Abstract:
Longsys, the domestic storage leader, was officially listed on the main board of the Hong Kong Stock Exchange today with the stock code 09976.HK and an offer price of HK$236 per share. This formed an "A+H" dual listing structure and became the first independent memory company to be listed on the "A+H" list.
Longsys has previously been listed on the A-share market. After listing on the Hong Kong stock market, it will have both A-share and H-share capital platforms, thus opening up the channel to connect with international capital.
Longsys’ business covers the entire chain of main control chip and memory chip design, firmware development, system-level packaging and testing, and its product lines cover four major categories: embedded storage, solid-state drives (SSD), mobile storage and memory sticks.
Longsys operates three major international brands: FORESEE (B2B market), Lexar (high-end B2C market) and Zilia (Latin American B2B market). About 70% of its revenue comes from overseas markets.
In terms of issuance arrangements, Longsys sold 26.0778 million H shares globally this time, including 2.6078 million shares in the Hong Kong public offering and 23.47 million shares in the international offering. It also has an over-allotment option to reserve space for subsequent additional issuances.
The transaction is based on 50 shares per lot. Based on the offer price, the investor's admission fee is approximately HK$12,151.32. If calculated based on the maximum offer price of HK$240.60, the net proceeds from this issuance would be approximately HK$6.02 billion, which is a considerable scale.
This IPO introduced a total of 14 cornerstone investors, with a total subscription of approximately US$151 million (approximately HK$1.185 billion). At HK$236 per share, cornerstone investors will subscribe for approximately 4.926 million H shares, accounting for approximately 18.89% of the global offering shares.
The cornerstone lineup covers leading companies in all aspects of the industry chain, including consumer electronics terminal brands, PC giants, precision manufacturing leaders, chip design companies, graphics card brands and storage module peers, including Transsion International (subscription of US$25 million, the largest subscription), Yufeng Financial Group, CITIC Securities Asset Management (Hong Kong), Lenovo Group, Lens Technology (Hong Kong), Beijing Junzheng Integrated Circuit (Hong Kong), Colorful Technology, Hongxinyu Electronics, etc.
It is worth noting that
among the 14 cornerstone investors, Transsion Holdings, Lenovo Group, Lens Technology, Ingenics, Colorful Technology, etc. are all Longsys’ key partners in the upstream and downstream of the industrial chain such as consumer electronics, smart terminals, precision manufacturing, and chip design.
The industrial chain attributes of the cornerstone lineup are so concentrated, which is relatively rare in Hong Kong IPOs in recent years, which fully reflects the collective recognition of the company's long-term value by industrial capital.
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