China's Lingyi iTech priced its Hong Kong initial public offering at HK$10.18 per share, aiming to raise about HK$8.3 billion ($1.06 billion), part of which it plans to use for expanding its AI capacity. The Apple supplier wrote in its prospectus that about 37.6% of the IPO proceeds, or roughly HK$3.07 billion, would be marked for enhancing production capacity and upgrading core manufacturing processes, including around HK$1.71 billion to strengthen manufacturing in emerging areas such as high-density AI servers, humanoid robot hardware and AI optical communication infrastructure over the next three years. Lingyi expects to announce the level of investor demand and allocation results on June 25, with trading scheduled to begin on the Hong Kong Stock Exchange at 9:00 a.m. local time on June 26. Founded in 2006 by billionaire Zeng Fangqin, the company supplies parts for smartphones, tablets and laptop computers, and counts Apple, Huawei and Samsung as its customers.