Longsys Electronics Seeks HK$6.28 Billion in Hong Kong IPO Amid Record Profit Growth
Shenzhen-based semiconductor company Longsys Electronics is raising up to HK$6.28 billion ($800 million) through a Hong Kong initial public offering (IPO). The memory chipmaker, already listed on the Shenzhen Stock Exchange under ticker 301308.SZ, plans to price its H shares at a maximum of HK$240.60 per share—offering them at a 45% discount compared to their recent mainland closing price. The IPO is backed by strong financial performance: Longsys reported an over 71,000% surge in half-year net profit driven by rising memory prices and increased demand from data centers. The company plans to use about 78.3% of the proceeds for research and development. Cornerstone investors include major firms like Lenovo and Transsion International. The IPO is part of a broader trend where memory manufacturers are raising significant capital, with recent large listings by companies such as CXMT and SK Hynix.
