Longsys launches $800 million Hong Kong IPO as profit soars

Semiconductor memory manufacturer Shenzhen Longsys Electronics Co. Ltd. (9976.HK; 301308.SZ) launched its Hong Kong IPO on Monday, aiming to sell 26.1 million shares for HK$240.60 each to raise HK$6.26 billion ($803 million). Subscriptions will close on Thursday, with a trading debut set for Sept. 8.

The company was the world’s ninth-largest memory manufacturer in 2025 by revenue with 1.2% of the market. It operates three main brands: Foresee, Zilia, and Lexar.

The company generated revenue and profit of 22.77 billion yuan and 1.5 billion yuan last year, respectively, up 30% and 196%, year-on-year. In the first six months of this year, its revenue surged 136.3% year-over-year to 24.09 billion yuan, while its profit skyrocketed 260-fold to 10.7 billion yuan.

Longsys plans to allocate nearly 80% of its IPO proceeds to bolster its chip design and R&D for advanced memory products. Approximately 12% is earmarked for strategic investments or acquisitions, with the remaining 10% for working capital.

By Lau Chi Hang

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