Physix Frontier · News Briefing Card (TMTPost · Sep 8, 2026)

Longsys debuts on HKEX with market cap over HK$107B

KEY FACTS

Longsys listed on the HKEX Main Board, opening with a total market capitalization of approximately HK$107.5 billion.
In H1 2026, revenue reached RMB 24.088 billion, while net profit attributable to shareholders surged by more than 70,000 times year-over-year.
The IPO price was set at HK$236, representing a discount of approximately 44% compared to its A-share closing price.
Having transitioned from storage trading to proprietary chip design, the company has become the world's second-largest independent manufacturer.

KEY DATA

HK$107.5BHK Market Cap

71528.66%H1 Net Profit Growth

HK$236IPO Price

58.2%H1 Gross Margin

PHYSIX OBSERVATION

Longsys capitalized on the AI storage supercycle to deliver explosive earnings, yet high inventory levels and negative cash flow expose significant cyclical risks. The steep discount in the Hong Kong listing sparked controversy, reflecting market concerns over valuation normalization. This debut aims to leverage capital markets to extend upstream into chip design, seeking to break free from pure trading dependencies and convert short-term profits into long-term technological moats to withstand potential future price corrections.

Source: TMTPost report