Apple supplier Lingyi iTech prices $1.06b Hong Kong IPO to tap AI demand

Apple supplier Lingyi iTech prices $1.06b Hong Kong IPO to tap AI demand describes a major funding push tied to AI infrastructure. The company priced its Hong Kong initial public offering at HK$10.18 per share, setting up to raise about HK$8.3 billion (US$1.06 billion). Part of the proceeds is earmarked to expand AI capacity, with the prospectus stating roughly 37.6% of IPO proceeds, around HK$3.07 billion, for production capacity enhancement and upgrades to core manufacturing processes. This includes about HK$1.71 billion for manufacturing in emerging areas over the next three years, such as high-density AI servers, humanoid robot hardware, and AI optical communication infrastructure. Lingyi expects to announce demand levels for its international offering and Hong Kong tranche, plus allocation results, on June 25, with trading scheduled to begin June 26 at 9:00 a.m. local time. Founded in 2006 by billionaire Zeng Fangqin, the Shenzhen-listed supplier counts Apple, Huawei, and Samsung among its customers and saw its shares end Wednesday up 10%. LSEG data to June 11 said Hong Kong IPOs and second listings raised $21.5 billion this year.