Longsys began trading in Hong Kong on September 8 after raising gross proceeds of HK$7.0775 billion, or about $903 million, in an IPO, according to Hong Kong Exchanges and Clearing.
Shares opened roughly flat and were last reported at HK$235.8, marginally below the HK$236 offer price.
That restrained debut came as Longsys reported an earnings surge, with its business benefiting from higher memory prices while AI-related demand outpaced supply, according to Reuters via CNA. The company trades under stock code 09976.
Longsys begins Hong Kong trading after HK$7.08 billion share sale
Longsys sold 29,989,450 H shares at the final offer price of HK$236 each. The total included the full exercise of a 15% upsize option, HKEX said in its listing documentation.
Its first-day trading performance pointed to a muted market response despite the size of the fundraising and the company’s exposure to the AI-memory theme. Reuters, via MarketScreener, reported the shares were marginally below the IPO price at the time of its report.
AI-driven memory prices powered first-half earnings
Longsys reported net profit of RMB10.7 billion for the first half of 2026, more than 260 times the level a year earlier. Revenue rose 136.3% year over year to RMB24.1 billion, according to Reuters via Channel NewsAsia.
The company attributed the improved earnings in part to rising memory prices. AI-related demand exceeded supply, creating a favourable pricing backdrop for the memory market during the period.
Longsys chairman Cai Huabo speaks at the company’s Hong Kong listing ceremony on 2026-09-08. — Source: Reuters via Channel NewsAsia
IPO proceeds target chip design and advanced memory
Longsys said it would direct most of its net IPO proceeds to research and development in chip design and advanced memory products, citing AI data-centre construction and expanding AI functions in devices as drivers of demand for storage with greater capacity and faster performance.
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