Shenzhen Longsys Electronics, a Shenzhen-based maker of memory and data storage products, raised about HK$7.08 billion (US$903 million) in its Hong Kong debut on September 8, after selling 29.99 million shares.

The stock was little changed at HK$235.8 (US$30), slightly below its HK$236 (US$30) offer price.

The Shenzhen-listed company had aimed to raise about US$800 million before exercising an upsizing option.

Hong Kong’s Hang Seng Index fell 0.5%, while the Hang Seng TECH Index dropped 1.1%.

Smartphone maker Transsion and computer maker Lenovo were among the cornerstone investors, according to Longsys’ prospectus.

Longsys said it will use most of the proceeds to expand research and development in chip design and advanced memory products.

Its prospectus showed first-half 2026 net profit rose more than 260x to 10.7 billion yuan (US$1.6 billion) from 41 million yuan (US$6.11 million) a year earlier.

Revenue increased 136.3% to 24.1 billion yuan (US$3.59 billion).

🔗 Source: Reuters