Chinese data storage company Shenzhen Longsys Electronics made a muted debut on the Hong Kong Stock Exchange on Tuesday after raising about HK$7.08 billion ($903 million) from its share sale.
Longsys shares traded at HK$235.80, slightly below the HK$236 offer price, while Hong Kong’s benchmark Hang Seng Index fell 0.5 per cent and the Hang Seng TECH Index declined 1.1 per cent.
The listing adds Longsys to a growing number of Chinese technology companies tapping Hong Kong’s stock market as demand for artificial intelligence infrastructure continues to drive investment in the sector.
Longsys sold 29.99 million Hong Kong shares after exercising an option to increase the size of the offering. Its cornerstone investors included smartphone maker Transsion and computer manufacturer Lenovo.
The Shenzhen-listed company produces memory and data storage products used in smartphones, computers, data centres, vehicles and industrial equipment. Its brands include FORESEE, Lexar and Zilia.
According to the company’s listing prospectus, demand for higher-capacity and faster storage is increasing as AI data centres expand and AI features become more common in smartphones, computers and vehicles.
Longsys plans to use most of the proceeds from the Hong Kong listing to increase investment in research and development, particularly in chip design and advanced memory products.
The company reported a sharp increase in earnings in the first half of 2026. Net profit rose to 10.7 billion yuan ($1.59 billion), compared with 41 million yuan during the same period a year earlier.
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Revenue also increased 136.3 per cent year-on-year to 24.1 billion yuan.
Longsys attributed the stronger performance largely to higher memory product prices, as demand exceeded supply amid increased investment in AI infrastructure and data centres.
The company said selling prices increased across its major product lines, although sales volumes declined as higher raw material costs and supply shortages constrained production and led some customers to delay purchases.
CITIC Securities and Citigroup acted as joint sponsors of the Hong Kong listing.
About the Author
Cecilia Attah is a tech analyst with a degree from Benue State University. She covers tech news and startups at TechRegard with a focus on how technology is transforming Africa and shaping the global landscape.
