Longsys begins trading in Hong Kong after raising $903M in share sale

Shenzhen Longsys Electronics has officially completed its Hong Kong dual listing, pulling in HK$7.08 billion (roughly $903M) through the sale of approximately 30 million H-shares priced at HK$236 each. The stock is set to begin trading on the Hong Kong Stock Exchange under ticker 9976 on September 8, 2026.

The profit growth that turns heads

Longsys reported a year-on-year net profit increase of more than 71,000% for the first half of 2026. The company’s revenue for 2025 came in at RMB 22.766 billion. And the first four months of 2026 alone generated RMB 14.7 billion in revenue, reflecting a year-over-year increase of roughly 1.4 times.

Longsys ranks as the second-largest independent memory product company globally and the largest in China by storage revenue. The Hong Kong share price of HK$236 came in after the company exercised a full 15% upsizing option on the offering, though the final price landed slightly below the upper target of HK$240.60. The deal was priced at a 45% discount to the latest closing price of Longsys’ Shenzhen A-shares.

Where the money is going

Approximately 78.3% of the net proceeds from the listing are earmarked for research and development investments, specifically in chip design and the development of advanced memory products.

Lenovo Group and Ingenic Semiconductor participated as cornerstone investors in this offering.

Part of a bigger trend

Longsys’ listing is part of a broader wave of Chinese technology companies, particularly those in the AI supply chain, tapping Hong Kong’s capital markets in 2026. The dual-listing structure allows it to maintain its existing presence on the Shenzhen A-share market while accessing international and institutional investors through Hong Kong.

The 45% discount between the Hong Kong offering price and the Shenzhen A-share price reflects the structural differences between mainland Chinese equity markets and Hong Kong, where institutional pricing discipline tends to result in tighter multiples.

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