Longsys Electronics Raises $903M in Hong Kong IPO, Focuses on AI Memory R&D

Shenzhen Longsys Electronics has successfully completed its dual listing in Hong Kong, raising HK$7.08 billion (around $903 million) by selling approximately 30 million H-shares at HK$236 each. The stock began trading on the Hong Kong Stock Exchange under the ticker 9976 on September 8, 2026.

Longsys reported a staggering year-on-year net profit increase of over 71,000% for the first half of 2026, with revenue reaching RMB 14.7 billion in the first four months alone, reflecting a 136.3% increase compared to the previous year.

Approximately 78.3% of the IPO proceeds will be allocated to research and development, particularly in the design of AI memory chips, marking a strategic shift from being a memory module assembler to establishing its own semiconductor memory brand.

Longsys aims to target edge AI storage solutions, focusing on memory products that facilitate AI inference in devices and servers. The company has already launched several products, including a Storage Processing Unit (SPU) controller and DRAM-less PCIe Gen5 SSDs, designed specifically for AI workloads.

With this IPO, Longsys joins a trend of Chinese technology firms leveraging Hong Kong’s capital markets, while maintaining its presence on the Shenzhen A-share market. The pricing of the Hong Kong shares was set at a 45% discount compared to its Shenzhen A-share price, reflecting the differences between the two markets.