Memory Chipmaker Longsys Targets Hong Kong Listing, Seeks Up to HK$6.28 Billion

IT Home, August 31 — Chinese memory chipmaker Longsys has published its listing documents, planning to list in Hong Kong and raise up to HK$6.28 billion (IT Home note: approximately RMB 5.395 billion at current exchange rates).

According to the listing documents, the company plans to issue approximately 26 million shares at a maximum offering price of HK$240.6 per share (approximately RMB 206.7 at current exchange rates), with an expected listing date in Hong Kong on September 8.

Relevant transaction terms indicate that if the over-allotment option is exercised, the maximum fundraising amount could reach US$1.06 billion (approximately RMB 7.14 billion at current exchange rates), corresponding to a maximum market capitalization of about US$24.

9 billion (approximately RMB 167.72 billion at current exchange rates). Longsys plans to use the proceeds from this fundraising to support the research and development of chip design and advanced storage technologies.

IT Home noted that Longsys' A-shares have risen by approximately 50% year-to-date. The company's revenue for the first half of the year more than doubled year-on-year to RMB 24.1 billion, while its net profit increased by about 700 times to RMB 10.6 billion.