On August 23, Longsys Electronics Co., Ltd. (“Longsys”), the A-share leader in storage modules, disclosed its post-hearing information pack after passing the HKEX listing hearing, with CICC and Citigroup serving as joint sponsors. Once the offering is successfully completed, Longsys is poised to become the first independent semiconductor storage company in China to achieve dual A+H listings.
Founded in 1999, Longsys is a storage solutions manufacturer integrating R&D design, packaging and testing, manufacturing, and sales services. It owns the industry storage brand FORESEE and the international high-end consumer storage brand Lexar, covering four major product lines: embedded storage, solid-state drives, mobile storage, and memory modules. Its products are widely used in mainstream consumer smart devices (such as smartphones, wearables, and computers), data centers, automotive electronics, IoT, security surveillance, industrial control, as well as the personal consumer storage retail market.
According to CIC data, based on 2025 storage product revenue, Longsys ranks as the world’s ninth-largest memory manufacturer, the second-largest independent semiconductor memory maker among over 100 global market players, and the largest independent memory manufacturer among more than 30 Chinese market participants.
Longsys listed on the Shenzhen Stock Exchange on August 5, 2022, and disclosed its Hong Kong listing plan two years later. On December 18, 2024, Longsys (301308.SZ) announced its intention to issue overseas-listed foreign shares (H-shares) and apply for a main board listing on The Stock Exchange of Hong Kong Limited. The company will fully consider existing shareholders’ interests and the conditions of both domestic and overseas capital markets, choosing an appropriate timing and issuance window to complete the offering within the validity period of the shareholders’ meeting resolution or any extended period approved by the shareholders’ meeting.
In the first half of this year, Longsys’ performance exploded. Financial data shows the company achieved operating revenue of RMB 24.088 billion in H1, up 136.26% year-on-year; net profit attributable to shareholders reached RMB 10.577 billion, compared to RMB 14.77 million in the same period last year, representing a staggering 715.29-fold increase in profitability.Breaking it down by quarter, Q1 net profit was RMB 3.862 billion, while Q2 net profit climbed to RMB 6.715 billion, up roughly 73% quarter-over-quarter.
Longsys attributes the performance surge to growth drivers in key businesses. The company maintains a leading position in on-device AI storage, its overseas business influence continues to rise, enterprise-grade storage keeps growing at a rapid clip, and automotive-grade storage is forming differentiated growth momentum.
Earlier this month, Longsys just completed a RMB 3.7 billion private placement.On the evening of August 7, Longsys released its report on issuing shares to specific targets, revealing an actual issuance of 6.6071 million shares, raising a total of RMB 3.7 billion. After deducting related non-tax issuance costs of RMB 31.88 million, net proceeds amounted to RMB 3.668 billion.
A total of 21 institutions and individual investors successfully secured subscription allotments, with subscribed shares subject to a six-month lock-up period. Among public funds, E Fund Management received the largest allocation at RMB 530 million for 947,300 shares; Caitong Fund secured RMB 248 million for 442,300 shares; and Nord Fund, China Southern Fund, and Oriental Alpha Fund received allocations of RMB 221 million, RMB 201 million, and RMB 150 million, respectively. China AMC and Guotai Fund each secured RMB 114 million and RMB 100 million. On the individual investor side, several founding shareholders and executives of Longsys, including Wang Weimin, Yang Xiaobin, Huang Haihua, and Zhang Xu, participated.
Longsys stated that after the registration of the newly issued shares is completed, the company will add 6.6071 million restricted tradable shares. Meanwhile, this issuance will not result in any change of control. Once the raised funds are fully in place, both total assets and net assets will increase, while the debt-to-asset ratio will decline.
Longsys noted that the investment projects funded by this issuance revolve around its core business, serving as an extension and supplement to existing operations and a key step in refining its industrial layout. Upon project completion, the company’s main business will remain unchanged, so there will be no alteration to the listed company’s business scope or any asset integration matters.
As of the midday close on the 24th, Longsys shares fell 5.25% to RMB 360.66 per share, giving the company a market capitalization of RMB 155 billion.
