Chinese memory storage leader LONGSYS made its official debut on the Hong Kong Stock Exchange's Main Board on September 8, marking a significant milestone as the first independent memory enterprise to achieve an "A+H" dual listing structure. The stock, trading under the code 09976.HK, was priced at HK$236 per share, cementing the company's position in both mainland China and Hong Kong capital markets.
Having previously listed on the A-share market, LONGSYS now operates dual capital platforms through its A-shares and H-shares, opening a direct channel to international capital. The company's business spans the entire memory value chain, including controller chip and storage chip design, firmware development, and system-level packaging and testing. Its product portfolio encompasses four major categories: embedded storage, solid-state drives (SSDs), mobile storage, and memory modules.
LONGSYS manages three international brands: FORESEE (serving the B2B market), Lexar (targeting the high-end B2C segment), and Zilia (focused on the Latin American B2B market). Notably, approximately 70% of the company's revenue is generated from overseas markets, underscoring its global footprint.
The global offering comprised 26.08 million H-shares, with 2.61 million shares allocated for the Hong Kong public offering and 23.47 million shares designated for international placement. The company has also arranged an over-allotment option, providing room for future share issuance. Trading is conducted in board lots of 50 shares, placing the investor entry fee at approximately HK$12,151.32 based on the offer price. Should the offering reach its maximum price of HK$240.60 per share, net proceeds are projected to reach approximately HK$6.02 billion, representing a substantial fundraising amount.
The IPO attracted 14 cornerstone investors who collectively subscribed to approximately US$151 million (around HK$1.19 billion) in shares. At the HK$236 per share price, these cornerstone investors will acquire approximately 4.93 million H-shares, representing about 18.89% of the global offering. The cornerstone lineup reads like a who's who of the technology supply chain, featuring consumer electronics terminal brands, PC giants, precision manufacturing leaders, chip design firms, graphics card brands, and fellow memory module manufacturers.
Key cornerstone participants include Transsion International (subscribing US$25 million, the largest single commitment), Yufeng Financial Group, CITIC Securities Asset Management (Hong Kong), Lenovo Group, Lens Technology (Hong Kong), Ingenic Semiconductor (Hong Kong), Colorful Technology, and Hongxin Yud Electronics, among others.
What makes this cornerstone group particularly noteworthy is the heavy representation of industry chain partners. Among the 14 investors, Transsion Holdings, Lenovo Group, Lens Technology, Ingenic Semiconductor, and Colorful Technology are all crucial collaborators of LONGSYS across consumer electronics, smart terminals, precision manufacturing, and chip design sectors. The concentration of supply chain participants in this cornerstone group is unusually high for recent Hong Kong IPOs, strongly signaling collective endorsement of the company's long-term value from industrial capital.
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