Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Shenzhen Longsys Electronics / Equity Capital Markets

<ul>
<li>Longsys, a branded memory-module maker, raised HKD 6,803.2m (USD 867.7m) in net proceeds from its Hong Kong IPO and will list on the SEHK on Tuesday, September 8, 2026.</li>
<li>In our previous note, we looked at the company's deal terms, cornerstone and sponsor track records, and valuation.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Longsys, a branded memory-module maker, raised HKD 6,803.2m (USD 867.7m) in net proceeds from its Hong Kong IPO and will list on the SEHK on Tuesday, September 8, 2026.
In our previous note, we looked at the company's deal terms, cornerstone and sponsor track records, and valuation.
In this note, we provide an update for the IPO before its trading debut.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, both <a href="https://www.smartkarma.com/entities/shein-global-holdings-limited" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (625 HK)</a> and <a href="https://www.smartkarma.com/entities/mech-mind-robotics-technologies" target="_blank" data-smartkarma-citation="entities:55473:1" rel="noopener">Mech-Mind Robotics Technologies</a>  failed to do much.</li>
<li>On the placement front, deals continued to flow in across the region, throughout the week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, both SHEIN Global Holdings (625 HK) and Mech-Mind Robotics Technologies  failed to do much.
On the placement front, deals continued to flow in across the region, throughout the week.


Aequitas ECM Weekly (7 September 2026)-Shein, Mech-Mind, Longsys, Jio, Elice, Cathay, Bilibili,

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-longsys-electronics-co-ltd-9ad6ee79-c403-4819-a5df-de95777ae2a7" target="_blank" data-smartkarma-citation="entities:55525:1" rel="noopener">Shenzhen Longsys Electronics (9976 HK)</a> is a branded independent memory product company. It is seeking to raise US$800 million.</li>
<li>I discussed the H Share listing in <em><strong><a href="https://www.smartkarma.com/insights/longsys-electronics-h-share-listing-9976-hk-the-investment-case" target="_blank" data-smartkarma-citation="insights:266146" rel="noopener">Longsys Electronics H Share Listing (9976 HK): The Investment Case</a></strong></em>. </li>
<li>The proposed AH discount of 45.2% (based on the close on 28 August A Share price) is attractive. However, given my bearish fundamental view, I would avoid the listing. </li>
</ul>



Shenzhen Longsys Electronics (9976 HK) is a branded independent memory product company. It is seeking to raise US$800 million.
I discussed the H Share listing in Longsys Electronics H Share Listing (9976 HK): The Investment Case. 
The proposed AH discount of 45.2% (based on the close on 28 August A Share price) is attractive. However, given my bearish fundamental view, I would avoid the listing. 


Longsys Electronics H Share Listing (9976 HK): Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-longsys-electronics-co-ltd-9ad6ee79-c403-4819-a5df-de95777ae2a7" target="_blank" data-smartkarma-citation="entities:55525:1" rel="noopener">Shenzhen Longsys Electronics (9976 HK)</a> is a branded independent memory product company. It is seeking to raise US$798 million.     </li>
<li>It designs controllers/firmware, back-end manufacturing (packaging/testing/assembly), and sells memory products (embedded storage, SSDs, mobile storage, DIMMs).</li>
<li>The investment case is bearish as Longsys is a fundamentally commoditised, cyclical, cash-burning company, currently riding an exceptional AI-driven up-cycle.</li>
</ul>



Shenzhen Longsys Electronics (9976 HK) is a branded independent memory product company. It is seeking to raise US$798 million.     
It designs controllers/firmware, back-end manufacturing (packaging/testing/assembly), and sells memory products (embedded storage, SSDs, mobile storage, DIMMs).
The investment case is bearish as Longsys is a fundamentally commoditised, cyclical, cash-burning company, currently riding an exceptional AI-driven up-cycle.


Longsys Electronics H Share Listing (9976 HK): The Investment Case

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>The IPO of <a href="https://www.smartkarma.com/entities/shenzhen-longsys-electronics-co-ltd-9ad6ee79-c403-4819-a5df-de95777ae2a7" target="_blank" data-smartkarma-citation="entities:55525:1" rel="noopener">Shenzhen Longsys Electronics (9976 HK)</a>, a branded independent semiconductor memory product enterprise, does not appear particularly attractive to us.</li>
<li>Although its EPS CAGR will reach 95.5% for FY25-28, the growth is entirely generated in FY26, as market consensus projects a decline in FY27 and FY28.</li>
<li>Its FY27 PER of 8x is higher than global peers, and the steep 45.9% discount to the A-share is justified by the uncertain earnings outlook.</li>
</ul>


The IPO of Shenzhen Longsys Electronics (9976 HK), a branded independent semiconductor memory product enterprise, does not appear particularly attractive to us.
Although its EPS CAGR will reach 95.5% for FY25-28, the growth is entirely generated in FY26, as market consensus projects a decline in FY27 and FY28.
Its FY27 PER of 8x is higher than global peers, and the steep 45.9% discount to the A-share is justified by the uncertain earnings outlook.


Shenzhen Longsys (9976 HK) IPO: Not Too Exciting

China

Shenzhen Longsys Electronics Co., Ltd. manufactures and distributes digital storage products. The Company produces embedded storage products, portable storage devices, wireless storage devices, and other products. Shenzhen Longsys Electronics markets its products throughout China.

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Shenzhen Longsys Electronics (301308 CH)

Longsys (江波龙) IPO Trading

Longsys raised USD 868m to list on HKEX on Tuesday, Sep 8. Cornerstone track records and a wide A-H discount are offset by soft demand among...

Ke Yan, CFA, FRM

Aequitas ECM Weekly (7 September 2026)-Shein, Mech-Mind, Longsys, Jio, Elice, Cathay, Bilibili,

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Shenzhen Longsys (9976 HK) IPO: Not Too Exciting

Shenzhen Longsys H-share is priced at a 45.9% discount to the A-share, but the market's projected earnings decline for FY27-28 is a concern. Its 8x...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

Longsys (江波龙) IPO Trading

Longsys raised USD 868m to list on HKEX on Tuesday, Sep 8. Cornerstone track records and a wide A-H discount are offset by soft demand among...

Ke Yan, CFA, FRM

Aequitas ECM Weekly (7 September 2026)-Shein, Mech-Mind, Longsys, Jio, Elice, Cathay, Bilibili,

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Longsys Electronics H Share Listing (9976 HK): Valuation Insights

Longsys is an independent memory product company. It is seeking to raise US$800 million. While the proposed AH discount is attractive, I would...

Arun George

Longsys Electronics H Share Listing (9976 HK): The Investment Case

Longsys Electronics is a branded independent memory product company. It is seeking to raise US$798 million. In this note, I discuss the investment...

Arun George

Shenzhen Longsys (9976 HK) IPO: Not Too Exciting

Shenzhen Longsys H-share is priced at a 45.9% discount to the A-share, but the market's projected earnings decline for FY27-28 is a concern. Its 8x...

Osbert Tang, CFA