BUSINESS

Apple Supplier Lens Technology Soars on Hong Kong Debut Amid IPO Boom

Published: Jul. 10, 2025 3:58 a.m. GMT+8

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iPhone 15 smartphones at an Apple store in Brooklyn, New York, on May 23, 2025. Photo: Bloomberg

Chinese electronics manufacturer Lens Technology Co. Ltd. made a strong debut on the Hong Kong Stock Exchange on Wednesday, surging over 9% in its second listing as investors flocked to one of the biggest tech initial public offerings (IPOs) of the year.

Shares closed at HK$19.84 ($2.53), up 9.13% from the offering price, giving the company a market capitalization of HK$104.1 billion. The Shenzhen-listed firm raised HK$4.693 billion ($600 million) through the sale of 262 million new shares, priced at HK$18.18 each — the top of the pricing range — amid overwhelming demand, with subscriptions 462 times oversubscribed.

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Lens Technology's Hong Kong IPO surged 9.13%, raising HK$4.693 billion ($600 million), ranking as the city’s fifth-largest IPO in 2024.
The company is shifting production to Vietnam, Thailand, and Mexico to mitigate tariff risks; Apple’s revenue share fell from 71% (2022) to 49.5% (2024), while Xiaomi’s rose to 23.4%.
Hong Kong’s IPO market is booming, with proceeds reaching HK$107.1 billion in H1 2025, a sevenfold year-on-year increase.

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Who’s Who

Lens Technology Co. Ltd.: Lens Technology Co. Ltd. is a Chinese electronics manufacturer specializing in glass and structural components. Shares in the company gained 9.13% on its debut on the Hong Kong Stock Exchange. The company is diversifying its customer base and manufacturing locations globally due to changing market dynamics and trade considerations.

Contemporary Amperex Technology Co. Ltd.: Contemporary Amperex Technology Co. Ltd. (CATL) is a Chinese battery giant mentioned in the article. It conducted an initial public offering (IPO) in Hong Kong, which was one of the largest this year, surpassing Lens Technology Co. Ltd.'s offering.

Jiangsu Hengrui Pharmaceuticals Co. Ltd.: Jiangsu Hengrui Pharmaceuticals Co. Ltd. is a Chinese pharmaceutical company. It was mentioned as having one of the five largest IPOs in Hong Kong in the year the article was written, trailing only CATL and ahead of Foshan Haitian Flavouring & Food Co. Ltd. and Zhejiang Sanhua Intelligent Controls Co. Ltd.

Foshan Haitian Flavouring & Food Co. Ltd.: Foshan Haitian Flavouring & Food Co. Ltd. is a Chinese company mentioned in the article due to its significant Initial Public Offering (IPO). Its IPO was among the five largest in Hong Kong for the year, showcasing its substantial market presence and investor interest.

Zhejiang Sanhua Intelligent Controls Co. Ltd.: Zhejiang Sanhua Intelligent Controls Co. Ltd. is a Chinese company mentioned in the article in the context of Hong Kong's IPO market. It is listed as one of the top five largest IPOs in Hong Kong for the current year. The article does not provide further details about the company's business or operations.

Xiaomi: Xiaomi is an electronics manufacturer. In 2023, it placed a full-device assembly order with Lens Technology, a key Apple supplier. This helped Lens diversify its revenue streams, with Xiaomi's share of Lens's revenue increasing from 15.6% in 2022 to 23.4% in 2024.

Apple: Apple is a key customer of Chinese electronics manufacturer Lens Technology. While Apple accounted for 71% of Lens's revenue in 2022, this share decreased to 49.5% in 2024 due to Apple's supply chain diversification and declining iPhone sales in China.

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What Happened When

2022：: Lens Technology's share of revenue from Apple was 71%, and revenue from Xiaomi was 15.6%. The company recorded revenue of 46.7 billion yuan and a net profit of 2.45 billion yuan. Gross margin was 18.3%.

2023：: Lens Technology secured a full-device assembly order from Xiaomi, further diversifying revenue streams.

2024：: Lens Technology's share of revenue from Apple fell to 49.5%, and Xiaomi's share increased to 23.4%. The company recorded revenue of 69.9 billion yuan and a net profit of 3.62 billion yuan. Gross margin declined to 14.6%. Vietnam accounted for 7% and North America 2.9% of total revenue; Vietnam plant operated at 76.9% capacity, Mexico factory at 46.3%.

First half of 2025：: 44 companies listed in Hong Kong, a 47% increase year-on-year; total IPO proceeds reached HK$107.1 billion, a sevenfold increase from the same period in 2024.