700 million yuan, the richest woman in Hunan has made another move.

The Hong Kong stock market has witnessed a highly - watched industrial merger and acquisition.

Lens Technology announced that the company intends to conditionally acquire approximately 27.81% of the issued shares of Juteng International Holdings Limited, with a total transaction consideration of approximately HK$734 million. Calculated at the acquisition price of HK$2.20 per share, it represents a discount of approximately 45.68% compared to the closing price of HK$4.05 before Juteng International's suspension of trading, almost equivalent to a "half - price acquisition".

This transaction quickly caught the market's attention and also redirected the outside world's focus to Lens Technology and its helmsman, Zhou Qunfei.

Not long ago, Zhou Qunfei received wide attention for attending a state banquet. During the banquet, the picture of her sitting between Elon Musk and Tim Cook once went viral on the Internet. Behind her, Lens Technology is an important supplier of Apple iPhone touchscreens and Tesla central control screens, and is also one of the core enterprises in Huawei's folding - screen industrial chain.

It is worth mentioning that as one of the representatives of entrepreneurs in China's consumer electronics manufacturing field, Zhou Qunfei went from being a "migrant worker girl" from a mountain village in Hunan to founding a listed company with a market value of tens of billions and becoming the richest woman in China. Her entrepreneurial story is also a classic example of the rise of China's manufacturing industry.

Now, as Lens Technology makes another move in mergers and acquisitions, the capital map of this "Queen of Made in China" is quietly expanding.

Acquire the leader in computer casings at half - price

Judging from the transaction price, this acquisition can be regarded as a low - level layout by Lens Technology.

According to the announcement, Lens Technology is acquiring Juteng International's shares at a price of HK$2.20 per share, while the closing price before Juteng International's suspension of trading was HK$4.05.

According to the Hong Kong "Code on Takeovers and Mergers", a mandatory general offer will be triggered after the completion of this transaction. Lens Technology plans to make a conditional voluntary general cash offer to all shareholders of Juteng International. After the offer is completed, the voting rights corresponding to the shares it holds and the shares accepting the offer will exceed 50%, thus becoming the new controlling shareholder of Juteng International.

Based on Juteng International's current market value of approximately HK$3.588 billion, Lens Technology only spent approximately HK$734 million to acquire 27.81% of the shares. In other words, Lens Technology almost "bottom - fished" a listed company at half - price.

The acquired company is no ordinary one. Founded in 2000, Juteng International is one of the world's leading manufacturers of structural components for 3C products, mainly engaged in the production and sales of notebook computer casings and handheld device casings. The company has approximately 40,000 employees, and its production bases cover East and South China as well as Taiwan, China. It mainly serves well - known domestic and international brand manufacturers and OEM and ODM contract manufacturers. According to public information, the company's global market share in notebook computer casings exceeds 31%, ranking among the top in the industry for a long time, and it was listed on the Hong Kong Stock Exchange in 2005.

However, with the slowdown in the growth of the global PC market and the intensification of industry competition, Juteng International has faced significant pressure on its performance in recent years. The financial report shows that in 2025, the company achieved revenue of HK$5.731 billion, a year - on - year decrease of 4.9%. Although the gross profit increased by 54.8% to HK$268 million, the loss attributable to the company's shareholders still reached HK$493 million, and it has not yet emerged from the continuous loss situation.

It is precisely against this background that Lens Technology was able to enter this industry leader at a relatively low price.

Regarding this acquisition, Lens Technology told the media that this move is mainly based on the company's long - term strategic layout in the field of AI precision manufacturing. On the one hand, Juteng International has mature manufacturing capabilities, high - quality customer resources, and a global industrial layout, which can help Lens Technology further expand its market channels; on the other hand, Lens Technology also hopes to leverage its own advantages in precision manufacturing, automated production, and supply chain management to improve Juteng International's operational efficiency and profitability, and achieve synergistic development in technology, customers, and production capacity between the two parties.

The "strongest migrant worker girl" from Hunan

When it comes to the characteristics of people from Hunan, people often think of the evaluation, "able to endure hardship and be tenacious".

In the Hunan dialect, "be tenacious" describes a spirit of not admitting defeat and not resigning to fate. Zhou Qunfei precisely has this distinct characteristic. Her cousin Zhou Xinyi once commented to the media: "In Hunan dialect, we describe a woman like her as 'be tenacious', which means that a person has the courage to do things that others dare not do."

Born in a rural area of Xiangxiang, Hunan in 1970, Zhou Qunfei dropped out of school at the age of 16 due to family difficulties and went south to work in Guangdong. During that time, she worked while attending night school, self - studying accounting and obtaining a customs declarant qualification certificate. When recalling this experience, she once said a widely - circulated sentence: "Opportunities are always reserved for those who are prepared."

In 1993, Zhou Qunfei took out HK$20,000 saved over the years and rented a factory building near her former employer to start a business with several relatives. Starting from screen printing and watch glass processing, this humble small workshop was the prototype of what would later become Lens Technology.

Relying on high - quality products, Zhou Qunfei won orders from many large enterprises, including TCL. It wasn't until the era of smartphones that Zhou Qunfei and Lens Technology completely changed their fates.

In 2007, Apple was looking for a thinner, stronger, and more wear - resistant glass panel material for the first - generation iPhone. To meet the requirements, the R & D teams of both sides worked continuously for three months and finally successfully developed the glass panel for the first - generation iPhone and achieved large - scale mass production.

With the explosive sales of the iPhone, Lens Technology quickly grew into the world's leading enterprise in consumer electronics glass covers. The company's revenue increased from 890 million yuan in 2009 to 17.2 billion yuan in 2015, nearly 20 times in six years, with an average annual growth rate of over 50%.

In 2015, Lens Technology was listed on the Shenzhen Stock Exchange, raising funds of 1.549 billion yuan. After the listing, the company's stock price had 12 consecutive daily limit up, and the market value once exceeded 100 billion yuan. The prospectus showed that the company's net profit after deducting non - recurring gains and losses reached 1.543 billion yuan that year. Zhou Qunfei successfully became the richest woman in China.

However, the hidden danger of over - reliance on Apple soon became apparent. In 2016, affected by the decline in Apple's product sales, Lens Technology's net profit decreased by nearly 30% year - on - year. This made Zhou Qunfei realize that the growth model driven by a single customer was difficult to support the long - term development of the enterprise.

Since then, Lens Technology has actively sought a second growth curve "beyond Apple".

On the one hand, the company has continuously expanded its consumer electronics customer base; on the other hand, it has turned its attention to the new energy vehicle and intelligent terminal markets.

In 2018, Lens Technology invested 1.76 billion yuan to build a large - scale window protection glass project in Dongguan and started the construction of a new production base in Xiangtan, beginning to layout products such as central control screens, vehicle - mounted glass, and appearance decorative parts around the automotive industry. The following year, the company further strengthened its automotive business layout, for the first time systematically disclosing product matrices such as vehicle - mounted glass, central control screens, rear - view mirrors, and structural parts in its annual report, and Tesla also appeared on its list of core cooperation customers for the first time.

After years of investment, the automotive business has gradually grown into an important growth pole for Lens Technology. In 2025, Lens Technology completed its secondary listing on the Hong Kong Stock Exchange. The data disclosed by the company shows that its market shares in the consumer electronics solution and intelligent vehicle solution fields reached 13.0% and 20.9% respectively. The automotive business, which started from scratch, achieved revenue of 6.462 billion yuan that year, a year - on - year increase of 8.88%.

This makes it easy to understand why Zhou Qunfei became the "woman between Musk and Cook" in the state - banquet group photo.

Enter the new tracks of AI and embodied intelligence

However, the impact of the cyclical fluctuations of major customers on Lens Technology cannot be ignored.

After the release of the first - quarter financial report in 2026, the market sentiment was significantly under pressure. During the reporting period, the company achieved revenue of 14.140 billion yuan, a year - on - year decrease of 17.13%; the net profit attributable to the parent company changed from a profit of 429 million yuan in the same period of the previous year to a loss of 150 million yuan, a year - on - year decline of 134.88%.

Regarding the decline in performance, Lens Technology explained that it was mainly affected by the decrease in revenue from the smartphone and computer businesses.

Currently, Lens Technology has to actively promote the reshaping of its business structure. The company said that the period from 2025 to 2026 is defined as the strategic transformation window period for the company. Lens Technology has completed its layout around four major directions: AI intelligent terminals, embodied intelligence, AI servers, and commercial space, and has actively shrunk some inefficient businesses to accelerate the transformation of old and new driving forces.

In recent years, Lens Technology has quietly entered the supply chains of many leading robot enterprises. From the service robots of Zhipu Robotics to the robot dogs of Yuejiang Technology, and then to the Glory robots that appeared in the Beijing Yizhuang Humanoid Robot Marathon this year, the components and manufacturing services provided by Lens Technology can be seen behind them. In 2025, the revenue of Lens Intelligent Robot, a holding subsidiary of the company, exceeded 1 billion yuan, becoming a new growth point.

Meanwhile, Lens Technology has also continuously increased its R & D investment in fields such as folding - screen mobile phones, AI glasses, and aerospace - grade UTG ultra - thin glass. In 2025, the company achieved the assembly of AI glasses for domestic leading customers and the large - scale mass production and delivery of precision components for overseas leading customers.

In addition to investing in R & D on its own, Zhou Qunfei is also rapidly expanding the industrial map through investment and mergers and acquisitions.

At the end of 2025, Lens Technology announced its intention to acquire 95% of the equity of Yuanshi Technology, a supplier of NVIDIA; in December of the same year, the company also announced the acquisition of 100% of the equity of Peimeigao International. The latter is mainly engaged in server cabinets, structural parts, and liquid - cooled heat dissipation modules and is an important participant in the AI server industrial chain. Lens Technology said that this acquisition will help the company quickly obtain mature server cabinet technology, customer certification systems, and liquid - cooled heat dissipation system integration capabilities, thereby enhancing its competitive advantage in the field of AI computing infrastructure.

Meanwhile, in the field of industrial investment, Lens Technology has also participated in the financing and IPO projects of companies such as the brain - computer interface enterprise Qiangnao Technology and the intelligent driving enterprise Xidizhijia, continuously extending its reach into the field of cutting - edge technology.

This article is from the WeChat official account "Dongshisitiaojie Capital" (ID: DsstCapital), author: Wei Xianghui, published by 36Kr with authorization.