Luxshare Precision Industry, an Apple Inc supplier, aims to raise up to 13.5 billion yuan ($2.13 billion) to fund six projects, including building a production line for wearable devices.

The company plans to issue up to 2.1 billion shares to up to 35 investors at a price that will be disclosed at a later stage, Luxshare said in a filing to the Shenzhen stock exchange.

The move came as Luxshare pushed to improve the company’s production capacity in downstream applications such as consumer electronics and smart vehicles, Reuters said in a news report.

The six projects included the construction of production lines of smart wearable devices, smart mobile terminal precision components, and high-voltage connection systems for new energy vehicles, according to its filing.

Founded in 2004, Luxshare has in recent years become a fast-growing supplier for Apple. It has steadily moved up the hardware giant’s value chain, from making connector cables for the iPhone and Macbook to manufacturing Airpods.

Luxshare in 2020 acquired two iPhone assembly plants from Taiwan-based Wistron.

Apple has captured the top position in the wearable market in Q3 2021 despite 35.3 percent decline in Apple Watch shipments during the quarter.

IDC said hearables from AirPods and Beats have helped the company cement its leadership in the wearables market although these products have also faced challenges in recent quarters as competition in the hearables segment remains strong. Apple’s position is still enviable as the company grabbed over 53 percent of the dollar value share in this market.