Shenzhen Longsys Electronics is seeking to raise up to HK$6.28 billion (US$801 million) in a Hong Kong listing, selling about 26 million shares at up to HK$240.60 (US$31) each.

The shares are expected to start trading on September 8.

Deal terms show the offering could reach US$1.06 billion with upsize options, implying a market value of as much as US$24.9 billion.

Longsys, a Shenzhen-listed memory and storage company that acquired brands including Lexar and FORESEE and makes FORESEE Double Data Rate memory modules, said it plans to use the proceeds for research and development in chip design and advanced memory technologies.

The offer price is about 45% below Longsys’ Shenzhen closing price of 376.88 yuan (US$56) on August 28.

Cornerstone investors including Transsion International, CITIC Securities Asset Management, Lens Technology HK, and Lenovo have agreed to buy 18.89% of the shares.

The fundraising comes amid a wave of mainland Chinese technology and hardware listings in Hong Kong.

Longsys said first-half 2026 revenue more than doubled to 24.1 billion yuan (US$3.59 billion), while net profit jumped more than 700-fold to 10.6 billion yuan (US$1.58 billion).

🔗 Source: Bloomberg