New stock news | Crystal Storage Technology submits the second prospectus to the Hong Kong Stock Exchange as a leading domestic independent manufacturer of embedded storage products.

According to the disclosure from the Hong Kong Stock Exchange on March 31st, Shenzhen JingCun Technology Co., Ltd. (referred to as "JingCun Technology") submitted its listing application to the Main Board of the Hong Kong Stock Exchange. CMSC International and GUOTAI JUNAN I are its joint sponsors. This is the company's second submission to the Hong Kong Stock Exchange. Company Profile The prospectus shows that JingCun Technology is a leading independent embedded storage product manufacturer in mainland China, mainly focusing on the research and development, design, testing (an important part of the production process), and sales of embedded storage products, as well as other storage products. Independent storage device manufacturers do not operate their own storage wafer factories but purchase wafers from external sources to integrate into semiconductor storage products using their own design, packaging, or testing capabilities to provide a diverse range of storage products. Embedded storage products are storage products embedded in electronic devices, designed specifically for the space and functional constraints of specific devices, primarily used for storing the operating system, applications, user data, and firmware of devices. The company's embedded storage products include products based on DRAM, NAND Flash, and multi-chip packaged embedded storage products. The company's other products mainly include solid-state drives and memory modules. In particular, the company's embedded storage products equipped with self-developed main control chips integrate independently developed NAND Flash control chips with NAND Flash to form eMMC, UFS, eMCP, and ePOP products. The NAND Flash control chip serves as the central processing unit of the storage device, responsible for managing flash memory units and connecting to the host system, as well as performing functions such as coordination, calculation, and control. In terms of product configuration, eMMC and UFS only integrate the main control chip and NAND Flash, while eMCP and ePOP integrate the main control chip, NAND Flash, and DRAM simultaneously. The company also provides testing services for products provided by third parties to some customers as a supplement to storage solutions. JingCun Technology's core technical team has been deeply engaged in the field of embedded storage for about twenty years, creating the RAYSON and ARTMEM brands that are widely recognized by customers. The company's products are used in a diverse range of end-user applications, including consumer electronics products such as smartphones, laptops, tablets, educational electronics, smart home devices, wearables, and intelligent Siasun Robot & Automation systems, as well as industrial and intelligent cockpit systems, providing high-performance, high-reliability, and durable data access capabilities to the aforementioned end-user devices. For the all-domain transformation in artificial intelligence, the company provides market-competitive storage solutions for cutting-edge products such as AI smartphones, AI PCs, Siasun Robot & Automation systems, and intelligent cockpit systems. Financial Information Revenue For the financial years 2023, 2024, and 2025, the company's revenue is approximately 2.402 billion yuan, 3.714 billion yuan, and 5.919 billion yuan, respectively. Profit For the financial years 2023, 2024, and 2025, the company's annual profits are approximately 37.013 million yuan, 88.887 million yuan, and 880 million yuan, respectively. Gross Margin For the financial years 2023, 2024, and 2025, the company's gross margins are 8.9%, 9.2%, and 22.5%, respectively. Industry Overview The rapid penetration of AI in smart devices resulting in increased demand for storage capacity is driving the global semiconductor storage products market (in terms of shipments) from 128 billion units in 2020 to 138 billion units in 2024. Due to supply and demand factors, the market size experienced a brief decline between 2022 and 2023. The compound annual growth rate from 2020 to 2024 is 1.8%. With new storage demands and upgrades driven by AI technology breakthroughs, the global semiconductor storage products market (in terms of shipments) is expected to grow to 194 billion units by 2029, with a compound annual growth rate of 7.1% from 2024 to 2029. Although experiencing consecutive contractions in 2022 and 2023, the global semiconductor storage products market showed a similar trend in terms of revenue, increasing from $149.9 billion in 2020 to $192.8 billion in 2024, with a compound annual growth rate of 6.5%. It is expected to reach $407.1 billion in 2029, with a compound annual growth rate of 16.1% from 2024 to 2029. From the perspective of downstream applications, the growth rate in the end-side AI field far exceeds other fields and becomes a key driver of the expansion of the global semiconductor storage products market. With the rapid emergence of new scenarios such as AI smartphones, AI PCs, AI glasses, and intelligent cockpits, the demand for semiconductor storage products in the end-side AI application sector is experiencing explosive growth. From 2020 to 2024, the compound annual growth rate of the end-side AI semiconductor storage market reaches 100.8%, with a market size of $17.9 billion in 2024. From 2024 to 2029, the annual compound growth rate is expected to maintain a high level of 45.1% and continue to lead all downstream sub-industries. In the server field, the demand for AI servers is increasing due to the surge in demand for large-scale models. The market size is expected to grow from $26.8 billion in 2020 to $59.4 billion in 2024, with a compound annual growth rate of 22.0%. It is projected to reach $145.8 billion by 2029, with a compound annual growth rate of 19.7% from 2024 to 2029. In terms of shipments, the market size of semiconductor storage products in mainland China has increased from 2.793 billion units in 2020 to 3.331 billion units in 2024, with a compound annual growth rate of 4.5%. It is expected to reach 5.945 billion units by 2029, with a compound annual growth rate of 12.3% from 2024 to 2029. In terms of revenue, the market has increased from $28.9 billion in 2020 to $42 billion in 2024, with a compound annual growth rate of 9.8% and is expected to reach $111.3 billion by 2029, with a compound annual growth rate of 21.5% from 2024 to 2029. From the perspective of downstream applications, the end-side AI sector is expected to achieve the highest growth, with compound annual growth rates of 106.9% from 2020 to 2024 and 48.3% from 2024 to 2029. The server sector follows closely, with compound annual growth rates of 38.5% and 30.5% during the same periods. Board of Directors Information The board of directors currently consists of nine directors, including four executive directors, one non-executive director, and four independent non-executive directors. The term of office for the board is three years and may be renewed through re-election and re-appointment, responsible for managing and operating the business. Equity Structure Intermediary Team Joint Sponsors: CMSC (Hong Kong) Limited, Guotai Junan Capital Limited Company Legal Advisor: Regarding Hong Kong law: Miers and Co; Regarding Chinese law: Jingtian & Gongcheng (Shenzhen) Law Firm; Regarding Hong Kong operational matters of the company: Ho Wei & Co; Regarding Chinese intellectual property litigation matters: Tian Tong Law Firm; Regarding international sanctions law: King & Wood Mallesons Joint Sponsor Legal Advisor: Regarding Hong Kong law: Zhenghau Law Firm; Regarding Chinese law: Junze Jun Law Firm Auditors and Accounting Firms: KPMG Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Advisor: Hao De Capital Limited