People familiar with the deal say Longsys fixed the Hong Kong offer price at HK$236, just shy of the HK$240.60 ceiling floated to investors. At that level, the stock is priced at $30.10 and sits at roughly a 44% markdown to its Thursday finish in Shenzhen of 359.63 yuan, or $53.52. A representative for the company declined to comment.
Listed in Shenzhen since 2022 and founded in 1999, Longsys is offering in the area of 26 million shares and included a provision to expand the sale by up to 15%. Cornerstone buyers agreed to take 18.89% of the deal, with Lenovo Group Ltd. among them. The roster also features Transsion International Ltd. - an indirect subsidiary of Transsion Holdings Co. - alongside CITIC Securities Asset Management, and Lens Technology HK, the parent entity that holds control over Lens Technology Co.
This listing slots into a busy year for Hong Kong flotations tied to the AI supply chain. July featured Zhongji Innolight Co.'s $7.8 billion share sale, the largest in seven years. So far in 2026, listings in the city have pulled in north of $45 billion, putting Hong Kong on a path to top its 2010 record.
Activity is heating up on the mainland too. DRAM maker CXMT Corp. raised 66.6 billion yuan in July in China's second biggest IPO on record and then overtook Tencent Holding Ltd. to become the country's largest listed company. Yangtze Memory Technologies Co., one of the world's major producers of flash memory, is also moving toward an IPO.
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Longsys says it will channel the proceeds into R&D, including chip design and advanced memory technologies. In the first half of 2026, revenue climbed past double to 24.1 billion yuan, while net income surged by more than 700 times to 10.6 billion yuan, helped by strong demand and tight wafer supply that lifted memory prices.
In 2025, Longsys captured 1.2% of the global memory products market and gets about 70% of its sales from overseas. Its customer roster features Dell Technologies Inc., Lenovo Group Ltd., Samsung Electronics Co., and Xiaomi Corp.
"Listings that are widely perceived as 'beneficiaries of policy support have done pretty well and I think that's also been telegraphed to onshore retail investors,'" said Homin Lee, who serves as a senior macro strategist with Lombard Odier Singapore Ltd. "For the retail onshore investors, right now at this juncture, given the whole AI competition, a 'sure thing' is probably something related to semiconductors and the government's very steady push for indigenizing the semiconductor ecosystem."
For your wallet, the gap between the Hong Kong offer and Shenzhen trading, the expected Sept. 8 debut, and the broader AI listing boom are the tells to watch as sentiment leans toward anything tied to chips.
