Chinese Chipmaker Longsys Electronics Co. is seeking to raise as much as HK$6.28 billion ($801 million) in a Hong Kong listing, extending the wave of Chinese companies along the artificial intelligence supply chain coming to the market after its onshore shares have gained about 50% this year. The memory-chipmaker is offering about 26 million shares at a maximum price of HK$240.60 apiece, reflecting a discount of 45% to the 376.88 yuan closing price on Friday in Shenzhen. Longsys expects the shares to start trading Sept. 8.

The size could rise to as much as $1.06 billion with upsize options, with an indicated market value of as much as $24.9 billion. The offering builds on a wave of Chinese technology firms raising capital for the AI infrastructure buildout, highlighted by Zhongji Innolight Co.'s $6.8b landmark offering last month. Among Longsys' competitors, CXMT Corp. raised 66.6 billion yuan ($9.9 billion) in China's second-largest IPO of all time.

Longsys plans to use proceeds for R&D in chip design and advanced memory technologies. Its revenue more than doubled to 24.1 billion yuan in the first half of 2026, while net profit jumped more than 700-fold to 10.6 billion yuan. Cornerstone investors include Transsion International Ltd., CITIC Securities Asset Management, and Lens Technology HK.