Luxshare Precision, Lens Technology, and Goertek, China-based top-tier suppliers of Apple, are racing toward IPOs on the Hong Kong Stock Exchange (HKEX) as they seek capital to fuel transformation amid US-China trade frictions and supply chain realignments. Long defined by iPhone-related business, the trio is now banking on public listings to fund their next chapter in global manufacturing.
Goertek splits for scale; Lens, Luxshare move fast
Lens is slated to go public on July 9, targeting HK$4.59 billion (US$584.7 million) in fresh capital. Goertek is advancing a separate IPO for its subsidiary, Goertek Microelectronics, valued at roughly HK$80 billion. Luxshare, which only confirmed its IPO plans in early July, is trailing its peers in the listing timeline.
By mid-2025, HKEX had seen 40 new IPOs totaling HK$102.1 billion in proceeds. CATL topped the charts with a HK$35.3 billion raise, while Lens came in second, not just in funds but in speed, completing its listing process in just four months.
This IPO momentum reflects mounting pressure on China's top Apple suppliers to diversify and underscores a broader shift in Chinese manufacturing strategy, one increasingly shaped by international capital markets.
Overreliance on Apple pushes diversification
In 2024, Apple still represented more than 30% of sales for each firm, with Lens alone generating CNY34.57 billion (US$4.815 billion), 46.45% of its total revenue, from the Cupertino company. But that reliance cuts both ways: Goertek's profits plunged nearly 60% last year after Apple drastically reduced headphone orders, forcing a CNY1.783 billion asset write-down.
To reduce vulnerability, all three are actively pursuing new growth tracks. Goertek has opted for a spinoff-driven diversification plan. Luxshare is leaning on acquisitions, snapping up Germany's Leoni AG in 2024 to enter the European automotive wiring sector and acquiring Wingtech's consumer electronics assets for CNY616 million in 2025.
Lens, meanwhile, is blending capital market acumen with industry pivot. Since its A-share debut, the firm has raised nearly CNY24.79 billion through six follow-on offerings and one convertible bond. Now it's shifting from its legacy dominance in smartphone glass, once accounting for half the world's output, toward automotive and AI-focused segments.
New bets on AI and auto
In 2024, Lens's automotive and in-vehicle display unit delivered CNY5.935 billion in revenue, up 18.73% year-over-year, with a client base of over 30 carmakers. Apple's share of Lens's revenue has fallen steadily, from 66.49% in 2021 to 46.45% in 2024, highlighting its progress in reducing dependency.
Lens is also moving up the value chain. It manufactures core components for AgiBot's bipedal humanoid robot Lingxi X1, develops six-axis industrial robots, and produces AOI visual inspection systems. In early 2025, the company completed end-to-end production of AI smart glasses in partnership with Rokid, signaling a deeper expansion into emerging AI hardware.
For China's Apple suppliers, IPOs have become existential tools, not just funding events. The rise of AI, geopolitical fragmentation, and supply chain realignment are rewriting the rules of manufacturing. HKEX provides both capital and visibility for companies hoping to stay relevant in this shifting landscape.
Every gleaming IPO masks a deeper transformation struggle. This surge of listings isn't just about capital; it's a stress test for whether China's Apple-dependent supply chain can evolve and remain competitive in the global industrial reset.
Article edited by Joseph Tsai
