List Announcement | Frost & Sullivan Supports Guangdong Liyuzhi Co., Ltd. in Successfully Listing in Hong Kong (1688.HK)

Guangdong Lingyi Precision Manufacturing Co., Ltd. successfully went public on June 26, 2026. The company plans to issue 811,811,880 H-share shares, of which 730,630,560 shares will be offered internationally and 81,181,320 shares will be offered publicly. The issue price per share is HK$10.18, raising approximately HK$8.26 billion in net funds.

During the listing process in Hong Kong, Frost & Sullivan performed the following key tasks: helping the issuer accurately and objectively understand its position in the target market, using objective market data to identify, support, and highlight the issuer’s competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing important sections of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, etc.), helping the issuer communicate with the Stock Exchange and investors, and assisting investors in quickly understanding the market ecosystem and competitive landscape, as well as providing feedback on various industry-related issues from the Stock Exchange to the issuer.

Frost & Sullivan has always been a leader in helping companies list in Hong Kong. According to LiveReport Big Data (statistical data as of March 31, 2026), over the past 36 months and 12 months, and from January to March 2026, Frost & Sullivan provided listing industry consulting services for 195 (market share: 71%), 101 (market share: 73%), and 30 (market share: 77%) Hong Kong IPO listings, ranking first in terms of number of services provided. It possesses rich industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and related organizations.

• The company is a global leading high-precision intelligent manufacturing platform for electronic devices, possessing leading technical advantages in key areas such as batteries, thermal management, and fast charging.

• With a comprehensive product portfolio, the company seizes opportunities in industry transformation, focusing on core areas such as humanoid robots,AI glassesXR devices, foldable screen devices, and servers.

• The company has a management team with a global perspective, entrepreneurial spirit, and vision to lead the industry’s future.

• The company possesses end-to-end manufacturing technology and intelligent manufacturing innovation capabilities, achieving several original technological advancements from "0" to "1".

• The company is a long-term partner of global leading enterprises, establishing stable and mutually beneficial relationships.

• The company is one of the enterprises with the widest global layout within the high-precision intelligent manufacturing platform for electronic devices.

According to Frost & Sullivan report:

• Based on 2025 revenue, the company ranks third in the global high-precision intelligent manufacturing platform industry for AI terminal devices, with a market share of 1.6%.

• Based on 2025 revenue, the company ranks first in the global high-precision functional components industry for AI terminal devices, with a market share of 7.0%.

• Company’s humanoid robot customers and partners include some of the top five manufacturers in terms of global shipments in 2025.

• The company covers 100% of major mid-to-high-end smartphone brand customers in the world and mainstreamfoldable screen devicemanufacturer customers.

Core electronic devices refer to smart hardware with intelligent interaction and sensing capabilities, including smartphones (including foldable screen devices), tablets, laptops, smart wearables, AI glasses, and XR devices such as AI terminal devices, enterprise-level commercial servers, and innovative products (such as smart robots). Through high-performance computing platforms, intelligent operating systems, and multi-modal interaction methods, these core electronic devices drive innovation in human-machine interaction experiences and accelerate the application of AI technologies in daily life and industry.

The high-precision intelligent manufacturing platform industry for core electronic devices refers to an integrated manufacturing system targeting AI terminal devices, enterprise-level commercial servers, and smart robots, integrating advanced intelligent manufacturing processes (precision processing technology, rapid prototyping technology, automatic control technology) and digital technologies. Companies in this industry focus on the research, design, production, and processing of high-precision components, which can be divided into functional components and structural components. Functional components are parts that achieve core functions such as connection, buffering, thermal management, sealing, electrical conductivity, electromagnetic shielding, and insulation under complex conditions. Structural components provide mechanical support and protection for internal modules such as frames, brackets, and casings. Manufacturers build efficient, stable, and scalable production through automated production, intelligent quality control, and flexible scheduling, meeting the needs of downstream products in terms of lightweightness, durability, thermal management, and multi-functional integration. These high-precision hardware components are key supports for the development of core electronic devices.

Continuous growth in AI computing power and increasing applications drive demand for high-precision intelligent manufacturing of AI terminal devices, AI computers, AI glasses, and XR devices. Platform manufacturers, leveraging their experience in intelligent manufacturing, offer integrated solutions, and innovate core technologies in advanced thermal management and new material applications. AI terminal devices require higher performance, thinness, and multi-functional integration, driving innovation in materials, manufacturing processes, and precision functional components. Looking ahead, the development of new hardware categories such as foldable screen devices, AI glasses, and XR devices will further drive hardware toward thinner, higher performance, and better heat dissipation. The following chart shows historical and forecasted revenues for the global high-precision intelligent manufacturing platform industry for AI terminal devices from 2021 to 2030.

The high-precision functional components industry for AI terminal devices is a fundamental and indispensable part of the high-precision intelligent manufacturing platform industry for AI terminal devices (providing key hardware foundation). The following chart shows historical and forecasted revenues for the global high-precision functional components for AI terminal devices from 2021 to 2030.

In recent years, the smart robot market has developed rapidly driven by industrial manufacturing upgrading, labor structure changes, and AI technological breakthroughs, evolving into diversified forms such as service-oriented, industrial, and humanoid types. Current smart robots exhibit stronger self-learning and collaboration abilities in perception, decision-making, and execution, requiring higher demands for lightweight structures, precise movements, and high-speed responses. This trend drives technological evolution of core hardware, with related components typically featuring high precision, high integration, and high stability, demanding high manufacturing accuracy and consistency. Based on hardware upgrades, process optimization, and continuous improvement of intelligent manufacturing systems, smart robot high-precision intelligent manufacturing platforms meet large-scale, high-precision manufacturing needs, enhancing the performance, stability, assembly accuracy, and overall intelligence of smart robots. The application of smart robots in diverse scenarios such as manufacturing, logistics, and healthcare continues to expand, accelerating the demand for large-scale, standardized, and high-consistency production of precision components and modules. Additionally, rapid iteration of robot architectures and application scenarios drives continuous demand for flexible and platform-based manufacturing, supporting further growth in the industry. The following chart shows historical and forecasted revenues for the global smart robot high-precision intelligent manufacturing platform industry from 2021 to 2030.

The high-precision intelligent manufacturing platform market for enterprise-level commercial servers includes core components and functional modules. In recent years, benefiting from growing computing power demand and the rapid expansion of global AI giants and large cloud providers in ultra-large-scale high-power data centers, this market has expanded rapidly. Looking ahead, with continued growth in demand for high-performance AI computing infrastructure, this market is expected to expand further.

● Innovation in electronic devices drives value restructuring in the AI terminal device industry

The AI terminal device market is showing a mild recovery, with foldable screen devices, AI glasses, and XR devices being key drivers. These products accelerate the upgrade of high-precision hardware technology and shift competition from cost and efficiency to forward-looking technology reserves and collaborative innovation.

Foldable screen devices: Due to their high technical barriers and high value-added characteristics, foldable screen devices have become a new growth point and important opportunity in the smartphone market. By integrating flexible displays, multi-axis hinges, and support layers, these products enable screen folding while placing higher requirements on display support components, hinge parts, rotating modules, and lightweight high-strength materials. As penetration increases, companies with precision hinge processing, CNC processing, stamping,MIMand automated assembly capabilities are expected to achieve sustained growth.

AI glasses: AI glasses combine AI technology with traditional glasses, offering real-time voice interaction, image recognition, and navigation, providing users with convenient intelligent experiences. These products integrate cameras, sensors, and display modules, and require end-side AI computing power and local reasoning in a lightweight form, posing higher demands on manufacturers' capabilities in thermal management, precision structural components, and functional module integration. The emergence of AI glasses accelerates the development of precision and modular manufacturing systems and raises the technical barrier for the entire industry.

● Computing power surge drives growth in enterprise-level commercial server market size

Driven by the rapid expansion of large-scale AI training and inference, global computing power demand has surged, prompting large cloud providers to accelerate deployment of high-power data centers, and increasing global data center capital expenditure from over $500 billion in 2025 to over $3 trillion in 2030. Continued rising power consumption of commercial server chips, along with increasingly strict energy efficiency regulations in major global regions for AI data centers, are accelerating the industry’s transition from traditional air cooling to liquid cooling solutions. Meanwhile, cabinet power density has increased from below 10 kilowatts to over 200 kilowatts, significantly boosting the demand for server thermal management systems and power modules. Since AI computing centers require high-precision manufacturing, thermal performance, and long-term reliability, manufacturers with early technical advantages in high-precision server hardware are expected to gain a first-mover advantage in the enterprise-level server market.

● Application expansion of smart robots drives upgrade in high-precision hardware demand

Driven by progress in large-scale AI models, smart robots are rapidly entering industrial, professional service, and consumer scenarios due to their realistic perception and interaction capabilities, ergonomic structural design, and natural movement performance. Notably, improvements in performance, stability, and safety of humanoid robots, combined with rising global labor costs and accelerated industrial automation, are driving strong market growth. The widespread application of smart robots directly increases demand for high-precision components, while also imposing higher requirements on manufacturers' capabilities in lightweightness, durability, and modular design. Through the manufacturing capabilities of high-precision components and functional modules, companies can support the stability, precision, and reliability of smart robots during operation, thereby enabling continuous evolution and technological advancement in the smart robot industry.