Lijing Innovation Files for Hong Kong Listing, Valued at RMB 22.5 Billion

 Lijing Innovation Files for Hong Kong IPO

Text by Zhou Mo

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Another company in Wang Laichun's family is going public.

On July 31, precisionoptics company Lijing Innovation officially filed its prospectus with the Hong Kong Stock Exchange, planning to list on the Hong Kong Main Board, with CITIC Securities and CICC as joint sponsors.

Source: Lijing Innovation prospectus

Founded in 2018, Lijing Innovation has completed multiple funding rounds in just eight years, backed by more than 50 shareholders, with a latest valuation of about 22.5 billion yuan.

More intriguing is the "Apple supply chain queen" behind Lijing Innovation. Lijing Innovation's chairwoman is Wang Laichun, who is also the founder of Luxshare Precision. According to the 2025 Hurun China Rich List, Wang Laichun ranked 55th with a fortune of 85.5 billion yuan, making her the richest woman in Chaoshan. Her younger brother Wang Laixi is the founder and executive director of Lijing Innovation.

Just over 20 days ago, Luxshare Precision listed on the Hong Kong Stock Exchange. With one ringing the bell and the other filing its prospectus, the Wang Laichun family may soon have two listed companies.

Apple supply chain siblings build a 10-billion-yuan optical giant

Founded in 2018, Lijing Innovation is still a young company, yet it has grown rapidly under the leadership of Wang Laichun.

Wang Laichun, known as the "Apple supply chain queen," chairs Lijing Innovation; her brother Wang Laixi is the company's founder and executive director. The siblings bring complementary strengths — she contributes manufacturing and supply chain experience, while he drives the startup of the new platform — giving Lijing Innovation its family character.

Lijing Innovation is a provider of precision optical solutions, focusing on mid-to-high-end optical modules and system integration products for global consumer electronics, automotive electronics and smart office applications, as well as emerging fields such as intelligent robots, XR smart terminals and smart glasses. This marks another bet by Wang Chunlai's family on a niche segment of the consumer electronics upstream supply chain, beyond the core business of Luxshare Precision.

In just a few years, Lijing Innovation has grown into a company with annual revenue of tens of billions of yuan. From 2023 to 2025, its revenue rose from 15.248 billion yuan to 34.755 billion yuan, while net profit increased from 588 million yuan to 1.690 billion yuan.

In the first five months of 2026, the company posted revenue of 13.624 billion yuan, up 14.7% year on year, and net profit of 776 million yuan, up 48.5% year on year.

Source: Lijing Innovation prospectus

According to Frost & Sullivan, based on 2025 revenue, Lijing Innovation ranked second globally and first among Chinese suppliers in consumer electronics camera modules; second globally and first in China in mid-to-high-end smartphone camera modules; and first worldwide in notebook and tablet camera modules.

Lijing Innovation's rapid growth has also been underpinned by external capital and the family's platform.

In 2022, the company completed its Series A, A+ and A2 rounds in succession, raising a total of approximately 3.24 billion yuan. In the Series A round, controlling shareholder Lijing Co., Ltd. subscribed 1.6 billion yuan; IDG Capital, Sequoia China, Legend Capital, CPE, Gaorong Capital and Hillhouse subsequently joined the shareholder register.

That year, Guangzhou state capital also began to enter. In August, Kaifaqu Chuangjing, Kaide Tongjing and Suikai Zhijing jointly invested 214 million yuan to complete the Series A+ round; two months later, in the Series A2 round, investors included CITIC Securities Investment, CICC-affiliated funds, Qingdao Tiefa, Forebright Sparkle and several Guangzhou industrial funds. By March 2023, China Mobile's CMC Fund invested 500 million yuan to participate in the Series A2+ round.

In June 2024, Lijing Innovation completed a 1.5 billion yuan Series B round. Wuxi Guoshou, Jinshi Manufacturing, Jinshi Hanjing, Cornerstone Capital, CMC Investment, Forebright Sparkle and CITIC Securities Investment took part. Based on the per-share cost of the Series B round, the company was valued at approximately 22.5 billion yuan.

In terms of funding sequence, Lijing Innovation was initially backed by family-controlled platforms, followed by market-oriented institutions such as IDG Capital and Sequoia China, with Guangzhou state capital, industrial funds and financial institutions joining in later rounds.

The roster of outside investors has continued to expand, but Wang Laichun's family retains control through the shareholding structure.

According to the prospectus, Lijing Co., Ltd. holds a 48.06% stake in Lijing Innovation; Lijing Co., Ltd. is 56.34% owned by Wang Laixi, with the remaining 43.66% held by Jingshan Co., Ltd.; behind Jingshan Co., Ltd. are the three siblings Wang Laichun, Wang Laisheng and Wang Laijiao.

“Snake Swallows Elephant” Acquisitions Win the Market

Under Wang Laichun's strategic leadership, Lijing Innovation rapidly expanded capacity, secured core technologies, and gained entry into leading customers' supply chains through a series of targeted industrial acquisitions.

Acquiring a mature business is clearly faster than building production lines from scratch, waiting for certifications, and accumulating customers. In its early days, when Luxshare Precision entered new businesses, it likewise used acquisitions to continuously strengthen its product and supply chain capabilities.

In 2018, the newly established Lijing Innovation made a name for itself in the industry with a “snake swallows elephant” acquisition. Lijing Innovation acquired the camera module division of Lite-On Technology for US$360 million, entering the consumer electronics camera module market.

Through this acquisition, Lijing Innovation gained mature production lines, an international customer base, and key technology patents in one fell swoop, rapidly completing the critical leap from 0 to 1.

If the Lite-On acquisition was a case of using another's strength to one's own advantage, Lijing Innovation's subsequent development path clearly replicated the “Luxshare Precision playbook.”

In 2021, Lijing Innovation completed its acquisition of Cowell, a front-camera supplier to Apple. The prospectus disclosed that, following the deal, the company strategically entered the camera module business of Customer A. Given Cowell's existing customer relationships, Customer A is widely believed to refer to Apple.

In 2022, the company integrated Lite-On Group's imaging business unit, extending its operations into smart office applications such as printers and scanners. In 2025, it also completed the acquisition of equity related to Konica Minolta's Shanghai plant, gaining mass-production capabilities for high-end optical lenses and automotive lenses.

This series of capital moves has enabled it to build a complete optical product portfolio spanning consumer electronics, automotive electronics, smart offices, XR, robotics and other emerging sectors.

From smartphone cameras to office optics, and on to automotive lenses and emerging terminals, Lijing Innovation's business scope keeps widening. What the Wang Laichun family clearly wants to build is not merely a single consumer electronics module supplier, but a more comprehensive precision optics platform.

In 2025, Lijing Innovation and Zhiyuan Robotics formed a joint venture, Guangzhou Lizhi Sensing. Zhiyuan Robotics partner Yao Maoqing has revealed that Wang Laichun hopes to introduce humanoid robots into 3C assembly processes as soon as possible, with the related demand being extremely urgent.

Through successive acquisitions, Lijing Innovation has rapidly built up a precision optics business system spanning multiple fields. Yet the birth and growth of this optics company, worth tens of billions of yuan, is not simply the result of capital operations; it is a family-driven extension of the industry, led by Wang Laichun and executed by Wang Laixi.

From Assembly Line Worker to Chaoshan's Richest Woman

What first drew attention to Lijing Innovation's filing was not just its optics business, but the Wang Laichun family behind it.

Wang Laichun is the founder of Luxshare Precision. According to the 2025 Hurun China Rich List, she ranked 55th with a fortune of 85.5 billion yuan, making her the richest woman in Chaoshan. Under her leadership, Luxshare Precision grew from connectors into a member of Apple's supply chain, becoming a manufacturing giant worth hundreds of billions of yuan, and listed on the Hong Kong Stock Exchange in July this year.

Yet more than 30 years ago, this celebrated "Apple supply chain queen" was just an ordinary factory worker.

In 1988, 21-year-old Wang Laichun left Shantou for Shenzhen and joined a Foxconn assembly line. Over the next decade or so, she rose from a line worker to a management position.

In 2004, she and her brother Wang Laisheng founded Luxshare Precision. In 2011, Luxshare Precision acquired Kunshan Liantao Electronics, entering Apple's supply chain and winning MacBook cable orders.

Luxshare Precision's acquisition-driven expansion began in earnest: it entered acoustics with a 2016 acquisition and won AirPods orders; became the main AirPods contract manufacturer in 2017; acquired Jiangsu Wistron in 2020 to become mainland China's first iPhone contract manufacturer; and listed on the Shenzhen Stock Exchange in 2010 before growing into a manufacturing giant with a market capitalization of over 100 billion yuan.

Compared with his sister, Wang Laixi kept a far lower profile. From 2004 to 2018, he served as general affairs manager at Luxshare Precision, mainly handling administration and government relations. Before founding Lingyi iTech, he had already been through the company's entire journey within the Luxshare Precision system — from startup and listing to entry into the core supply chain.

In 2018, Wang Laixi stepped out from behind the scenes to found Lingyi iTech. He took charge of pushing the new company to the forefront, while Wang Laichun and the wider family provided strategic, resource and industry experience support. The supply chain logic, manufacturing experience and capital integration capabilities the family knew well all formed an important backdrop for Lingyi iTech's rapid expansion.

In just eight years since its founding, the company has surpassed 34.7 billion yuan in annual revenue. Such rapid scaling rests on the family's mature manufacturing and supply chain system.

Lijing Innovation's push for a Hong Kong listing is not just an IPO process for an optical module maker; it is a key step in the Wang Laichun family's industrial strategy. Leveraging the Wang family's industrial resources to scale up quickly is certainly a shortcut, but customer concentration risk, the ramp-up pace of emerging businesses, and the goodwill and receivables pressure left over from major acquisitions are all tests that Lijing Innovation must continue to resolve.

Whether Lingyi iTech can wean itself off reliance on a single consumer electronics customer, turn the family's industrial resources into its own irreplaceable optical technology moat, and convert the scale advantages gained through acquisitions into long-term, stable profitability will be the standard by which capital markets judge this "Luxshare-affiliated" company.

References:

"Chaoshan's Richest Woman Is About to Ring the Bell Again," Investment Community;

"Lijing Innovation Files with HKEX; Nearly 70% of Revenue Depends on a Single Customer," Shenzhen Economic Daily;

"Behind the 'Ultimate Support for Her Brother': How 'Apple Supply Chain Queen' Wang Laichun Replicated an IPO | Shenwang," Shenwang Tencent News;

"Revenue Doubles in Three Years! This Optics Company Makes Another Push for a Hong Kong Listing," OFweek Optics;

"Lijing Innovation Files with HKEX for a Second Time; the World's No. 2 Camera Module Leader Makes a Push for Hong Kong," Huo Report;

"Annual Revenue of 28 Billion Yuan: The 'Strongest Working Girl' from Foxconn Set for Another IPO," Chuangyebang;

"Another 'Luxshare Group' IPO Lands: Sequoia and Hillhouse Bet on It, Valued at 22.5 Billion Yuan!" Securities Market Weekly Market Edition.

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       Original title : The Richest Woman Is Going Public Again! Valued at 22.5 Billion, She Built an "Optics Empire" with Her Brother