江波龙传以每股236港元为香港上市定价，略低于招股上限

Shenzhen Longsys Electronics Co. priced its Hong Kong listing below the top end of the marketed range, according to people familiar with the matter, joining a wave of Chinese companies along the artificial intelligence supply chain to debut in the city.

The memory chipmaker priced its shares at HK$236 ($30.10) apiece, the people said, asking not to be identified because the information is private, below the maximum price of HK$240.60. That’s a discount of about 44% to Longsys’ 359.63 yuan ($53.52) closing price on Thursday in Shenzhen, where it’s been listed since 2022.

A representative for Longsys did not immediately respond to a request for comment.

Longsys is selling about 26 million shares with an option to increase the size of the deal by as much as 15%. It is expected to start trading in Hong Kong on Sept. 8. The mainland-listed shares of the company controlled by founder Cai Huabo have more than tripled in the past year, giving it a market value of about $24 billion.

The offering builds on a wave of Chinese AI-linked firms raising capital in Hong Kong, a trend that’s driven the city’s dealmaking boom this year — highlighted by Zhongji Innolight Co.’s $7.8 billion offering in July, the biggest in seven years. With more than $45 billion in listing proceeds so far in 2026, the city is en route to surpass the record set in 2010.

Listings that are widely perceived as “beneficiaries of policy support have done pretty well and I think that’s also been telegraphed to onshore retail investors,” said Homin Lee, a senior macro strategist at Lombard Odier Singapore Ltd. “For the retail onshore investors, right now at this juncture, given the whole AI competition, a ‘sure thing’ is probably something related to semiconductors and the government’s very steady push for indigenizing the semiconductor ecosystem.”

Longsys plans to use the proceeds to support research and development in chip design and advanced memory technologies. Its revenue more than doubled to 24.1 billion yuan in the first half of 2026, while net profit jumped more than 700-fold to 10.6 billion yuan as strong demand and constrained wafer supply boosted memory prices.

Among Longsys’s competitors, DRAM maker CXMT Corp. in July raised 66.6 billion yuan ($9.9 billion) in China’s second-largest initial public offering of all time and went on to overtake Tencent Holding Ltd. to become the nation’s largest listed company. One of the world’s biggest makers of flash memory, Yangtze Memory Technologies Co., is also nearing an IPO.

Founded in 1999, Longsys held a 1.2% share of the global memory products market in 2025 and generates about 70% of its revenue from overseas markets, with customers including Dell Technologies Inc., Lenovo Group Ltd. — which is also among the cornerstone investors — Samsung Electronics Co., and Xiaomi Corp.

Cornerstone investors, which get guaranteed allocation in the deal in exchange for holding the stock for at least six months, have agreed to buy 18.89% of Longsys shares. They include Transsion International Ltd., an indirect unit of Shanghai-listed Transsion Holdings Co., CITIC Securities Asset Management, and Lens Technology HK, the controlling shareholder of Lens Technology Co.

Citic Securities Co. and Citigroup Inc. are joint sponsors for Longsys’ listing.