Luxshare Precision Industry, the Chinese electronics manufacturer best known for assembling Apple products, just pulled off Hong Kong’s biggest IPO of the year. The company priced its secondary listing at HK$63.28 per share, the maximum end of its indicated range, raising HK$24.3 billion (roughly $3.1 billion).

The deal breakdown

Luxshare is issuing 383.5 million shares through the offering, making this a secondary listing alongside its existing presence on the Shenzhen Stock Exchange. The Hong Kong price represents roughly a 13% discount to Luxshare’s Shenzhen closing price of 62.88 yuan on July 6, which is standard for dual-listed Chinese companies.

Goldman Sachs, Citic Securities, and CICC are underwriting the deal.

The IPO eclipses the previous 2026 record set by Victory Giant Technology, which raised HK$23.1 billion back in April.

Perhaps the most telling detail is the cornerstone investor roster. Temasek, Singapore’s sovereign wealth fund, and GIC, its sibling sovereign fund, combined for commitments totaling $1.5 billion. That’s nearly half the entire offering locked up by two of the most sophisticated institutional investors on the planet.

Hong Kong’s exchange renaissance

Two record-breaking IPOs in the span of a few months, with Victory Giant Technology’s HK$23.1 billion raise followed almost immediately by Luxshare’s HK$24.3 billion deal, suggests a pipeline that could keep accelerating.

For investors watching the broader Asian tech landscape, the 13% discount between Luxshare’s Hong Kong and Shenzhen prices creates an interesting dynamic. It effectively offers international investors a cheaper entry point into a company that mainland investors are willing to pay more for.