HK Recently Listed Stocks Watch | LINGYI ITECH (01688.HK) 313 million cornerstone shares to be unblocked on 26 December, foldable phone supply chain sees order ramp-up

NewTimeSpace News, on 14 October 2026, consumer electronics shares traded with volatility while LINGYI ITECH (01688.HK) firmed. As of 13:50, the company quoted HKD 4.900, up 1.03%.

On the news front, on 10 October 2026, media reports indicated that Apple had made structural adjustments to its orders for the 2026 autumn new products: orders for its first foldable phone, the iPhone Duo, were raised by 30%, iPhone 18 Pro Max orders were increased by 10% to 15%, and iPhone 18 Pro orders were cut by 10% to 15%, leaving total shipments broadly flat, with iPhone Duo volumes after the increase still not exceeding 10 million units. LINGYI ITECH is a supplier to the iPhone Duo, providing Apple with core precision parts including hinge precision structural parts, display support plates and ultra-thin vapour chambers, with higher content value per unit than bar-type models. It also consistently supplies the iPhone 18 Pro Max with precision structural parts for the mainframe, customised VC vapour chambers, camera decorative rings and die-cut functional parts, covering both the foldable model and the high-end bar-type flagship through full-process manufacturing capabilities spanning die-cutting, stamping, CNC machining and metal injection moulding.

In addition, on 13 October 2026, media reports noted that Apple's first foldable phone, the iPhone Duo, will open for pre-orders on 16 October and go on sale on 23 October at a starting price of RMB 15,999; as of 14:00 on 12 October, more than 2.06 million people had signed up to snap one up on JD.com. The report, citing research data, also said first-week sales of the iPhone 18 Pro series in the Chinese market rose 12% from the same period of the previous generation, and that Apple's entry is expected to accelerate the foldable phone segment from a niche category to the mainstream, lifting the value content of key links including flexible OLED, hinges, precision structural parts and heat dissipation.

LINGYI ITECH (01688.HK) listed on the Main Board of the Hong Kong Stock Exchange on 26 June 2026 at an offer price of HKD 10.18, with 811,811,880 shares issued.

Regarding its shareholding structure, the lock-up period of all cornerstone investors of the company is six months, with the nearest release date falling on 26 December 2026, when a total of 313,241,280 shares held by 20 cornerstone investors including GF Fund, Kaide Global Investment and Qube will be released from lock-up, representing 38.59% of the shares under the global offering and approximately 3.86% of the company's total issued share capital immediately following completion of the global offering. In addition, under the lock-up undertakings of the company's controlling shareholders (Ms. Zeng Fangqin and Lingsheng Investment (Jiangsu) Co., Ltd., together holding 4,248,060,867 shares, or 52.32% of total issued share capital), the first six-month period expired on 25 December 2026, and the second six-month period is expected to expire in late June 2027.

In terms of financial performance, the company disclosed its first interim results after listing on 28 August 2026. For the first half of 2026, revenue was RMB 25.149 billion, up 6.45% year on year; gross profit was RMB 4.206 billion, up 18.07% year on year; gross margin was 16.73%, up 1.65 percentage points from a year earlier; net profit attributable to shareholders was RMB 764 million, down 17.88% year on year; net profit excluding non-recurring gains and losses was RMB 389 million, down 35.83% year on year; basic earnings per share was RMB 0.11; and net cash flow from operating activities was RMB 1.71 billion, up 2.20% year on year. The company proposed a cash dividend of RMB 0.2 per 10 shares (tax inclusive).

LINGYI ITECH (01688.HK) focuses on high-precision smart manufacturing for electronic equipment, providing global customers with one-stop manufacturing services and solutions including precision functional parts, structural parts and modules, with products covering AI phones and foldable phones, AI PCs and tablets, AI glasses and XR wearables, AI servers, robots, automotive and low-altitude economy, thermal management (heat dissipation), imaging display, battery power, sensors and related modules, materials and boutique assembly. The company has built a comprehensive solution and smart manufacturing service system spanning core components, functional modules and boutique assembly, and its A shares are listed on the Shenzhen Stock Exchange (002600.SZ).

SHENGANG SECURITIES believes that competition in foldable display technology has shifted towards thinness and lightweight design, low creasing and long-term reliability, and that crease improvement no longer relies solely on hinges or a single material but is moving towards the coordinated design of ultra-thin flexible glass (UTG), optically clear adhesive (OCA), OLED modules and support structures, controlling stress distribution in the bending area through matching material modulus, thickness distribution and stacking positions.

CHINA GALAXY SECURITIES believes that, under the dual catalysts of "foldable screens plus on-device AI", the valuation of the consumer electronics supply chain needs to be reassessed, and that the per-unit value content of Apple's first foldable phone is significantly higher than that of bar-type models, making related foldable supply chain segments worth close attention.