Chinese memory specialist Longsys raised about $903 million in a second listing on the Hong Kong stock exchange. Its shares opened roughly flat on Monday, a muted start for one of the world’s largest independent makers of memory modules.
Longsys, listed in Shenzhen since 2022 and owner of the Lexar storage brand, sold around 30 million shares at HK$236 each after fully exercising a 15 percent upsize option. The price sits roughly 44 percent below its A-shares in Shenzhen. After the debut the company was valued at about $24 billion.
Surging memory prices fuel the business
The listing follows an extraordinary run: in the first half of 2026 Longsys more than doubled revenue to 24.1 billion yuan, while net profit jumped more than 700-fold to 10.6 billion yuan, the company said. The wider industry is riding the AI data-centre buildout, which has pushed DRAM and NAND prices higher as supply stays tight.
Longsys plans to spend most of the net proceeds on:
- research and development in chip design
- advanced memory technologies for AI servers
- storage products for consumer devices
Cornerstone investors included smartphone maker Transsion, Apple supplier Lens Technology and CITIC Securities Asset Management, together taking nearly 19 percent of the offering. For Hong Kong it was one of many deals in a record year, with the exchange raising more than $45 billion through new listings in 2026.
Sources: Bloomberg · China Daily · Investing.com
