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Apple supplier Luxshare to fund output boost with $2bn stock issue

Chinese manufacturer expected to build new lines for AirPods and EV parts

Luxshare both supplies parts for and assembles iPhones in China.   © Reuters

GUANGZHOU -- Chinese contract electronics manufacturer Luxshare Precision Industry plans to raise as much as 13.5 billion yuan ($2.13 billion) through a private share placement, with the money going toward new production facilities for Apple and electric vehicle parts.

The company will issue 2.12 billion shares to up to 35 investors, pending approval from shareholders and Chinese authorities. The issuance is equivalent to 30% of current outstanding shares.

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