IPO News | Shenzhen Longsys Electronics (301308.SZ) has passed the Hong Kong Stock Exchange hearing, becoming the ninth largest memory manufacturer in the world.

According to the Hong Kong Stock Exchange's disclosure on August 23, Shenzhen Longsys Electronics Co., Ltd. (referred to as Shenzhen Longsys Electronics, 301308.SZ) has passed the main board listing hearing, with CITIC SEC and Citigroup serving as its co-sponsors. According to data from Zengzhi Consulting, in terms of revenue from storage products in 2025, Shenzhen Longsys Electronics ranks as the ninth largest memory manufacturer in the world, the second largest independent semiconductor memory manufacturer among over 100 global market participants, and the largest independent memory manufacturer among more than 30 market participants in China. The prospectus indicates that Shenzhen Longsys Electronics is an independent brand semiconductor memory manufacturer. The company procures storage wafers and main control chips from IDM and main control chip suppliers, without engaging in wafer manufacturing. Based on the company's capabilities in main control chip and storage chip design, firmware development, back-end manufacturing (including system-level packaging, testing, and assembly), the company designs, develops, and manufactures a complete range of storage products for consumer, enterprise, and industrial applications. In 2025, Shenzhen Longsys Electronics is expected to capture 1.2% market share of the global storage products market. Given the significant scale of the industry, this share holds considerable meaning for independent memory enterprises. The company currently owns and operates three major brands: FORESEE (mainly serving the B2B market), Zilia (mainly serving the Latin American B2B market), and Lexar (mainly serving the B2C market), each targeting different customer segments and enjoying high brand recognition in their respective markets. These achievements, along with the company's strong global layout and brand and product portfolio, underscore its critical role within the entire semiconductor memory industry. FORESEE has been cultivated over more than a decade of independent development, enjoying a high reputation and significant first-mover advantage, particularly in end-side devices such as mobile phones and computers, as well as in the automotive sector. Zilia is a brand launched by the company in 2023 following the acquisition of SMART Brazil (a semiconductor memory manufacturer under SMART Global). Lexar is a global premium brand acquired by the company in 2017. To date, Lexar-branded products have been sold in over 60 countries and regions and have received numerous international awards. Lexar primarily serves the B2C storage market, including photography, videography, and gaming. Through strategic development, Shenzhen Longsys Electronics has established operational capabilities and comprehensive business layouts along the storage product value chain, covering storage and main control chip design, firmware development, system-level packaging, testing, SMT assembly, and finished product packaging. Unlike traditional IDMs, the company does not have wafer manufacturing facilities. Instead, the company adopts an open and flexible model, sourcing storage wafers and main control chips from IDM and main control chip suppliers. For chips independently designed by the company, it procures wafer manufacturing services from foundries. After procuring storage wafers (such as NAND Flash and DRAM wafers) and main control chips, the company can utilize its internal capacity to convert them into various storage products, conducting packaging, testing, SMT assembly, and finished product packaging. Considering the companys business scale, diverse product portfolio, and large customer base, it selectively utilizes its own capacity for packaging, testing, SMT assembly, and packaging in its factories in China and Brazil, while outsourcing the remaining operations to third-party OSAT service suppliers, enhancing the company's operational replicability and flexibility. Shenzhen Longsys Electronics has established a comprehensive global presence. During the reporting period, the company generated 77.1%, 71.1%, 66.8%, and 69.9% of its revenue from regions outside mainland China. The company operates through local subsidiaries and professional teams across Asia, Europe, North America, South America, and the Middle East, enabling it to stay close to its customers and respond swiftly to their needs. By leveraging these local resources and operations, the company effectively serves its global customers, including several Fortune 500 companies. Its customer base includes well-known enterprises such as Dell, Lenovo, Shenzhen Mindray Bio-Medical Electronics, OPPO, Samsung, Transsion, and Xiaomi, reflecting the breadth and diversity of the companys client coverage across different regions, industries, and product applications. From a financial perspective, for the fiscal years 2023, 2024, 2025, and the four months ending April 30, 2026, the company achieved revenues of approximately 10.125 billion yuan, 17.464 billion yuan, 22.766 billion yuan, and 14.707 billion yuan, respectively; during the same periods, the company recorded profits of approximately -837 million yuan, 505 million yuan, 1.498 billion yuan, and 6.427 billion yuan.