On September 14, LONGSYS fell 4.66% in regular trading, trading at 194.2 HKD per share, with turnover of approximately HK$10.03 million. The stock has now declined roughly 17.7% from its H-share IPO price of HK$236, extending a persistent selloff since its September 8 listing debut.

The continued weakness reflects three core market concerns. First, the H-share offer price was set at a discount exceeding 40% to the A-share price, sparking debate over valuation anchoring between the two markets. Second, the company reported operating cash flow of negative RMB 3.151 billion in the first half, a sharp reversal from a positive position in the same period last year. Third, inventory stood at RMB 25.777 billion as of end-June, representing over 60% of total assets, raising questions about potential write-down risks amid fears of a storage cycle peak.

Despite reporting first-half net profit of RMB 10.577 billion and executing cumulative A-share buybacks exceeding RMB 500 million, market skepticism over earnings sustainability and the storage industry cycle continues to weigh on the stock. The company is a global leading independent semiconductor storage brand enterprise, with products spanning embedded storage, SSDs, memory modules, and automotive-grade solutions.

(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.)