Shenzhen Longsys Electronics (HKG:9976, SHE:301308) launched its Hong Kong initial public offering on Monday, seeking to raise up to HK$6.3 billion.
The semiconductor company is offering 26.1 million H shares at a maximum price of HK$240.60 each, according to a bourse filing.
The IPO comprises 2.6 million shares for Hong Kong investors and 23.5 million shares for international investors, subject to reallocation, adjustments, and over-allotment options.
The final offer price is expected to be determined by Sept. 4, with allocation results due by Sept. 7, ahead of the company's planned trading debut on Sept. 8.
Net proceeds will be used mainly to enhance R&D and innovation capabilities in chip design and advanced memory products.
The company also plans to pursue strategic investments and acquisitions, with the remaining proceeds allocated to working capital and general corporate purposes.
The offering has 15 cornerstone investors, including Lenovo (HKG:0992), Lens Technology (SHE:300433, HKG:6613), and Ingenic Semiconductor (SHE:300223, HKG:3223).
Together, they subscribed for $151.1 million worth of IPO shares.
CITIC Securities (Hong Kong) and Citigroup Global Markets Asia are acting as the joint sponsors. CLSA and Citigroup Global Markets Asia are the sponsor-overall coordinators.
CLSA, Citigroup Global Markets Asia and China Securities (International) Corporate Finance are serving as overall coordinators, while CLSA, Citigroup Global Markets Asia, China Securities (International) Corporate Finance and ABCI Capital are the joint global coordinators.