Lingyi iTech Guangdong raised HK$8.3 billion (USD 1.06 billion) in its Hong Kong IPO, debuting at HK$10.18 and jumping 15.9% to HK$11.80, valuing it above USD 19 billion while Shenzhen shares slid 7.6% to 16.53 yuan. Proceeds will fund AI servers, data centers and humanoid robotics to overtake smartphone components.
Lingyi iTech Guangdong raised HK$8.3 billion (USD 1.06 billion) in its Hong Kong IPO, offering shares at HK$10.18. The stock surged by as much as 15.9% to HK$11.80 on debut, implying a post-IPO market capitalization exceeding USD 19 billion.
While the Hong Kong listing saw strong demand, Lingyi’s existing Shenzhen-traded shares fell by up to 7.6% to 16.53 yuan as investors adjusted positions between the two listings.
This offering marks the largest Hong Kong IPO since April and contributes to a June pipeline expected to raise over USD 5 billion, with total proceeds in the city possibly topping USD 43 billion this year.
Lingyi plans to allocate a portion of the IPO proceeds to expand manufacturing of AI computing servers, data centers and humanoid robot hardware, aiming for AI-related revenue to overtake its core smartphone component business within two years.
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