Apple supplier Lingyi iTech is looking beyond smartphones, seeking to raise up to HK$8.3 billion ($1.1 billion) in a Hong Kong IPO, reports the South China Morning Post. The move seeks to fund an ambitious expansion into artificial intelligence hardware and humanoid robotics.
The Shenzhen-listed electronic components maker is expected to debut on the Hong Kong stock exchange on Friday after offering 811.8 million shares at a maximum price of HK$10.18 each, according to a company filing.
The dual listing marks a strategic push by Lingyi and its founder, Zeng Fangqin, to diversify beyond a maturing smartphone market. The company is positioning itself to benefit from emerging demand for humanoid robots, smart glasses, foldable devices and AI servers.