Visionary Leaders
They measure the business empire from the commanding heights of the era.
Wang Laichun
“There are no shortcuts in precision manufacturing, and every screw must be made to perfection.”
In 1988, at the age of 21, she became one of the first female assembly line workers at Foxconn. After ten years at Foxconn, she reached the highest position among mainland employees. In 2026, she became China's richest woman with a net worth of 85.5 billion, and the company's market value was 554.2 billion. Wang Laichun: Those who can fly with the phoenix must be handsome birds. On May 11, 2026, Luxshare Precision's market value hit a record high, reaching 554.2 billion yuan. Founder Wang Laichun holds 18.75% of the shares, and his net worth exceeds 100 billion. And 37 years ago, she was just an ordinary female worker on the assembly line of a factory in Shenzhen, and her salary was calculated based on working hours. She didn't come up in the elevator, she climbed up step by step. It took her 30 years to climb from a female Foxconn worker to the richest woman in China. 1. Starting point: Ten years of Foxconn In 1967, Wang Laichun was born in an ordinary farm family in Chenghai, Shantou, Guangdong, and his education was no more than junior high school. In 1988, relying on Shenzhen's opening-up industrial recruitment window period, Foxconn recruited the first batch of workers from the mainland. Wang Laichun was successfully selected and became one of the 150 first-generation employees after the company landed in the mainland. His daily working hours were maintained for 12 hours a day, and he completed standardized operations in assembly line positions for a long time. During the same period, many colleagues of the same age had difficulty adapting to the factory management system and work intensity and left one after another. Wang Laichun continued to stay at his job and work hard. Starting from a front-line assembly position, after ten years of job experience, she completed the promotion step by step, and finally reached the highest management level that mainland employees could reach at that time, section chief. During her tenure, she systematically absorbed the entire industry chain including product production, on-site management, and upstream and downstream supply chain support.
Wang Laichun
ACF Cover Figure | Wang Laichun: From Foxconn Factory Girl to China's Richest Woman — A 30-Year Ascent
Asia "Cover Figure" · Perspective
Issue No. 058 — ACF-2026
[Summary] In 1988, at 21, she became one of Foxconn's first assembly-line female workers. Over ten years at Foxconn, she rose to the highest position achievable by mainland employees. In 2026, she ascended to China's richest woman with a fortune of 85.5 billion RMB, her company's market cap hitting 554.2 billion. Wang Laichun: "Only fine birds can fly alongside the phoenix."
On May 11, 2026, Luxshare Precision's market capitalization reached an all-time high of 554.2 billion RMB.
Founder Wang Laichun holds 18.75% of shares, with a corresponding book value exceeding 100 billion. Yet 37 years ago, she was simply an ordinary female worker on a factory assembly line in Shenzhen, paid by the hour.
She didn't ride the elevator up. She climbed, step by step.
From Foxconn factory girl to China's richest woman — she climbed for 30 years.
I. Starting Point: Ten Years at Foxconn
Born in 1967 to an ordinary farming family in Chenghai, Shantou, Guangdong, Wang Laichun's formal education ended at junior high school. In 1988, leveraging Shenzhen's opening-up industrial recruitment window, Foxconn recruited its first batch of mainland workers. Wang Laichun was selected, becoming one of the first 150 employees after the company's mainland entry, working 12-hour days on assembly-line standardized operations. While many peers of the same age couldn't adapt to factory management systems and work intensity and left one after another, Wang Laichun remained, deepening her expertise on the job.
Starting from frontline assembly positions, through ten years of professional development, she achieved promotion after promotion, ultimately reaching "section chief" (kezhang) — the highest management rank attainable by mainland employees at that time. During her tenure, she systematically absorbed the full chain of industry experience: product manufacturing, on-site management, upstream and downstream supply chain coordination — completely internalizing the underlying operational logic of consumer electronics manufacturing. Her Foxconn tenure, spanning exactly ten years from 1988 entry to 1999 departure, constituted the initial phase of her career ascent.
Others left. She stayed. Not because it wasn't hard — but because she knew hardness has an end.
The first segment of her climb took ten years.
II. Entrepreneurship: From Acquisition to IPO
In 1999, the global market encountered the financial crisis. Overseas contract manufacturing orders experienced cyclical fluctuations. Wang Laichun recognized the industry cycle window and chose to leave Foxconn, joining forces with her elder brother Wang Laisheng to complete the acquisition of Hong Kong Luxshare's core assets. During startup preparation, family elders — out of caution — opposed the entrepreneurial choice, even depositing all family savings and certificates to dissuade her.
In 2004, Luxshare Precision was formally established in Dongguan, focusing on connector manufacturing. At the time, the company had fewer than 20 employees. Foxconn remained the largest customer, contributing roughly half of sales revenue. This relationship was neither coincidence nor simple loyalty — it was the natural extension of a decade of trust and capability accumulation.
In September 2010, Luxshare Precision successfully listed on the Shenzhen Stock Exchange. After listing, market attention focused on the fact that Foxconn's parent company, Hon Hai Precision, remained Luxshare's second-largest shareholder, holding approximately 4.8% — a structural relationship that continues to this day.
Others saw dependence. She saw the foundation for climbing.
The second segment of her climb: from Shenzhen workshop to public markets — six years.
III. Breakthrough: Entering the Apple Supply Chain
In 2011, Luxshare Precision invested 1.18 billion RMB to acquire 60% equity of Kunshan Luantao Electronics, leveraging the target's existing cooperation resources to formally enter Apple's supply chain system, initially taking on iPad connector subcontracting business. In 2016, the company again acquired 51% equity of Suzhou Mutron, extending its business into acoustic component manufacturing.
At the time, AirPods contract manufacturing was primarily handled by Taiwanese firm Inventec, with mass production long constrained by production processes and yield rates. After Luxshare took on related R&D and production-line retooling tasks, the team continuously optimized process parameters, with production metrics improving steadily. Luxshare subsequently grew into the world's largest AirPods contract manufacturer. In 2017, Apple CEO Tim Cook personally visited Luxshare's Kunshan production base, with Wang Laichun accompanying throughout. During the visit, Cook remarked: "Only fine birds can fly alongside the phoenix."
“Only fine birds can fly alongside the phoenix.”
She didn't wait for opportunity to knock — she went knocking.
The third segment of her climb took six years.
IV. Expansion: Complete Device Manufacturing and Diversification
In 2020, Luxshare Precision completed the acquisition of Jiangsu Wistron and Kunshan Wistron New assets, entering iPhone full-device assembly — becoming the first mainland Chinese and only the third globally with mass-production iPhone assembly capability, breaking the long-standing duopoly of Foxconn and Pegatron.
In 2021, Apple-related business revenue exceeded 70% of total company revenue. Recognizing the operational risk of excessive single-customer concentration, Wang Laichun finalized a medium-to-long-term diversification plan, implementing a three-phase five-year development strategy. Business gradually extended into automotive electronics, communication components, and medical accessories. In 2022, the company invested 10.054 billion RMB to acquire 19.88% equity of Chery Holdings, anchoring the domestic NEV supply chain. In 2024, it spent over 4 billion RMB acquiring Germany's Leoni, opening European OEM supply chain channels. After multi-category expansion, Apple business revenue share declined from 73.3% in 2022 to 56.3% in 2025, with customer structure becoming more balanced.
Don't put all eggs in one basket — she distributed them across five.
The fourth segment: she learned balance while climbing.
V. Summit: 554.2 Billion Market Cap and China's Richest Woman
Financial data shows Luxshare Precision achieved 332.344 billion RMB in full-year 2025 revenue, up 23.64% YoY, with net profit attributable to shareholders of 16.6 billion. Q1 2026 revenue reached 83.888 billion, up 35.77% YoY. H1 2026 net profit guidance was 7.84-8.106 billion, representing 18-22% growth. Notably, automotive electronics 2025 revenue reached 39.255 billion, up 185.34%, becoming the company's second growth curve.
On May 11, 2026, Luxshare Precision's intraday market cap hit a record 554.2 billion RMB. Compared to its sub-7-billion market cap at 2010 IPO, the 16-year growth was 79-fold. Wang Laichun's personal direct shareholding of 18.75% corresponded to approximately 103.9 billion in book value. In March 2026, Forbes China listed her as China's richest woman with 85.5 billion in personal assets.
As of 2026, the company employs nearly 300,000 people, with 105 production bases across five continents globally. The company has submitted Hong Kong Stock Exchange listing materials, advancing A+H dual-market listing plans. At the 2026 earnings briefing, Wang Laichun stated: "Building on existing overseas capacity in Vietnam and elsewhere, our manufacturing footprint now covers all five continents." In daily operations, she often says: "Solutions always outnumber difficulties."
“Solutions always outnumber difficulties.”
She's no genius — she crawled up from the assembly line.
The fifth segment: she reached the summit.
Epilogue
In 2026, Wang Laichun is 59 years old.
From 1988's assembly-line female worker to 2026's China's richest woman; from accumulating manufacturing experience on the Foxconn platform to building a 554.2 billion market cap diversified electronics manufacturing group.
She didn't ride the elevator up. She climbed, step by step.
30 years — she reached the summit.
The summit is not the destination. She's still climbing. A true climber is not one who has never fallen — but one who, having fallen, stands up and continues climbing.
Follow
Scan to follow for more stories
Cover ArchiveArchive
View archive file →Every cover publication is registered and kept in the ACF Cover Archive. The code is permanent.
Not Everyone Makes the Cover
Asia Cover Figure · Influencing Those Who Influence