Another female billionaire worth over 100 billion has emerged.

Schematic diagram

Since early April, the stock price of Luxshare Precision Industry Co., Ltd. has risen by more than 55%.

On May 11, the market value of Luxshare Precision reached a record high of 554.2 billion yuan. Wang Laichun, the helmswoman of Luxshare Precision, holds 18.75% of the shares, and her net worth has exceeded 100 billion yuan, making her another self - made female billionaire in China.

If the rise since April is because Luxshare Precision "stands in the spotlight", the short - term sharp rise in the stock price may be related to an acquisition announcement.

On May 10, the announcement showed that Luxshare Precision plans to acquire all the equity of Jingxi Zhixing Group, indirectly obtaining about 59.50% of the shares of Jingxi International, and is expected to become its ultimate controlling shareholder. This is another key capital move by Luxshare Precision in the automotive field after its acquisition of Leoni in Germany two years ago.

An Apprentice of Terry Gou

The story of Luxshare Precision is often described as a script of a "factory girl" making a counter - attack to become a female billionaire. In fact, simply labeling the founder Wang Laichun as a "factory girl" is like only regarding Luxshare Precision as a contract manufacturer.

Different from the backgrounds of today's entrepreneurs, Wang Laichun is neither a genius girl nor a returnee elite. She was born in the Chaoshan area in the late 1960s. At that time, both material and ideological resources were extremely scarce. As a rural girl, she tasted the hardships of survival at an early age.

In 1988, when the reform and opening - up was in full swing, 21 - year - old Wang Laichun chose to look for a job in the bustling Shenzhen. Coincidentally, Terry Gou came to the Chinese mainland to start a business, so she became one of the first 150 employees of Foxconn.

Early Foxconn was called a "sweatshop" by the outside world. Workers worked in two shifts on the assembly line, standing for 12 hours a day was common. After a tiring day, they had to wait to take a shower. Many people couldn't stand the hardship and left after a few months, but Wang Laichun insisted on staying, and she stayed for ten years.

During these ten years, Wang Laichun not only became the highest - ranking female supervisor among mainland employees but also absorbed a lot of experience in the consumer electronics industry like a sponge, growing into Terry Gou's most outstanding student.

One detail is that she almost replicated the Foxconn model at Luxshare. The factory management is militarized, and even Terry Gou's management quotes are hung in the workshop. Regarding the success of his "apprentice", Terry Gou once publicly commented: "Foxconn has created many billionaires in the Chinese mainland, and Wang Laichun is the most representative one!"

In 1999, affected by the financial crisis, many Hong Kong companies went bankrupt. Wang Laichun seized the opportunity and resolutely resigned from her high - level position at Foxconn. She and her brother Wang Laisheng jointly acquired Hong Kong Luxshare. Her family opposed this risky move, and her mother even hid the family's cash and bank passbooks.

However, this was not an impulsive move by Wang Laichun. In the early days of Luxshare, Wang Laichun chose to rely on Foxconn for survival. "Wherever Foxconn goes, Luxshare follows", specifically taking on orders that Foxconn couldn't handle at the moment: low - margin and high - difficulty ones. She did whatever Foxconn gave her, and Foxconn had the final say in pricing.

So for a long time after its establishment, Foxconn has always been Luxshare's largest customer. This relationship also made Foxconn more and more dependent on Luxshare. Therefore, Terry Gou's brother also invested in Luxshare.

In 2004, Wang Laichun founded Luxshare Precision Industry Co., Ltd., began to independently develop its own customers and conduct independent product R & D, and gradually moved towards high - end product lines. Nevertheless, when Luxshare Precision went public in 2010, Foxconn still contributed half of its sales.

The Cook Era

If Luxshare Precision before 2010 was still a standard "mini - Foxconn" and was still starting a business within Wang Laichun's comfort zone, then the development of Luxshare Precision after 2010 completely depends on Wang Laichun's wisdom and capital layout.

Therefore, there is a saying in the industry that the real entrepreneurial journey of Luxshare Precision started in 2011.

In this year, the listed Luxshare Precision had abundant cash. At this time, Wang Laichun was no longer satisfied with contract manufacturing. She invested all the money she earned into more difficult technical fields, seeking transformation on one hand and starting to "de - Foxconnize" on the other.

Also in this year, a once - in - an - era opportunity emerged in the contract manufacturing field.

In 2011, Tim Cook took over Apple and promoted supply - chain diversification. Wang Laichun realized that with the new leader taking office, Apple was bound to adjust its layout and support its trusted partners. If Luxshare could enter the "Apple supply chain" and gain Cook's favor at this time, it was expected to get rid of the situation of relying on externally overflowed orders.

So, she launched a series of radical mergers and acquisitions of "trading capital for technology".

The first shot of the merger and acquisition was fired at Kunshan Liantao Electronics. Luxshare Precision spent 1.18 billion yuan to acquire 60% of its equity. This move avoided Apple's complex assessment mechanism, enabling Luxshare Precision to smoothly enter the Apple supply chain.

This merger and acquisition case was just the beginning. In 2016, it acquired 51% of the equity of Suzhou Meite. Relying on Suzhou Meite's years of accumulation in the acoustic field, Luxshare entered the acoustic field and got the production opportunity of Apple AirPods the next year.

It is reported that at that time, Apple's AirPods were mainly produced by Taiwan - based Inventec, but Inventec's production efficiency was very low, and there were often supply delays. After getting the order, Luxshare Precision solved the problem of low production efficiency of AirPods and finally became the world's largest supplier of AirPods.

In July 2020, Luxshare Precision acquired two companies, Jiangsu Wistron and Kunshan Wistron, and officially entered the iPhone contract manufacturing field. It became the first mainland Chinese and the third global iPhone whole - machine manufacturer, breaking the monopoly pattern of Foxconn and Pegatron. In 2021, it received part of the orders for the iPhone 13 for the first time, achieving a key transformation from a component supplier to a whole - machine assembler.

In 2021, Luxshare Precision had developed into a global consumer electronics giant with a revenue of over 150 billion yuan, and Apple's business accounted for 70% of its total business.

At this time, however, Wang Laichun launched three five - year plans to comprehensively develop businesses in consumer electronics, automotive, communication, industry, medical care, etc., and set a strategic goal of ranking among the top ten in the global Tier 1 business in the automotive field. She also proposed to reduce the revenue proportion of a single customer (which is Apple) to less than one - third within ten years.

Later, some analysts said that Wang Laichun was so determined because she saw the fate of O - Film, an Apple supplier. In March 2021, O - Film was kicked out of the Apple supply chain. Due to its over - reliance on Apple, it was severely hit.

Now it seems that the effect of Luxshare Precision getting rid of the "Apple supply - chain dependence" is also very obvious. From 2021 to 2025, the proportion of Apple's contribution to its performance was 74%, 73%, 75%, 71%, and 57% respectively.

Throughout the Cook era, Luxshare Precision accompanied Apple for 15 years. Its business covered all of Apple's business lines, and its revenue increased from 2.56 billion yuan to 332.34 billion yuan, and its market value also increased nearly 40 times. Now that Cook is about to retire, Luxshare Precision has found new growth engines such as automotive electronics and communication business.

In a way, this is also another kind of perfection.

After 16 Years of Listing, Her Net Worth Has Increased by 100 Billion

Speaking of the acquisition of Jingxi International mentioned at the beginning, the reason why this deal can directly drive up the stock price of Luxshare Precision is directly related to the "strategic goal of ranking among the top ten in the global Tier 1 business" mentioned above.

Previously, Luxshare Precision's automotive business was mainly concentrated in the fields of "wiring harnesses" and "connectors", while Jingxi International's advantage lies in suspension systems and braking systems. This acquisition directly made up for Luxshare Precision's shortcoming in the chassis domain actuators.

More importantly, Jingxi International has globally scarce technologies such as magnetorheological suspension and by - wire braking inherited from Delphi, and also has customers such as European top - tier automakers like BMW and Porsche. You know, the chassis certification cycle is as long as 3 to 5 years, and the technical barriers are extremely high. Through this acquisition, Luxshare has bought a time difference and directly obtained the "admission ticket" to these high - end customers.

According to last year's financial report, automotive electronics, as the second growth curve, has achieved an explosive leap. The revenue of this segment reached 39.255 billion yuan, a year - on - year increase of 185.34%. The revenue proportion quickly increased to 11.81%, becoming the most powerful growth engine for Luxshare Precision.

Of course, the record - high market value on May 11 is also inseparable from the continuous positive news since the end of April, which has driven up the stock price.

On April 27, Luxshare Precision had another daily limit, reaching a maximum of 72.6 yuan, setting a record high, and its total market value exceeded 520 billion yuan. On that day, Tianfeng International analyst Guo Mingji exclusively revealed that OpenAI plans to develop its own mobile phones, and Luxshare Precision has become the exclusive partner for system joint design and manufacturing. At the same time, the company predicted that its net profit attributable to the parent company in the first half of 2026 would be between 7.84 billion and 8.106 billion yuan, a year - on - year increase of 18% - 22%.

On this basis, Luxshare Precision recently disclosed that it will continue to increase R & D investment and capacity layout for core products such as copper - optical interconnection, heat dissipation, and power supplies. With the superposition of popular concepts, Luxshare Precision has received real - money votes from capital.

From a market value of less than 7 billion yuan when it went public in 2010 to a giant with a market value of 554.2 billion yuan today, Luxshare Precision has achieved a 79 - fold increase in market value in 16 years. And Wang Laichun's net worth has increased from 2.3 billion yuan on the day of listing to 103.9 billion yuan, achieving a wealth increase of over 100 billion.

However, this is not the peak of Wang Laichun's net worth. After all, Luxshare Precision has submitted a listing application to the Hong Kong Stock Exchange, aiming for A + H listing, and is expected to be listed on the Hong Kong Stock Exchange in the second half of this year.

By then, the "Number One in the A - share Apple Supply Chain" will launch an impact on the global technology manufacturing leader. More importantly, as the world's only enterprise that simultaneously deploys consumer electronics, automotive, and optical communication industries, its capital premium will be further released, and a new chapter in Wang Laichun's story will begin.

This article is from the WeChat official account "China Venture Capital", author: Zhang Xue, published by 36Kr with authorization.