Shares of Chinese electronics maker Luxshare fell more than four percent during its first day of trading in Hong Kong on Thursday. The company raised about 3.1 billion dollars, marking the largest listing in the city this year. Luxshare set its share price at 63.3 Hong Kong dollars each to support upgrades at its production sites and smart manufacturing systems. The stock slipped to 60.6 Hong Kong dollars in morning trade. The debut exceeded the 2.6 billion dollar April offering by Chinese circuit board firm Victory Giant Technology. Chief executive Wang Laichun, a former assembly worker at Foxconn, noted that long-term expansion came from steady technology improvements amid China’s industrial shifts. Founded in 2004 and already listed in Shenzhen, Luxshare ranks as China’s top provider of precision intelligent manufacturing solutions and fifth worldwide per Frost & Sullivan. The company also makes automotive electronics along with communication and data center products. Its prospectus outlined plans to pursue opportunities in AI terminals, 3D printing, low-altitude economy sectors and robotics. Hong Kong’s exchange hosted five additional Chinese technology and manufacturing companies on Thursday, such as electronic parts maker Chaozhou Three-Circle and drill bits firm Dtech Technology. The hub has seen roughly 100 new listings this year and handled over 520 applications.
