Longsys IPO Raises $903M, Debut Flat

Shenzhen Longsys Electronics began trading on the Hong Kong Stock Exchange on Tuesday, September 8, 2026, following an initial public offering that raised HK7.08 billion, or approximately $903 million. The company's shares opened flat and traded marginally below the HK236 offer price, indicating a muted market reception despite the substantial fundraising. Longsys, a major Chinese manufacturer of memory and data storage products, sold approximately 30 million H shares. The offering was upsized by 15% after the full exercise of an option, according to listing documentation. The IPO price represented a discount to the company's previous closing price on the Shenzhen Stock Exchange, where it has been listed since 2022. The company trades in Hong Kong under the stock code 09976. The muted debut occurred as investors assessed strong demand for AI-related semiconductors against elevated memory chip valuations. Longsys, which owns brands including Lexar, FORESEE, and Zilia, is a significant player in the global memory market, ranking as the largest in China by storage revenue. The company's financial performance has seen a dramatic surge, with first-half 2026 net profit reaching HK10.