估值225亿，“立讯家族”冲刺下一个IPO

Core Insights - Lijing Innovation Technology Co., Ltd. has officially submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to capitalize on its position as the largest consumer electronics camera module supplier in China, with a valuation of 22.5 billion [2][5][7] - The company is backed by the "Luxshare family," with significant involvement from prominent investors such as Hillhouse, Sequoia, IDG, and others, indicating strong market interest [3][5][7] - Lijing Innovation has rapidly grown by replicating the successful strategies of Luxshare Precision, particularly through acquisitions, and has established itself as a key player in the "fruit chain" supply chain [9][10][17] Company Background - Founded in 2018, Lijing Innovation is led by Wang Laixi, who has a background in Luxshare Precision, where he served as General Manager [3][4] - The company initially gained attention by acquiring the camera module division of Lite-On Technology for $360 million, which allowed it to enter the supply chain for major smartphone manufacturers like Huawei [4][10] Financial Performance - Lijing Innovation has completed five rounds of financing before its IPO, raising over 5.2 billion RMB, with a post-investment valuation reaching 22.5 billion RMB [5][7] - The company reported revenues of 12.75 billion RMB, 15.25 billion RMB, and projected revenues of 27.91 billion RMB for 2022, 2023, and 2024 respectively, with a significant portion of revenue coming from major clients like Apple [12][15][16] Market Position - According to Frost & Sullivan, Lijing Innovation ranks second globally and first among Chinese manufacturers in the consumer electronics camera module sector, with a strong presence in high-end smartphone camera modules [9][10] - The company has diversified its product offerings and is expanding into emerging fields such as automotive electronics and smart devices [9][11] Future Plans - The IPO proceeds are intended for R&D in precision optical products, upgrading smart manufacturing platforms, and expanding into upstream quality targets within the industry [16][17] - Lijing Innovation's strategy includes further acquisitions to enhance its market share and operational capabilities in various sectors, including automotive and industrial vision [11][12]