Luxshare is one of the ultimate rags-to-riches stories, founded by a woman who started out as a Foxconn assembly-line worker and growing into a multi-billion dollar company and key Apple supplier.

It’s been a publicly traded company in China since 2010, but has now added a second listing in Hong Kong, making it more accessible to overseas investors. Its latest listing set a new record before sliding back …

Founded by Wang Laichun, Luxshare rose from a cable maker to assembling first AirPods, then iPhones, and most recently Vision Pro models.

Shares in Chinese companies are tightly controlled, with foreign investors facing trading quotas and – in some cases – a need for regulatory approval. For that reason, it’s not unusual for Chinese companies to create a dual listing in Hong Kong. Although control over the island was handed back to China from Britain, it still operates without capital controls or quotas for foreign investment.

LuxShare was optimistic in its pricing, opting for HK$63.28 per share, at the very top of the range. That saw the company set a new record as the city’s biggest listing of the year, raising around HK$24.3B (US$3.1B).

However, as TNW reports, the value of the shares soon slid backwards.

The stock fell as much as 9.6% below its offer price before clawing back part of the loss, an underwhelming opening for one of the year’s most closely watched share sales […] The shares touched a low of about HK$57.2 against the HK$63.28 offer price and were changing hands near HK$60 through much of the morning.

Investor concerns include the company’s dependence on Apple, with the iPhone maker accounting for more than two-thirds of its revenue – especially at a time when the Cupertino company is seeking to reduce its dependence on China by moving some of its assembly work to countries like India and Vietnam.

However, the new investment will help the company fund production capacity in other countries, and Luxshare is also expected to boost the amount of work it carries out for other customers.

• Official Apple Store on Amazon
• Discounted AirPods Pro 3
• Wireless CarPlay adapter
• AirTag holders and accessories
• Mac Pro-style Mac mini casing
• NordVPN – privacy-first VPN with no logs and independent audits to verify

Photo by Adam Śmigielski on Unsplash