Leading independent memory products maker Longsys Electronics has debuted on the HKEX on 8 September, raising around HKD7.08 billion (USD903 million). The debut makes Longsys the first independent semiconductor memory company to achieve an A+H dual listing in both the Chinese mainland and Hong Kong, following its SZSE debut in 2022.
Latham & Watkins, Zhong Lun Law Firm, Brazilian firm Pinheiro Neto Advogados, Hogan Lovells Cadwalader, Kirkland & Ellis and Jingtian & Gongcheng advised on the transaction.
Longsys issued around 29.99 million shares at HKD236 each and attracted 14 prominent cornerstone investors, including Transsion, Lenovo, Ingenic Semiconductor, Lens Technology and CITIC Asset Management. CITIC Securities and Citi acted as joint sponsors.
Latham advised Longsys on Hong Kong and US law, led by partners Zhang Daying, Mandy Wong and Terris Tang, with support from counsel Eric Yiu. Partner Xu Hui handled compliance matters and partner James Barker advised on US regulatory issues.
Zhong Lun acted as PRC legal counsel, with partners Deng Lei and Liao Chunlan serving as signing lawyers and non-equity partner Chen Yuanjie participating. Partner Chen Jihong and non-equity partner Chen Jian advised on data compliance matters. Pinheiro Neto Advogados provided Brazilian legal counsel, while Hogan Lovells Cadwalader counselled on international sanctions law, US outbound investment rules and intellectual property litigation.
Kirkland acted as the underwriters’ Hong Kong and US legal counsel, with a team led by partners Lyu Mengyu, Brian Ho, Justin Zhou, Ashlee Wu and Ricky Chow. Jingtian & Gongcheng advised on PRC law.
Headquartered in Shenzhen and founded in 1999, Longsys focuses on the R&D, design and sales of flash memory and dynamic random-access memory products. Its products include embedded storage, solid-state drives, mobile storage and memory modules, and are widely used in mainstream consumer smart devices, data centres, automotive electronics, the internet of things, security surveillance and industrial control.
Market researcher China Insights Consultancy said Longsys ranked as the world’s ninth-largest memory products company by revenue in 2025. It was also the world’s second-largest and China’s largest independent memory products company.
The prospectus stated that offering proceeds would mainly be used to strengthen Longsys’ independent R&D and innovation capabilities in chip design and advanced memory products, support strategic investments and acquisitions, and replenish working capital and fund general corporate purposes.
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