Scrambling to cut Apple ties and future-proof their business, China’s suppliers race to Hong Kong IPOs, chasing capital, diversification, and global manufacturing relevance.
Luxshare Precision, Lens Technology, and Goertek, several of Apple’s key Chinese suppliers, are reportedly pursuing initial public offerings (IPOs) on the Hong Kong Stock Exchange (HKEX).
Confronted by intensifying geopolitical tensions and a need to diversify beyond their reliance on Apple, these firms are betting big on public markets to fund their next phase of growth.
According to a report by DIGITIMES Asia, Lens Technology was first to the gate, raising HK$4.59 billion (approximately US$585 million) in a debut last week. Goertek is preparing a separate listing for its subsidiary, Goertek Microelectronics, reportedly valued near HK$80 billion. Luxshare, the latest to confirm its intentions, is now preparing its own listing, although behind its peers in terms of timeline.
By the middle of 2025, HKEX had already seen 40 IPOs totalling over HK$100 billion in proceeds. Lens’s rapid journey to listing, completed in just four months, marked it as one of the year’s fastest and most significant debuts.
This flurry of activity highlights the growing urgency for China’s electronics giants to reduce their dependence on Apple. In 2024, Apple still made up a significant share of each firm’s revenue, as high as 46% for Lens.
However, Goertek, heavily exposed to Apple’s headphone business, suffered a dramatic profit slump last year following sharp order cuts.
In response, all three companies are charting new courses. Goertek is restructuring through spin-offs, Luxshare is acquiring assets in automotive and consumer tech, and Lens is pivoting toward artificial intelligence (AI), robotics, and electric vehicles (EVs). The company has already expanded into automotive displays, partnered on AI smart glasses, and begun producing industrial robots.
These IPOs reflect a broader effort to stay competitive in a world where supply chains are fragmenting and technology is evolving fast. As China’s contract manufacturers reposition themselves, the HKEX is becoming a launchpad for a new generation of industrial strategy.
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