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Shenzhen Longsys Electronics made a muted Hong Kong trading debut on Tuesday after raising HK$7.08 billion ($903 million) in an upsized initial public offering, as investors weighed strong AI semiconductor demand against elevated memory-chip valuations.
Longsys shares opened at their HK$236 IPO price and remained unchanged in early trading. The memory-module maker sold roughly 30 million shares after fully exercising an option that expanded the offering by 15%.
The Hong Kong IPO was priced at a 44% discount to Longsys' previous closing price in Shenzhen, where the company has traded since 2022.
One of the world's largest independent memory-module manufacturers, Longsys joins a growing group of AI supply-chain and semiconductor companies seeking capital in Hong Kong. The listing comes as surging artificial intelligence infrastructure investment drives demand for memory products, including DRAM and NAND.
Hong Kong's IPO market has raised more than $45 billion so far in 2026, making it the city's third-best year on record. However, recent performance has been mixed. Among the 10 Hong Kong listings equal to or larger than Longsys' offering, the weighted average first-day gain was about 5%, while more than half are currently trading below their IPO prices.
Memory supply conditions are also attracting attention. DRAM and NAND prices have climbed sharply this year, while AI-related demand could reduce the amount of DRAM available to memory-module manufacturers in 2027, according to Rolf Bulk, head of semiconductors and infrastructure at The Futurum Group.
Longsys has prepared for potential shortages by roughly doubling supplier prepayments over the past six months, Bulk said.
Cornerstone investors purchased 18.89% of the offering, with participants including Transsion International, CITIC Securities Asset Management and Lens Technology HK.
Longsys plans to direct IPO proceeds toward research and development in chip design and advanced memory technologies. The company's financial performance has also strengthened significantly, with first-half revenue more than doubling to 24.1 billion yuan. Net profit surged more than 700-fold to 10.6 billion yuan, supported by rising memory prices.
