Most people notice storage only when it runs out.
A smartphone runs out of space for photos. A laptop slows under the weight of large files. A camera needs a faster memory card before it can record high-resolution video. Behind these everyday frustrations sits a less visible layer of the technology industry: the companies that design, assemble and sell the memory products used by consumer devices, vehicles, servers and industrial equipment.
Shenzhen Jiangbolong Electronics Co., better known by its English name, Longsys, is one of China’s most prominent independent memory-product companies. It is also preparing to expand its public-market presence from Shenzhen to Hong Kong, where it is expected to trade under the stock code 09976.
Longsys is not a wafer-fabrication giant in the mold of Samsung, SK hynix or Micron. Instead, its business is built around a broader combination of semiconductor design, firmware, packaging, testing, supply-chain management and branding. That position makes it an interesting company to follow: it operates in a market dominated by a small number of upstream chip manufacturers, but competes by building products and brands closer to the end user.
According to CIC data cited in Longsys’ Hong Kong listing document, Longsys ranked second among more than 100 independent semiconductor-memory companies globally by 2025 storage-product revenue, and first among more than 30 independent memory companies in China. Its share of the overall global storage-products market was approximately 1.2%. These figures come from an industry report commissioned for the company’s prospectus.
A company that moved up the memory value chain
Longsys was founded in Shenzhen in April 1999. Its early business focused on MASK ROM services, a form of non-volatile memory that is programmed during manufacturing.
At the time, the company was far removed from the consumer brands that would later define its international profile. Its first major step toward greater technological control came in 2002, when it launched USB controller chips based on AG-AND technology. In 2008, it introduced a USB flash-memory module known as UDP, a product that the company says helped change the production model for USB storage products.
These developments reflected a gradual shift in the company’s role. Longsys was no longer simply participating in the memory trade. It was beginning to develop the components and production technologies needed to build memory products itself.
In 2011, the company launched FORESEE, a brand focused on business-to-business customers, and introduced eMMC and solid-state-drive products. Three years later, it formally adopted the English name Longsys and began a more explicit push toward global expansion.
The company’s development during this period followed a familiar pattern in China’s electronics industry: start with manufacturing or trading capabilities, build technical expertise through customer demand, then move into proprietary design and branded products.
Longsys’ own description of its business now covers memory-chip and controller-chip design, firmware development, system-in-package technology, testing and finished-product sales. For overseas readers, the distinction is important. Longsys is not trying to compete with the largest integrated memory manufacturers on wafer capacity alone. Its strategy is to combine components and engineering capabilities into products adapted to different customers and applications.
The Lexar deal changed the company’s public identity
The most important turning point in Longsys’ history came in 2017, when it acquired Lexar.
Lexar was founded in California in 1996 and had developed a strong reputation in premium consumer storage, particularly among photographers, videographers and users of high-performance digital equipment. Its products included memory cards, USB drives and other forms of removable storage.
For Longsys, the acquisition brought something that could not be built overnight: an established international consumer brand, an existing customer base and access to retail channels outside China.
The company’s prospectus says Lexar products are now sold in more than 60 countries and territories across six continents. The brand has a presence in retailers including Costco, Fnac, Best Buy, MediaMarkt, Yodobashi and JB Hi-Fi, as well as on international e-commerce platforms such as Amazon, Shopee and Lazada.
That network gives Longsys a different kind of market visibility from many Chinese semiconductor companies. FORESEE may be known to device manufacturers and enterprise customers, but Lexar is visible directly to consumers. A photographer buying a high-speed memory card may encounter the Lexar name without knowing that the brand is owned by a Shenzhen-based company.
The acquisition also created a bridge between two sides of the memory industry. Longsys brought its manufacturing and supply-chain capabilities to a consumer brand with global recognition, while Lexar gave the Chinese company a stronger route into overseas retail markets.
Three brands, three relationships with customers
Longsys now operates three principal brands, each serving a different segment.
FORESEE is the company’s main B2B brand. It provides embedded storage, solid-state drives, removable storage and memory modules for device manufacturers and business customers. Its products are designed for applications including smartphones, personal computers, vehicles and industrial equipment.
Zilia focuses on the Latin American B2B market. The brand was launched after Longsys acquired a controlling stake in SMART Brazil, a semiconductor-memory business with manufacturing and sales operations in Brazil. Longsys completed the acquisition of the remaining 19% stake in March 2026, making Zilia fully owned by the group. The acquisition history is detailed in the company’s listing document.
Lexar, meanwhile, is positioned as the group’s premium B2C brand.
This structure is more than a collection of brand names. It gives Longsys three different ways to sell memory products.
B2B customers often care about qualification cycles, reliability, customization and long-term supply. A storage component that goes into a vehicle or an industrial machine may need to operate under demanding conditions for years. Consumer customers are more likely to focus on speed, capacity, brand reputation, design and retail availability.
The same underlying memory technologies can therefore support very different commercial models. A custom embedded-storage product for a device maker is not sold in the same way as a high-speed memory card for a camera enthusiast.
From products to capabilities
Longsys’ expansion has also involved building more control over the production process.
In 2023, the company acquired 70% of Yuan Cheng Suzhou, a business focused on the packaging and testing of storage products. In the same year, it acquired 81% of Zilia Eletrônicos in Brazil, strengthening its overseas manufacturing capacity and presence in Latin America.
The company has also expanded its product range beyond traditional USB drives and memory cards. Its portfolio now includes embedded storage, solid-state drives, mobile storage and memory modules. In 2022, FORESEE launched its first self-developed NAND Flash chip, and in 2023 it introduced its first self-developed PCIe Gen4 SSD.
For readers outside the semiconductor industry, NAND Flash is the type of non-volatile memory commonly used for storage in smartphones, computers, SSDs and memory cards. DRAM, by contrast, is generally used as temporary working memory while a device is operating. Longsys’ business spans products built around both types of memory.
The company’s recent milestones also include its entry into the enterprise market, the launch of DDR5 RDIMM products and the commercialisation of its own controller chips for UFS, USB and automotive storage products. In 2026, it said it had commercialised a self-designed controller for UFS 4.1 products and developed storage solutions for edge-AI devices.
This is the point where Longsys’ development story becomes more complicated than a simple move from low-end to high-end products. Its aim is not only to sell more storage capacity. It is trying to own more of the technology that determines how storage performs, connects with a device and is adapted to a particular customer.
Growth in a cyclical market
Longsys’ recent financial performance shows both the opportunity and the volatility of the memory business.
The group’s revenue rose from approximately RMB10.1 billion in 2023 to RMB17.5 billion in 2024 and RMB22.8 billion in 2025. Net profit increased from roughly RMB505 million in 2024 to approximately RMB1.5 billion in 2025, according to the historical financial information in the listing document.
The timing was significant. Longsys said its 2025 revenue increased 30.4% from the previous year as demand for memory products exceeded available supply. The company attributed much of the change to the growth of AI-related applications from the third quarter onward, which helped push up memory-product prices.
But memory is a famously cyclical industry. Prices can rise rapidly when demand outpaces supply, then fall when manufacturers expand capacity or customers reduce inventories. The company’s prospectus notes that NAND Flash and DRAM wafer prices fell sharply in 2023 before rebounding in 2024.
That cycle creates a central question for Longsys. Can its own brands, controller technology, firmware and product customisation help it maintain stronger economics than a company that simply sells standardised memory products? Or will its financial performance remain heavily influenced by the same supply-and-demand swings that affect the broader industry?
Why Hong Kong matters
Longsys has been listed on the Shenzhen Stock Exchange since August 2022, under stock code 301308. Its proposed Hong Kong listing is therefore not a first-time public offering, but an expansion to a second capital market.
The company says the Hong Kong listing will provide additional financing capacity, improve its access to international investors and support its global business development. Its proposed use of proceeds includes independent research and development, capacity expansion, global marketing for Lexar, FORESEE and Zilia, strategic investments or acquisitions, debt repayment and working capital. Details appear in the Hong Kong offering documents.
As of early September 2026, Longsys’ Hong Kong public offering was scheduled to close on September 3, with an expected listing on September 8, according to the current IPO timetable.
The listing itself is only one chapter in the company’s story. The more important question is what kind of company Longsys becomes after it.
It began as a Shenzhen memory-services business. It then added controller technology, product design, manufacturing capabilities and B2B relationships. The acquisition of Lexar gave it an international consumer brand, while its investments in Brazil and advanced packaging extended its geographic and technical reach.
Longsys is now trying to turn those separate pieces into one global memory platform. Whether it succeeds will depend on more than the next memory-price cycle. It will also depend on whether the company can persuade customers that its value lies not just in the chips inside its products, but in the engineering, reliability and brands built around them.
