Longsys, a Shenzhen-based storage chip firm, was officially listed on the Hong Kong Stock Exchange on September 8. Its issue price is HK$236 per share, opening flat, with a total market cap of approximately HK$108.3 billion. The offering introduced 14 cornerstone investors including Transsion, Lenovo and Lens Technology, with total subscriptions of about USD 151 million. Net proceeds from the global offering reached roughly HK$6.02 billion.

As of 2025 storage revenue, Longsys ranks the world’s 9th largest memory vendor and China’s largest independent memory manufacturer, with a global market share of only 1.2%. Over 80% of the global storage market is controlled by IDM giants such as Samsung and SK Hynix, leaving room for differentiated development for independent storage suppliers.

The storage sector is highly cyclical. Driven by AI demand, Longsys saw explosive profit growth in 2026. While the industry booms, rising wafer prices have lengthened inventory turnover. The firm is expanding from consumer storage to high-value enterprise and automotive-grade storage.

Longsys focuses on storage chip design, firmware development and backend packaging & testing, without manufacturing wafers in-house. It owns three brands: FORESEE, Lexar and Zilia, supplying embedded storage, SSDs and memory modules to Dell, Lenovo, OPPO and Xiaomi.

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