Changxin Technology's application for an IPO on the Science and Technology Innovation Board has been accepted. It is the first in China and the fourth in the world among DRAM manufacturers.

On December 30, Changxin Technology Group Co., Ltd. (referred to as Changxin Technology) submitted its application for listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board (STAR Market) IPO. CICC and China Securities Co., Ltd. are its sponsoring institutions, and it plans to raise 29.5 billion yuan. According to the prospectus, Changxin Technology is the largest, most technologically advanced, and most comprehensive DRAM research, development, and manufacturing integrated enterprise in China. Since its establishment in 2016, the company has focused on the research, design, production, and sales of DRAM products. The company has adopted a "node-leaping" strategy, completing mass production from the first-generation technology platform to the fourth-generation technology platform, as well as product coverage and iteration from DDR4, LPDDR4X to DDR5, LPDDR5/5X. Currently, the company's core products and technological capabilities have reached international advanced levels. Changxin Technology actively seizes industry trends, continuously iterates its products, and has formed a diversified product layout including the DDR series, LPDDR series, etc. It can provide various product solutions such as DRAM wafers, DRAM chips, DRAM modules to effectively meet market demands in servers, mobile devices, personal computers, smart cars, etc. The company has three 12-inch DRAM wafer plants in Hefei and Beijing, making it the top DRAM manufacturer in China and the fourth globally according to Omdia's data on capacity and shipments. The DRAM industry has high technological and capital thresholds, and leading companies with a certain scale can reduce costs through economies of scale and consolidate their advantages. Due to these industry characteristics, the DRAM industry, which had dozens of companies in its early stages in the 1980s, now includes major global manufacturers such as Samsung Electronics, SK Hynix, Micron Technology, and Changxin Technology. According to Omdia's data, based on sales estimates, Samsung Electronics is projected to have a market share of 40.35% in the global DRAM market in 2024, ranking first. SK Hynix and Micron Technology are expected to have market shares of 33.19% and 20.73%, respectively, in 2024, ranking second and third. Together, these three companies account for over 90% of the global DRAM market share. In recent years, domestic DRAM manufacturers like Changxin Technology have gradually entered the ranks of major manufacturers. Based on Omdia's data, as of the second quarter of 2025, Changxin Technology's global market share has increased to 3.97% and is expected to further grow with technological development and capacity expansion. Changxin Technology places great emphasis on independent technological research and innovation. It has established a comprehensive and advanced core technological system in various business segments such as DRAM product design, manufacturing processes, packaging testing, module design, and application. The company's core technologies have reached international advanced levels, and it has amassed a wealth of proprietary intellectual property. Currently, the company has accumulated a wide range of high-quality customer resources and has collaborated with upstream and downstream partners to build an interdependent and mutually beneficial industrial ecosystem. The net proceeds from this offering, after deducting offering expenses, are planned to be invested in the following projects: Financially, the company achieved operating revenues of approximately 8.287 billion yuan, 9.087 billion yuan, 24.178 billion yuan, and 15.438 billion yuan in the years 2022, 2023, 2024, and January to June 2025, respectively. During the same periods, the net profits were approximately -9.171 billion yuan, -19.225 billion yuan, -9.051 billion yuan, and -4.088 billion yuan, respectively.