One of Apple's most important manufacturing partners is heading to Hong Kong for cash. Luxshare Precision Industry — the Chinese company that assembles AirPods and iPhones — is seeking to raise up to about $3.1 billion (roughly HK$24.3 billion) in a Hong Kong share sale, Bloomberg and CNBC reported. It would be Hong Kong's largest listing of 2026.

The deal

Luxshare, already listed in mainland China (Shenzhen), plans to sell shares in Hong Kong in what's known as an "A+H" listing — being quoted on both a mainland exchange (A-shares) and in Hong Kong (H-shares). It's offering roughly 383.5 million new H-shares at up to about HK$63.28 each, per the reporting; China's securities regulator signed off in mid-June, and trading is expected to begin in early July. (Exact pricing and timing are as reported and can still shift.) Banks including Goldman Sachs, CICC and CITIC Securities are arranging the sale, with the bulk of shares earmarked for international investors.

Who Luxshare is

Founded in 2004 and grown from a cable-and-connector maker into a manufacturing giant, Luxshare is now one of Apple's largest suppliers — Apple accounts for the majority of its revenue (reportedly around 70%). It assembles AirPods, iPhones, the Apple Watch and the Vision Pro headset, and posted 2025 revenue of roughly 332 billion yuan (about $49 billion), making it one of the world's biggest contract electronics manufacturers. In short: when you use an Apple device, there's a good chance Luxshare helped build it.

Why Hong Kong, why now

Luxshare says the proceeds will fund expansion into areas like AI hardware and automotive electronics and broaden its access to international capital. But the bigger story is the venue. Hong Kong's listing market has come roaring back: a wave of mainland Chinese companies has chosen to list in Hong Kong to reach global investors, and the city raised far more from IPOs in early 2026 than a year earlier — Q1 funds raised were up nearly fivefold, according to KPMG, much of it from "A+H" deals like this one. A $3.1 billion Luxshare listing would be a marquee entry on that list.

The Apple supply-chain angle

Luxshare's raise also reflects how Apple's supply chain is shifting. Apple has pursued a "China-plus-one" strategy — adding manufacturing in India and Vietnam to reduce its reliance on China — and a growing share of iPhones for the US market is now made in India, as Boursel has reported. Suppliers are following: part of Luxshare's pitch is building capacity outside mainland China while keeping its central role making Apple's products. Raising international capital in Hong Kong fits that globalizing ambition.

Why it matters

For Hong Kong, the listing is another vote of confidence in its revival as a fundraising hub after several lean years. For Apple's ecosystem, it's a window into the finances and ambitions of a supplier most consumers have never heard of but quietly depend on. And for investors, it's a test of appetite for big Chinese tech-manufacturing names at a time of supply-chain realignment and geopolitical caution. Boursel offers no view on the shares; the takeaway is that a company built on assembling other people's gadgets is now big enough — and ambitious enough — to stage one of the year's largest stock-market debuts.