Longsys Raises $903M in Hong Kong IPO as AI Memory Demand Surges

Longsys began trading in Hong Kong on September 8 after raising gross proceeds of HK$7.0775 billion, or about $903 million, in an IPO, according to Hong Kong Exchanges and Clearing.

Shares opened roughly flat and were last reported at HK$235.8, marginally below the HK$236 offer price.

That restrained debut came as Longsys reported an earnings surge, with its business benefiting from higher memory prices while AI-related demand outpaced supply, according to Reuters via CNA. The company trades under stock code 09976.

Longsys begins Hong Kong trading after HK$7.08 billion share sale

Longsys sold 29,989,450 H shares at the final offer price of HK$236 each. The total included the full exercise of a 15% upsize option, HKEX said in its listing documentation.

Its first-day trading performance pointed to a muted market response despite the size of the fundraising and the company’s exposure to the AI-memory theme. Reuters, via MarketScreener, reported the shares were marginally below the IPO price at the time of its report.

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