Lingyi Itech (Guangdong) Company (HKG: 01688, SHE: 002600) commenced trading on the main board of The Stock Exchange of Hong Kong Limited on the morning of June 26, achieving a dual listing in both the A-share and H-share markets.

On its first day of trading, the H-shares of Lingyi Itech opened higher, reaching an intraday peak of HK$11.8, representing a gain of approximately 15.91%. By the midday break, the stock was quoted at HK$10.42, up 2.36%, giving the company a total market capitalisation of about HK$84.611 billion.

The global offering consisted of approximately 811.8 million H-shares, with the Hong Kong public offering portion comprising about 81.18 million shares, or roughly 10% of the total, and the international offering comprising about 730.6 million shares, accounting for approximately 90%.

The final offer results showed the public offering was oversubscribed by about 96.16 times, with a lottery success rate of 1.2% for one board lot of 660 shares. The international placement was oversubscribed by approximately 10.27 times.

The final offer price was set at HK$10.18, which was the top of the indicative price range. Based on this, the total gross proceeds from the Hong Kong IPO amounted to approximately HK$8.264 billion. After deducting estimated listing expenses, the net proceeds are around HK$8.152 billion.

For this IPO, Lingyi Itech secured 19 cornerstone investors, including GF Fund Management, Kaide Global under KKR, quantitative hedge fund QRT, Value Partners, Greenwoods, Taikang Life Insurance, MSIP under Morgan Stanley, Sun Capital, 3W Fund, and Glory, among others. These investors subscribed for an aggregate of about 313.2 million shares, involving roughly HK$3.189 billion.

Founded in 2006, the company achieved a backdoor listing on the Shenzhen Stock Exchange in 2018. It has since grown into a leading high-precision intelligent manufacturing platform for electronic devices, providing global customers with one-stop manufacturing services and solutions.

The company offers a comprehensive product portfolio encompassing core materials, high-precision functional components, modules, and quality assembly. This portfolio serves diverse end markets, including electronic devices such as AI terminal equipment, robotics, and enterprise-grade commercial servers, as well as the automotive and low-altitude economy sectors.

According to data from Frost & Sullivan, based on projected 2025 revenue, Lingyi Itech ranks first in the global market for high-precision functional components for AI terminal devices and third in the global market for high-precision intelligent manufacturing platforms for AI terminal devices.

The prospectus shows that the company's revenue for 2023, 2024, and 2025 was RMB 34.154 billion, RMB 44.260 billion, and RMB 51.429 billion, respectively. Its annual profits for the same periods were RMB 2.014 billion, RMB 1.761 billion, and RMB 2.327 billion, respectively.

For the first quarter of 2026, the company achieved revenue of RMB 12.643 billion, a year-on-year increase of 9.99%. Its net profit attributable to the parent company's shareholders was RMB 392 million, representing a year-on-year decrease of 30.70%.

The founder, chairperson, and general manager of Lingyi Itech is Ms. Zeng Fangqin, aged 60. Following the listing, her direct and indirect shareholding in the company totals approximately 52.32%.