Apple supplier Lingyi raises HK$8.3B but slips 4.6% in Hong Kong debut
What's the deal? Chinese precision parts maker Lingyi iTech fell 4.6% below its offer price in its Hong Kong debut on Friday, reversing early gains of as much as 15.9%.
The Apple supplier closed at HK$9.71, below its HK$10.18 offer price. It raised HK$8.3 billion after pricing at the top of the marketed range.
Lingyi makes precision parts for smartphones, tablets, robots, and cars. Besides Apple, its customers include HuaweiDealroom has a profile for this one. Try Dealroom → and Samsung ElectronicsDealroom has a profile for this one. Try Dealroom →.
Why now? Lingyi and five other companies have raised about HK$19.8 billion in recent offerings, showing renewed interest in Hong Kong listings and demand for AI, chip, and advanced manufacturing firms. The recovery has been helped as large Chinese companies increasingly seek offshore funding.
Hong Kong IPOs and secondary listings have raised $21.6 billion so far this year as of June 17, up 51% from the same period in 2025, according to LSEG data.
Lingyi plans to use part of the proceeds to expand production for AI servers, humanoid robot hardware, and AI optical communication infrastructure.
What could go wrong? One analyst warned that demand for new listings had become more selective after weak trading in several recent IPOs. Dickie Wong, executive director of research at uSMART Securities, said the listing market had cooled quickly, citing IPOs that fell below offer prices and others that traded flat despite strong demand. "We're no longer in the IPOs are guaranteed winners phase, investors really need to watch the risks," Wong said.
The signal: Despite Lingyi's stumble, investor appetite for AI stocks remains strong. Other debutants posted sharp gains: SG MicroDealroom has a profile for this one. Try Dealroom →, a Chinese analog chip designer, closed up 47% after raising about HK$4.6 billion. Circuit Fabology Microelectronics Equipment ended up 103.8% after a HK$3.25 billion sale. Enterprise AI firm Beijing Zhongke WengeAI ended up 84%, while Keytop Parking surged 203.9%.
"Despite the overall sluggish performance of the Hong Kong stock market, investor enthusiasm for AI stocks remains robust," said Kenny Ng, a strategist at China Everbright Securities International. He expects IPO demand to stay strong into the second half of the year.
Read more: Reuters
