What happened
On September 8, Longsys (09976.HK) listed on the Hong Kong Stock Exchange, becoming the first independent semiconductor memory maker with dual A+H listings.
The company reported H1 revenue of 24.088 billion yuan, up 136.26% year-on-year, and net profit of 10.577 billion yuan, a 71,528.66% surge, exceeding its cumulative net profit over the past eight years by more than four times.
Longsys attributed growth to AI-driven demand, with enterprise storage revenue up 208.80% to 2.140 billion yuan, and overseas revenue up 142.27% to 17.017 billion yuan.
Why it matters
The listing provides capital to boost R&D in edge-AI storage, a key growth area as AI shifts from cloud to devices.
Longsys' self-developed controller chips and new products like SPU and mSSD position it to lead in AI PCs and embedded AI, potentially reshaping the memory market.
Dual listing enhances its global footprint, with brands like Lexar and Zilia driving international expansion.
Key facts
Longsys is the world's second-largest independent memory maker by 2025 revenue, per CIC.
H1 gross margin hit 58.90%, up 45.95 percentage points year-on-year.
Self-developed controller chips surpassed 280 million units produced; 5nm UFS 4.1 controller is in mass production.
IPO raised over 6 billion HKD, with over 70% earmarked for chip design and high-end storage R&D.
What to watch next
Whether edge-AI products like AIDIMM and mSSD gain traction with major PC and device makers.
How the company scales its global manufacturing network, including Brazil and China, to meet demand.
If sustained R&D investment translates into new patents and products to maintain its competitive edge.