Shares of Luxshare Precision Industry fell more than 5% in their Hong Kong trading debut Thursday, as investors cheered the market entry of the Apple supplier.

The company, which is already listed in Shenzhen, had priced shares in the IPO at 63.28 Hong Kong dollars apiece, raising HK$24.27 billion ($3.09 billion). The stock was trading at HK$60 in early trading.

From being an assembler of Apple’s AirPods, Luxshare has evolved into a supplier of parts for a broader set of consumer and automotive electronics and communications products.

Apple accounts for approximately 70% of Luxshare’s revenue, according to PitchBook.

A long-standing fixture on the Shenzhen Stock Exchange since 2010, the company closed at 62.47 yuan on Wednesday, down 1.28%.

Luxshare’s revenue hit 332.34 billion yuan in 2025, up from 268.79 billion yuan in 2024, as per its prospectus, with consumer electronics accounting for 79.5%, automotive electronics 11.8% and communications and data centers at 7.4%.

The company has a track record of acquisitions, aligning its capabilities with its core business, and indicated that it may evaluate various acquisition and strategic partnership opportunities going forward that could enhance its capabilities. Notably, it increased its controlling stake in German automotive cable and harness specialist Leoni AG to 74.9% as of April 2026. 

Luxshare was founded in 2004 by entrepreneur Wang Laichun, who currently leads the company as CEO. While listed, it is a family-controlled business, with Wang’s brother, Wang Laisheng, serving as vice chairman. 

Luxshare joins a high-profile wave of Hong Kong IPOs this week, alongside autonomous-driving startup Momenta and semiconductor foundry Nexchip.