Longsys ends 1% lower in Hong Kong debut after $900 million share sale
Shenzhen Longsys Electronics' shares fell 1% in their Hong Kong debut on Tuesday after the data storage products company raised about HK$7.08 billion ($903 million) through a share sale. The stock closed at HK$233.60, below the HK$236 offer price, after opening flat and rising 0.3% in the morning. Longsys sold 29.99 million Hong Kong shares after using an upsizing option, attracting investors such as smartphone maker Transsion and computer maker Lenovo.
The listing is significant for the company's global expansion, according to Chairman Cai Huabo. Longsys' net profit surged over 260-fold to 10.7 billion yuan ($1.59 billion) in the first half of 2026, driven by higher prices for memory products and strong demand due to AI infrastructure and data centre expansion.
Written by urgent.news from CNA - Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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