital, and the smartphone company Honor.
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The dual listing represents a strategic move by Lingyi and its founder, Zeng Fangqin, to expand beyond an established smartphone industry. The firm is aiming to capitalize on growing interest in human-like robots, smart glasses, foldable gadgets, and AI servers.
Based in Jiangmen, Guangdong province, Lingyi aims to establish itself as one of the leading three global providers of embodied-intelligence hardware.
In September, the company purchased an 80 percent share in a partnership with robot manufacturer AgiBot. This month, it launched a robotics factory in Beijing and aims to boost annual output from 10,000 units this year to 500,000 by 2030.
Lingyi mentioned that it has gained top North American robotics clients and formed collaborations with over 20 Chinese robotics firms. By the end of November, it had assembled or provided parts for 5,000 human-like robots.
For the time being, robotics still constitutes a minor portion of the company’s operations. Revenue increased by 16 percent compared to the previous year, reaching 51.4 billion yuan (US$7.2 billion) in 2025, while net profit rose 30 percent to 2.3 billion yuan, mainly fueled by its imaging and display components division.
Zeng, aged 61, is frequently associated with Wang Laichun and Zhou Qunfei as one of the prominent women driving China’s Apple supply chain.
She placed fifth on the 2026 Hurun Global Rich List for self-made women, with a reported net worth of $10 billion.
In contrast to Wang and Zhou, who started their professional journeys on factory floors, Zeng took a more traditional route. Having graduated from Wuhan University, which counts Xiaomi founder Lei Jun among its alumni, she held a position at a state-run fishery company prior to pursuing postgraduate management studies at the University of Houston during the 1980s.
In 2006, Zeng established Triumph Lead Electronics Technology, which later became Lingyi, starting by providing parts to Nokia and later securing Apple as a client after three years.
She mentioned in interviews with Chinese media that the company initially took orders at a loss, later making them profitable by improving its technology during the delivery phase. Over time, it also met clients’ high standards by increasing manufacturing yields from approximately 30 percent to 90 percent.
“The client’s requirements were unending and constantly difficult… We had to endure until our teeth ached,” said Zeng, who also holds the positions of chairwoman and general manager.
Lingyi, which initially listed in Shenzhen via a reverse acquisition in 2018, experienced its Shenzhen-listed shares increase by approximately 6.1 percent on Thursday – the final trading day prior to Friday’s holiday – closing at 16.82 yuan, resulting in a market value of roughly 123 billion yuan.
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This piece was first published in the South China Morning Post (www.scmp.com), a top news outlet covering China and Asia.
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