Longsys seeks HK$6.28 billion in Hong Kong share sale after 71,000% profit surge

Longsys is seeking up to HK$6.28 billion through a Hong Kong share sale. The company already trades in Shenzhen. Longsys is offering about 26 million shares at a maximum price of HK$240.60 per share. The Hong Kong offer price is 45% below the 376.88 yuan Shenzhen close on Friday. The stock has gained nearly 33% in 2026. Longsys expects to set the final offer price on September 4. The company expects to publish allocation results by September 7. Trading of its H shares is expected to begin on September 8. Upsize options could increase the deal to $1.06 billion. The terms indicate a market value of up to $24.9 billion. Longsys reported half-year net profit growth above 71,000% earlier this month. The growth was built on soaring memory prices. Revenue surged to 24.1 billion yuan. Contract prices climbed as data center operators competed for supply. The resulting AI memory shortage lifted valuations across the sector. About 78.3% of net proceeds will fund research and development. Cornerstone investors agreed to take 18.89% of the shares. The investors include Lenovo. The investors include Transsion International. The investors include CITIC Securities Asset Management. The investors include Lens Technology. CXMT raised 66.6 billion yuan last month. The listing ranked as China's second-largest ever. CXMT's stock passed Tencent. CXMT became China's most valuable listed company. SK Hynix issued 17.79 million new shares as Nasdaq receipts in July. The issuance raised roughly $26 billion. SK Hynix fell sharply in July. The KOSPI dropped 22% that month. Investors questioned AI capital spending.