Luxshare raised HK$24.3B in Hong Kong — day one closed below the offer

Luxshare Precision — Shenzhen-listed since 2010, in Apple's supply chain since 2011, with 2025 revenue of ¥332.3 billion and net profit of ¥16.6 billion — sold H-shares on 9 July 2026 at HK$63.28, the top of its indicative range, raising HK$24.266 billion: the largest Hong Kong IPO of the year to that point. Twenty-six cornerstones, led by Temasek, GIC and the Abu Dhabi Investment Authority and including Hillhouse, Tencent and Fidelity International, took about HK$11.75 billion — 48.44% of the offer, locked up.

The debut broke the offer almost immediately: the shares opened at HK$63.25, fell as far as HK$57.20 (−9.61%) intraday and closed at HK$62.30, 1.55% below the IPO price. A retail buyer of one 100-share lot was HK$98 underwater on day one, and the stock had still not recovered the offer by mid-afternoon of the second day.

The pricing left no cushion. At less than 15% under its A-share after currency conversion, the H-share offered a thinner discount than peers — Lingyi iTech's H-share, by comparison, traded about 44% below its A-share. Seven listings shared the same day, splitting demand, the tech sector was correcting, and investors still discounted the company's dependence on Apple, which accounted for 56.7% of 2025 revenue, down from 73.3% in 2022 but far from diversified.