On May 29, 2026, A-share listed company Shenzhen Longsys Electronics Co., Ltd. submitted an application for a listing on the main board of the Hong Kong Stock Exchange. This marks a renewed attempt following the lapse of its previous application submitted on March 21, 2025.
Shenzhen Longsys Electronics Co.,Ltd. (SZSE: 301308) was listed on the A-share market on August 5, 2022. As of the market close on May 29, 2026, its total market capitalization was approximately RMB 233.2 billion.
The company, founded in 1999, is a leading global independent brand semiconductor memory manufacturer. Leveraging its vertically integrated capabilities spanning controller and memory chip design, firmware development, system-in-package, and testing, it is primarily engaged in the design, development, manufacturing, and sales of a comprehensive portfolio of storage products for edge AI, as well as traditional consumer, enterprise, and industrial applications.
According to CIC data, based on 2025 revenue from storage products, the company was the world's second-largest independent memory manufacturer and the largest in China, holding a 1.2% global market share.
The company operates three main brands: FORESEE and Zilia for the B2B market, and Lexar for the B2C market. Its product portfolio covers NAND Flash and DRAM storage products, including four major product lines: embedded storage, solid-state drives, mobile storage, and memory modules.
Revenue is primarily generated from product sales, with a smaller portion from providing packaging and testing services to customers and technical services for collaborative R&D projects. The company also occasionally subleases unused office space.
According to the prospectus, the shareholding structure prior to the Hong Kong listing shows Mr. Cai Huabo holding a 38.31% stake. Ms. Cai Lijiang, Mr. Cai's sister, holds 3.47%. Mr. Cai and Ms. Cai are acting in concert under Mr. Cai's direction, giving him control over a combined 41.78% of the voting rights. Mr. Li Zhixiong holds 5.55%, Mr. Wang Jingyang holds 1.14%, and other A-share shareholders collectively hold 34.17%.
The board consists of nine directors: three executive directors, including Mr. Cai Huabo (Chairman and General Manager); two non-executive directors; and four independent non-executive directors. Senior management, in addition to the executive directors, includes several vice presidents, a board secretary, and a financial controller.
Financial results for 2023, 2024, and 2025 show operating revenues of RMB 10.125 billion, RMB 17.464 billion, and RMB 22.766 billion, respectively. Corresponding net profits were RMB -837 million, RMB 505 million, and RMB 1.498 billion.
The IPO's intermediary team includes CITIC SEC and Citigroup as joint sponsors, EY as auditor, and several law firms and consultants for legal and compliance matters.
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