Chinese chipmaker Longsys seeks $800M in HK listing

Shenzhen Longsys Electronics Co. is seeking to raise as much as HK$6.28 billion ($801 million) in a Hong Kong listing, extending the wave of Chinese companies along the artificial intelligence supply chain coming to the market after its onshore shares have gained about 50% this year. The Chinese memory-chipmaker is offering about 26 million shares at a maximum price of HK$240.60 apiece, according to the company’s listing document on Monday. That reflects a discount of 45% to the RMB 376.88 ($56) closing price on Friday in Shenzhen. Longsys expects the shares to start trading September 8. The size could rise to as much as $1.06 billion with upsize options, according to terms of the deal seen by Bloomberg. The indicated market value is as much as $24.9 billion, according to the terms. The offering builds on a wave of Chinese technology firms raising capital for the AI infrastructure buildout. The trend has been a key driver of Hong Kong’s dealmaking boom this year, highlighted by Zhongji Innolight Co.’s $6.8 billion landmark offering last month, the city’s biggest in seven years. Among Longsys’ competitors, CXMT Corp. last month raised RMB 66.6 billion ($9.9 billion) in China’s second-largest initial public offering of all time and became the country’s largest listed company as its shares surged out of the gate. Yangtze Memory Technologies Co., one of the world’s largest makers of flash memory, is also nearing an IPO. Longsys plans to use proceeds from the offering to support research and development in chip design and advanced memory technologies. Its revenue more than doubled to RMB 24.1 billion ($3.58 billion) in the first half of 2026, while net profit jumped more than 700-fold to RMB 10.6 billion ($1.57 billion) as strong demand and constrained wafer supply boosted memory prices. Cornerstone investors — which get guaranteed allocation in the deal in exchange for holding the stock for at least six months — have agreed to buy 18.89% of Longsys shares. They include Transsion International Ltd., an indirect unit of Shanghai-listed Transsion Holdings Co., CITIC Securities Asset Management, and Lens Technology HK, the controlling shareholder of Lens Technology Co. Founded in 1999, Longsys held a 1.2% share of the global memory products market in 2025 and generates about 70% of its revenue from overseas markets, with customers including Dell Technologies Inc., Lenovo Group Ltd. — which is also among the cornerstone investors — Samsung Electronics Co., and Xiaomi Corp.

Chinese chipmaker Longsys seeks $800M in HK listing

How Bottega Veneta weaved China’s forever it bag

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Chinese chipmaker Longsys seeks $800M in HK listing

How Bottega Veneta weaved China’s forever it bag