On September 14, LONGSYS fell 3.01% at open, trading at HK$200.0 per share with turnover of HK$340,000. The stock has now declined approximately 15.3% from its IPO price of HK$236 since listing on September 8, when it became the first independent semiconductor storage company to achieve an A+H dual listing.

The continued sell-off reflects deepening investor skepticism. The AH premium has widened beyond 80%, with H-shares trading at a steep discount to A-shares. First-half operating cash flow turned sharply negative at RMB -3.15 billion versus positive RMB 693 million a year earlier, while inventory surged to RMB 25.78 billion — exceeding 60% of total assets. Total interest-bearing debt topped RMB 15.4 billion against just RMB 3.1 billion in cash. Despite first-half net profit surging to RMB 10.58 billion, international investors have priced LONGSYS as a cyclical storage module firm near peak earnings. Analysts note the H-share market views it through a cycle-stock lens rather than the growth narrative prevailing in the A-share market, with storage contract price increases already narrowing sharply from over 90% quarter-on-quarter in Q1 to 13%-18% in Q3.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)