Updates share price changes, adds MiniMax share fall

By Yantoultra Ngui, Jiaxing Li and Selena Li

HONG KONG, July 9 (Reuters) - Shares of Luxshare Precision Industry 2475.HK led losses among IPO debutants in Hong Kong on Thursday after raising HK$24.27 billion ($3.10 billion) in the city's biggest listing this year, as investors became more selective amid a fundraising rush and rising volatility.

The stock dropped as much as 9.6% to a low of HK$57.2 compared with its offer price of HK$63.28. At market close, it last traded at HK$60 a share.

Luxshare's debut is the latest in a line of share offerings by Chinese technology and advanced manufacturing firms in Hong Kong, as they seek to fund expansion and research in electronics, chips and artificial intelligence.

Knowledge Atlas Technology 2513.HK, also known as Zhipu AI, launched a roughly $4 billion Hong Kong share placement on Wednesday with shares climbing another 11.3% on Thursday, while chipmaker Nexchip Semiconductor 2249.HK priced its Hong Kong listing this week to raise about HK$6.98 billion.

However, these offerings have run into a volatile market driven by a tech-stock pullback and renewed geopolitical tensions. A record wave of lock-up expirations after a strong first half for new listings is also casting a shadow.

Most of the six other Hong Kong debutants also received lukewarm welcomes on Thursday. Electronic test equipment maker Rigol 0537.HK and circuit-board tool maker DTech 1377.HK slid below their offering prices, while e-paper display maker DKE 1770.HK and ceramic electronic parts maker CCTC 6951.HK notched small gains.

Food company Qiyunshan Food 2797.HK surged nearly threefold to a high of HK$26 per share, while Rokae Robotics 3752.HK was up 15.2%.

"The underperformance of some new listings likely reflects a more cautious market backdrop and broader uncertainties surrounding global trade and geopolitics," said Chokwai Lee, a director at Morningstar.

The weak debuts show investors are growing more selective about richly valued companies, as well as a more cautious stance on the pace of AI adoption following a recent pullback in the chip rally, he added.

Chinese tech firms which listed in droves months ago are faced with investor profit-taking starting this month. MiniMax Group 0100.HK plunged as much as 18% on Thursday as the company's first large post-listing lock-up period expired, freeing up roughly 45% of its issued share capital for public trading.

APPLE SUPPLIER

Founded in 2004 by Wang Laichun and her brother, Wang Laisheng, Luxshare makes parts, modules and finished products used in consumer electronics, cars, communications gear and data centres.

Luxshare is one of Apple's AAPL.O largest suppliers. Its products include parts used in smartphones, laptops, smart wearables, wireless charging modules, routers and video-conferencing equipment.

The company, which is already listed in Shenzhen 002475.SZ with shares up 3.2% on the day, is raising money in Hong Kong to fund overseas growth, research and development, factory expansion and debt repayment.

Cornerstone investors, or large investors that agree to buy shares before listing, include Temasek-linked funds, HHLR Advisors, GIC, CPE, Greenwoods, Foresight Funds and Abu Dhabi Investment Authority, according to its listing prospectus.

Luxshare's net profit rose 24.6% to 18.17 billion yuan ($2.7 billion) in 2025, while revenue climbed 23.6% to 332.34 billion yuan, the prospectus said.

($1 = 7.8402 Hong Kong dollars)