Key Takeaways:
- LONGSYS opens HK IPO at HKD240.6 per share, targeting HKD6.274 billion
- Fourteen cornerstone investors commit USD151 million, including Lenovo and Transsion
- Trading expected September 8 after subscription closes September 3
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LONGSYS HK IPO opens at HKD240.6, raising up to HKD6.27B
LONGSYS launched its Hong Kong IPO today at HKD240.6 per share, targeting up to HKD6.274 billion in gross proceeds.
The Shenzhen-listed semiconductor memory maker plans to globally offer 26.0778 million H shares, with about 10 percent allocated to the Hong Kong public offering and 90 percent to the international placing. One board lot of 50 shares requires an entry fee of approximately HKD12,151.32. The company, which trades on the Shenzhen Stock Exchange under ticker 301308.SZ, is an independent branded semiconductor memory manufacturer.
Fourteen cornerstone investors, including Transsion Holdings (688036.SH), Lenovo Group (00992.HK), LENS (06613.HK), INGENIC (03223.HK) and SDMC (00901.HK), collectively subscribed for shares equivalent to approximately USD151 million. The cornerstone group spans the consumer electronics and semiconductor supply chain, with Lenovo and Transsion representing major device manufacturers and INGENIC and SDMC operating in chip design and set-top box segments. The breadth of cornerstone backing reflects strong institutional interest in the company's Hong Kong listing.
The IPO subscription period runs from August 31 through September 3, with listing expected on September 8. Net proceeds are estimated at approximately HKD6.02 billion at the maximum offer price. The company did not disclose the use of proceeds breakdown or lead underwriters. Oversubscription ratios for the retail and institutional tranches have not yet been disclosed.
INGENIC, one of the cornerstone investors, reported interim net profit of RMB1.198 billion, up 489.6 percent year over year, reflecting the strength of China's semiconductor sector. The company's strong earnings performance comes as demand for semiconductor components continues to grow across consumer electronics and industrial applications.
The dual listing gives LONGSYS access to both mainland and international capital markets as it expands its semiconductor memory business. First-day trading on September 8 will test institutional demand for the sector in Hong Kong, with the company's pricing at HKD240.6 per share implying a substantial valuation for the memory maker. Investors will watch the subscription results and final pricing ahead of the listing date.
This article is for informational purposes only and does not constitute investment advice.
