Lingyi iTech Raises $1.1B in Hong Kong IPO to Expand AI Hardware Capacity

According to Reuters, China-based smartphone component maker Lingyi iTech priced its Hong Kong IPO at HK$10.18 (US$1.3) per share on June 24, raising approximately HK$8.3 billion (US$1.06 billion). The company will allocate 37.6% of proceeds, or about HK$3.07 billion (US$391 million), to expand production capacity and upgrade manufacturing processes, including HK$1.71 billion over the next three years for AI servers, humanoid robot hardware, and optical communication infrastructure. Trading is scheduled to begin on June 26. Lingyi supplies components to Apple, Huawei, and Samsung.
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