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- A major beneficiary of the new iPhone launch is sliding under the radar.
- His company, Luxshare Precision, started out making phone cords, and now makes full devices.
- It’s doing so well with Apple that the likes of OpenAI are now knocking, pushing shares higher.
You probably don’t who Wang Laisheng is.
He’s a billionaire, but he doesn’t have that top-level name-brand recognition like a Musk or Bezos. He’s not snatching headlines every day.
Even if you’re unfamiliar, chances are you’ve used one of his products. In fact, you’re probably using one right now.
Wang is the cofounder and vice chairman of Luxshare Precision Industry, a China-based manufacturer that originally made cables and accessories for Apple products before getting the bump up to start assembling the company’s golden goose: phones.
He’s had a great week in the market, with his fortune jumping significantly in the days since the launch of the iPhone 17 — a period that’s seen Luxshare stock spike 32%. Shares are listed on China’s Shenzhen Stock Exchange, and the company is reportedly eyeing a Hong Kong listing this year.
According to Forbes data, Wang’s net worth is now $14.3 billion. That’s up from $9 billion as of last Thursday’s close, before the iPhone 17 launch. He added $788 million to his net worth on Wednesday alone as Luxshare stock rose another 7%.
Luxshare was asked by Apple last week to boost its daily production of the iPhone 17 by around 40%, according to a report from The Information on Sept. 19, the same day the new iPhone went on sale. This added to the positive momentum of the product launch.
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Another bullish driver has materialized over the same timeframe, with The Information also reporting that Luxshare signed a deal with OpenAI to produce a consumer AI device.
Bloomberg Intelligence analyst Steven Tseng sees this as a positive sign for the long-term health of Luxshare, saying it “could be a fresh, long-term growth driver and diversify the company’s revenue stream beyond Apple.”
Moral of the story: if you do a job well for Apple, then other tech titans will eventually come knocking. And if Luxshare continues growing as expected, so will Wang’s wealth.