GRT Partners with iPhone's Two Global Assembly Companies, Ipshin Precision

KOSDAQ-listed company GRT recently announced on the 2nd that it has once again elevated its status in the functional new materials sector by forming a strategic partnership with Luxshare ICT, a supplier for Apple.

GRT signed a joint venture agreement with Luxshare ICT to supply functional protective films, tapes, and other products used in Apple products, electronic devices, communication equipment, and automotive fields. The outlook has become even more promising with future orders for high value-added products destined for Luxshare ICT.

Luxshare ICT is the sole assembler of Apple products in China. This year, it rose to become the second-largest global assembler of iPhones, and in August last year, it was listed among the 'Global 500 Companies' by Fortune magazine. It mainly produces various Apple products such as iPhones, Apple Watches, and Vision Pro, while also manufacturing products related to automobiles, electronic devices, and communication equipment. Luxshare ICT is a publicly traded company listed on the Shenzhen Stock Exchange, with a market capitalization of 213.3 billion yuan (approximately 40 trillion KRW) and annual revenue of 214 billion yuan (approximately 41 trillion KRW) in 2022.

Last month, senior executives from Luxshare ICT visited GRT to discuss joint collaboration plans in the fields of Apple products, electronic devices, communication equipment, and automobiles. As a major industry player, Luxshare ICT needed a domestic partner in China with whom it could grow on a long-term growth trajectory, and GRT possessed the technological capabilities and expertise to meet this demand, leading to the establishment of the partnership. Recently, Luxshare ICT expressed its commitment to the automotive business by acquiring a majority stake in Chinese automobile manufacturer CHERY through an investment of about 10 billion yuan (approximately 1.9 trillion KRW), which will further increase the importance of GRT’s role.

According to a company official, “GRT currently ranks among the top companies in China in the functional new materials sector with strong technological competitiveness,” and “Recently, it has been continuously discussing new business collaborations with major players across various industries, so business expansion is expected to accelerate further.”

Meanwhile, besides Luxshare ICT, GRT is also a strategic partner of Namsa Technology, a major component supplier for Apple.