Only fine birds can fly alongside the phoenix.
Wang Laichun is included in the "Perspective" section not because of her legendary rise from factory worker to richest woman, but because she consistently made key choices at the inflection points of industry cycles. In 1988, she chose to stay; in 1999, she chose to leave; in 2011, she chose to enter Apple's supply chain; in 2020, she chose to break the OEM monopoly. Each choice was not a gambler's adventure but based on a deep understanding of the underlying logic of manufacturing. She is adept at leveraging resources but not dependent; she pursues perfection but is not obsessive. This ability to embed personal struggle into the tide of industrial upgrading is precisely the annotation of "Perspective."
Wang Laichun's entrepreneurial journey began in 1999. Amid the global financial crisis, she recognized the industry cycle window and left Foxconn, joining forces with her elder brother Wang Laisheng to complete the acquisition of Hong Kong Luxshare's core assets. [1] [3] In the startup phase, the company leveraged accumulated industry resources and adopted a model of taking Foxconn's surplus outsourced orders. Hon Hai Group has continued to hold Luxshare shares, remaining the second-largest shareholder with approximately 4.8% as of 2026. [3] [7] In 2004, Luxshare Precision Industry Co., Ltd. completed domestic business registration; in 2010, the company listed on the Shenzhen Stock Exchange with an initial market value of less than 7 billion RMB, with Foxconn-related orders contributing over half of revenue. [2] [3] In 2011, Luxshare invested 1.18 billion RMB to acquire a 60% stake in Kunshan Lian Tao, officially entering Apple's supply chain. [2] In 2016, it acquired a 51% stake in Suzhou Meite, extending into acoustic components. [2] In 2017, Luxshare became the world's largest AirPods OEM, and Apple CEO Tim Cook visited its Kunshan base. [1] [2] In 2020, it acquired assets of Jiangsu Wistron and Kunshan Weixin, entering iPhone assembly and becoming the first domestic and third global manufacturer capable of mass-producing Apple phones. [2] Subsequently, the company accelerated diversification: in 2022, it invested 10.054 billion RMB to acquire a 19.88% stake in Chery Holdings, targeting new energy vehicle supporting; [4] in 2024, it completed the acquisition of German Leoni for over 4 billion RMB, opening European supply chain channels. [2] As of 2026, the company employs nearly 300,000 people, operates 105 production bases globally, and has submitted listing application to the Hong Kong Stock Exchange for A+H listing. [6]
Wang Laichun's business philosophy is deeply influenced by her Foxconn experience. She once said, "Only fine birds can fly alongside the phoenix." [1] This phrase not only annotates her cooperation with Apple's supply chain but also reflects her personal struggle. During her ten years at Foxconn, she systematically absorbed the full chain of industry experience, including product manufacturing, on-site management, and upstream/downstream supply chain coordination, fully internalizing the underlying operational logic of consumer electronics manufacturing. [1] After starting her own business, she did not break away from the Foxconn system but leveraged its resources and maintained long-term equity cooperation with Hon Hai, reflecting her strategy of "standing on the shoulders of giants." [3] After entering Apple's supply chain, she faced AirPods mass production challenges, organized teams to continuously optimize process parameters, and eventually became the world's largest AirPods OEM. [2] Facing the hidden danger of over-reliance on a single customer, she formulated a medium- and long-term diversification plan, implementing three five-year development plans, gradually extending into automotive electronics, communication components, and medical accessories. [2] In 2022, Apple's business revenue share once exceeded 70%, but by 2025 it had fallen to 56.3%, with a more balanced customer structure. [8] She often says, "There are always more solutions than difficulties." [1] This pragmatic, resilient, and resourceful business philosophy is key to her rise from assembly-line worker to China's richest woman.
Wang Laichun's achievements are not only about personal wealth accumulation but also provide a model for the transformation and upgrading of China's manufacturing industry. She broke the long-standing monopoly of Foxconn and Pegatron in whole-machine assembly, becoming the first domestic manufacturer capable of mass-producing Apple phones, demonstrating the potential of mainland Chinese enterprises in high-end manufacturing. [2] Under her leadership, Luxshare Precision has grown from a connector manufacturer into a diversified manufacturing group covering consumer electronics, automotive electronics, and communications, with 2025 revenue of 332.344 billion RMB and net profit attributable to parent of 16.6 billion RMB. [9] The automotive electronics business has become the second growth curve, with 2025 revenue of 39.255 billion RMB, up 185.34% year-on-year. [10] Her success has also inspired countless ordinary workers, especially women. From assembly-line worker to China's richest woman, her story has been widely reported by media, becoming a typical narrative of "manufacturing changing destiny." [1] In 2026, she became China's richest woman with a fortune of 85.5 billion RMB, and the company's market value reached 554.2 billion, [5] [6] but she has not stopped, still promoting global layout and A+H listing. Her story confirms that in precision manufacturing, there are no shortcuts, only perfection.
The business proposition Wang Laichun leaves behind is: on the chain of global division of labor, how can Chinese enterprises move from "OEM" to "definition"? Her thirty-year climb proves that OEM is not the end but the starting point. Through technological accumulation, customer structure optimization, and diversified layout, she transformed Luxshare Precision from an assembly plant dependent on a single customer into a manufacturing group covering multiple fields. Her story also reminds future generations: there is no shortcut in manufacturing upgrading; only by achieving perfection in every link can one fly with the phoenix.