Story
Memory Chipmaker Longsys Prices Hong Kong Listing at HK$236 Per Share
Shenzhen Longsys Electronics Co. (SZSE:688008) has priced its Hong Kong share listing at HK$236 ($30.10) per share, according to a Bloomberg report citing people familiar with the matter. The pricing for the memory chipmaker comes in just below the maximum indicated price of HK$240.60.
Offering Details
The final price represents a substantial discount of approximately 44% to the company's Thursday closing price of 359.63 yuan in Shenzhen, where its shares have been listed since 2022. Longsys is set to offer about 26 million shares in its Hong Kong debut, with an over-allotment option to increase the deal size by as much as 15%.
Trading for the company's shares on the Hong Kong Stock Exchange is expected to commence on September 8. The move makes Longsys the latest in a series of Chinese companies connected to the artificial intelligence supply chain to seek capital in the city.
AdStrategic Rationale and Market Context
Longsys plans to use the proceeds from the offering to fund research and development initiatives, specifically targeting chip design and advanced memory technologies. The listing contributes to a recent surge in dealmaking in Hong Kong, driven by Chinese technology firms raising capital to fuel growth.
The Shenzhen-listed shares of Longsys, which is controlled by founder Cai Huabo, have more than tripled in value over the past year. This performance has propelled the company's market capitalization to approximately $24 billion ahead of its Hong Kong listing.
Read next
More on Stocks
FTC Orders Walmart, Uber, Delta to Disclose Data on Personalized Pricing
The U.S. Federal Trade Commission is demanding nine major companies, including leading retail, travel, and gig economy firms, to provide information on how they use consumer data for setting individual prices and wages.
Google Launches Gemini 4 Carbon AI Model to Bolster Cybersecurity Capabilities
Alphabet's Google has unveiled Gemini 4 Carbon, its latest AI model specifically designed for advanced cybersecurity tasks like vulnerability detection and secure code generation. The launch escalates competition with rivals OpenAI and Anthropic in the enterprise AI market.
Oracle Shares Surge After Unveiling $225 Billion Revenue Target for 2030
Oracle stock rose sharply after the company presented a long-term financial outlook targeting at least $225 billion in annual revenue by fiscal 2030, driven by its expanding AI infrastructure business.
DOJ Scrutinizes Nvidia's $12.9B Hugging Face Deal Amid Broader Antitrust Probe, Sources Say
The U.S. Department of Justice is reportedly examining Nvidia's planned $12.93 billion acquisition of AI platform Hugging Face as part of a wider, ongoing antitrust investigation into the chipmaker's market conduct.