Morningstar

China's Longsys Falls After $900 Million Hong Kong Listing

Provided by Dow Jones

By Tracy Qu 




  Shares of Shenzhen Longsys Electronics fell in their Hong Kong debut after the data storage product maker raised $900 million in a listing. 



  The company's shares dropped 0.7% to 234.40 Hong Kong dollars, equivalent to US$29.90, at the midday break on Tuesday. Its Shenzhen-listed shares were 1.6% higher. 



  Longsys set the Hong Kong offer price at HK$236.00 per share, below the maximum offer price of HK$240.60, raising gross proceeds of HK$7.08 billion. 



  Citic Securities and Citi were joint sponsors for the offering. 



  The company plans to use the proceeds for research and development, and investments including chip design. 



  Funds raised through listings in Hong Kong totaled HK$342.4 billion in the first eight months of the year, more than double the amount raised in the same period a year earlier, data from Hong Kong Exchanges & Clearing showed. 





  Write to Tracy Qu at tracy.qu@wsj.com 





  (END) Dow Jones Newswires



  September 08, 2026 00:37 ET (04:37 GMT)


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