Longsys Electronics plans to allocate about 78% of the roughly $903 million raised in its Hong Kong initial public offering, or about $704 million, to research and development for AI memory chips, chip design and next-generation memory products. The investment is part of the company's shift from assembling memory modules toward building a proprietary semiconductor memory business focused on edge AI storage. Longsys completed its Hong Kong listing on September 8 after raising HK$7.08 billion and maintains its Shenzhen listing under ticker 301308.SZ. First-half 2026 revenue climbed 136.3% to 24.1 billion yuan, while net profit rose to 10.7 billion yuan from 41 million yuan a year earlier. Founder and Chairman Cai Huabo holds about 39% of the company through direct stakes and investment vehicles. Longsys sells products under the FORESEE, Lexar and Zilia brands and has introduced AI-focused products including its WM8500 Storage Processing Unit controller, AIDIMM modules and DRAM-less PCIe Gen5 solid-state drives.