Longsys prices Hong Kong listing at HK$236 per share - Bloomberg

Shenzhen Longsys Electronics Co. (SZSE:688008) priced its Hong Kong listing at HK$236 ($30.10) per share, below the maximum price of HK$240.60, according to Bloomberg, citing people familiar with the matter. The memory chipmaker joins a wave of Chinese companies along the artificial intelligence supply chain to debut in the city.

The pricing represents a discount of about 44% to Longsys’ 359.63 yuan ($53.52) closing price on Thursday in Shenzhen, where it has been listed since 2022. The mainland-listed shares of the company controlled by founder Cai Huabo have more than tripled in the past year, giving it a market value of about $24 billion.

Longsys is selling about 26 million shares with an option to increase the size of the deal by as much as 15%. The company is expected to start trading in Hong Kong on Sept. 8.

The offering builds on a wave of Chinese AI-linked firms raising capital in Hong Kong, a trend that has driven the city’s dealmaking boom this year. Longsys plans to use the proceeds to support research and development in chip design and advanced memory technologies.