Longsys lists in Hong Kong, raising $910M as AI-driven memory boom fuels record profits
创业邦 · wechat · 2026-09-08
Independent memory module maker Longsys (09976.HK) debuted on the HKEX on Sept 8 at HK$236/share, raising about HK$7.08B and becoming the first Chinese independent storage company dual-listed on A-shares and Hong Kong, with an opening market cap of HK$108.6B.
- Longsys buys NAND Flash/DRAM wafers from upstream and adds value through in-house controller design (2.8B+ chips shipped, 5nm UFS4.1 in production), firmware, packaging/testing, selling under FORESEE, Lexar and Zilia brands; overseas sales exceed 70% of revenue.
- H1 2026 revenue hit RMB 24.09B (+136% YoY) with net profit of RMB 10.58B (up 71,528%), driven by AI datacenter demand — enterprise storage revenue grew 208.8% to RMB 2.14B.
- Risks: inventory of RMB 25.78B (60% of assets), negative operating cash flow of RMB -3.15B, and heavy reliance on the top five suppliers.
- Context: the global memory market is projected to grow from $275.4B (2025) to $875.6B by 2030 (26% CAGR), with HBM and enterprise SSD demand reshaping supply and opening doors for domestic players like YMTC and CXMT partners.
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