China's Shenzhen Longsys Electronics prices $6.15 billion Hong Kong share sale below top of range

Chinese chipmaker Shenzhen Longsys Electronics has determined the offer price for its Hong Kong share sale below the top end of its marketed range, it said on Friday, looking to raise about HK$6.15 billion.

Here are more details:

• The Shenzhen-listed company said the offer price was determined at HK$236 per H Share, below the maximum offer price of HK$240.6 per share it announced earlier this week.

• It is offering a total number of 26.1 million H shares, which are expected to start trading in Hong Kong on September 8.

• The listing adds to a growing string of Hong Kong share sales by Chinese AI-related companies this year, fuelling the city's dealmaking momentum. Chinese optical parts maker Zhongji Innolight raised US$6.81 billion (HK$53.12 billion) in its Hong Kong listing in July, marking Asia's second-largest listing this year.

• Shenzhen Longsys Electronics plans to use around 78.3 percent of the net proceeds from the share sale to enhance its independent research and development and innovation capabilities in key areas including chip design and advanced memory product development.

• Lenovo Group (0992) and Ingenic Semiconductor are among the cornerstone investors for the share sale.

Reuters

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