Shenzhen Longsys Electronics, a Chinese semiconductor company, is seeking up to HK$6.28 billion, or about $800 million, from a Hong Kong share sale. 

The company set out the terms in a listing document on Monday. The memory chipmaker already trades in Shenzhen. Its Hong Kong offer price sits well below where the mainland stock trades.

Longsys Sells at a 45% Discount to Shenzhen

Longsys is offering about 26 million shares at a maximum price of HK$240.60 per share. That sits 45% below the 376.88 yuan close in Shenzhen on Friday, Bloomberg reported. The stock has gained nearly 33% in 2026.

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The company expects to set the final offer price on September 4 and publish the allocation results by September 7. Trading of its H shares is expected to begin on September 8.

Upsize options could lift the deal to $1.06 billion. The terms indicate a market value of up to $24.9 billion.

The timing favors the company. Longsys reported half-year net profit growth above 71,000% earlier this month, a jump built on soaring memory prices. Its revenue surged to 24.1 billion yuan.

Contract prices have climbed as data center operators compete for supply. The resulting AI memory shortage has lifted valuations across the sector.

About 78.3% of net proceeds will fund research and development. Cornerstone investors have agreed to take 18.89% of the shares. They include Lenovo, Transsion International, CITIC Securities Asset Management, and Lens Technology.

Memory Makers Are Absorbing Enormous Capital

Longsys is the smaller deal in a much larger run on memory. CXMT raised 66.6 billion yuan, or about $9.9 billion, last month. That ranked as China’s second-largest listing ever, and the stock passed Tencent to make CXMT the country’s most valuable listed company.

Others have already sold new stock instead. SK Hynix issued 17.79 million new shares as Nasdaq receipts in July, raising roughly $26 billion. 

The appetite has limits, though. SK Hynix fell sharply in July, with KOSPI dropping 22% that month, as investors questioned AI capital spending. 

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Source: BeInCrypto