Two New IPOs Launch: Longsys Storage at 44% Discount, Yudi Robot Backed by SenseTime
SingTao · 1 SOURCESabout 2 hours ago5 MIN
Summary
Hong Kong's IPO market is showing renewed vigor as two new listings launch their public offerings simultaneously from August 31 to September 3, 2025. Semiconductor storage manufacturer Longsys (江波龍, stock code: 9976) is leading the charge with a massive fundraising target of up to 6.27 billion Hong Kong dollars, while its H shares are priced at a substantial 44% discount to its Shenzhen A-shares . Meanwhile, technology-driven robot developer Yudi Robot (優地機器人, stock code: 3231) is entering the market through the Hong Kong Stock Exchange's Chapter 18C listing route, attracting cornerstone investment from SenseTime (商湯, stock code: 020) and 58.com . The two companies are expected to begin trading on September 8 and 9 respectively.
Key Points
- Longsys prices H shares at a maximum of HK$240.6, representing a 44% discount to its A-share price of approximately HK$430
- Longsys reports explosive Q1 2025 profit of RMB 6.427 billion, a dramatic turnaround from a RMB 149 million loss in the same period last year
- Yudi Robot's gross margin surged from 9.1% to 57.5%, while the company secured cornerstone investors including SenseTime and 58.com for US$3 million total
- Longsys has appointed 14 cornerstone investors including Lenovo, Transsion International, and Lexar, collectively committing US$150 million
- Yudi Robot posted 2025 revenue of RMB 318 million with a narrowed net loss of RMB 110 million, though Q1 2025 loss widened to RMB 31.22 million
Why It Matters
These two listings signal renewed confidence in Hong Kong's capital markets, with Longsys bringing a high-quality semiconductor play that could attract mainland investors seeking exposure to China's storage industry through the H-share discount arbitrage. The successful 18C listing of Yudi Robot also demonstrates that Hong Kong's modified listing regime for pre-revenue deep tech companies continues to gain traction, potentially paving the way for more AI and robotics firms to follow suit.
These two listings signal renewed confidence in Hong Kong's capital markets, with Longsys bringing a high-quality semiconductor play that could attract mainland investors seeking exposure to China's storage industry through the H-share discount arbitrage. The successful 18C listing of Yudi Robot also demonstrates that Hong Kong's modified listing regime for pre-revenue deep tech companies continues to gain traction, potentially paving the way for more AI and robotics firms to follow suit.