Chinese semiconductor company Shenzhen Longsys is seeking to raise as much as HK$6.28 billion, or about $800 million, through a Hong Kong share sale. The company plans to offer about 26 million shares at up to HK$240.60 each, a price that represents roughly a 45% discount to its Shenzhen closing price last Friday. The final offer price is expected to be set on Sept. 4, with H shares due to begin trading on Sept. 8. Around 78.3% of the proceeds are earmarked for research and development. Cornerstone investors have agreed to subscribe for 18.89% of the offering, including Lenovo, Transsion International, CITIC Securities Asset Management, and Lens Technology. Longsys said its first-half net profit jumped more than 71,000% as memory chip prices rose, while revenue climbed to RMB 24.1 billion. The listing comes as data center operators compete for supply and shortages in AI memory chips lift sector valuations. If the over-allotment option is exercised, total proceeds could rise to $1.06 billion, implying a market value of as much as $24.9 billion.
Shenzhen Longsys, a Chinese semiconductor company, is seeking to raise as much as HK$6.28 billion, or about $800 million, through a Hong Kong listing.
The company plans to sell about 26 million shares at a top price of HK$240.60 each. That would mark a discount of about 45% to its Shenzhen closing price last Friday.
The final offer price is expected to be determined on Sept. 4, and the H shares are expected to start trading on Sept. 8.
About 78.3% of the proceeds are set to be used for research and development. Cornerstone investors have agreed to subscribe for 18.89% of the shares on offer, including Lenovo, Transsion International, CITIC Securities Asset Management, and Lens Technology.
Longsys said its net profit in the first half surged more than 71,000% as memory chip prices increased, while revenue rose to RMB 24.1 billion.
The listing comes at a time when data center operators are competing for supply, AI memory chip shortages are pushing up valuations across the sector, and demand conditions remain tight. If the over-allotment option is exercised, total proceeds could increase to $1.06 billion, implying a valuation of as much as $24.9 billion.
According to Techub, the report cited BeInCrypto.
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