Changxin Technology's Sci-tech Innovation Board Initial Public Offering (IPO) approved by the Listing Committee, making it the first in China and fourth globally among DRAM manufacturers.

On May 27th, Changxin Technology Group Co., Ltd. (hereinafter referred to as Changxin Technology) passed the review meeting of the Shanghai Stock Exchange's Science and Technology Innovation Board. China International Capital Corporation Limited 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 China's largest, most advanced, and most comprehensive integrated enterprise in the research, development, design, and manufacture of DRAM. Since its establishment in 2016, the company has been focusing on the research, development, design, production, and sales of DRAM products. The company has implemented a "leapfrog research and development" strategy, completing mass production from the first generation process technology platform to the fourth generation process technology platform, as well as product coverage and iteration from DDR4, LPDDR4X to DDR5, LPDDR5/5X. Currently, the company's core products and technology have reached international advanced levels. The company actively seizes industry development trends, continuously iterates on products, and has formed a diversified product layout including DDR series and LPDDR series, and can provide diverse product solutions such as DRAM wafers, DRAM chips, and DRAM modules to effectively meet market demands for servers, mobile devices, personal computers, smart cars, etc. The company has 3 12-inch DRAM wafer fabs in Hefei and Beijing, and according to Omdia data, ranked first in China and fourth globally in terms of production capacity, shipments, and revenue. The company attaches great importance to independent technological research and innovation, and has built a comprehensive and perfect core technology system in various business segments such as DRAM product design, manufacturing process, packaging testing, module design, and application, with its main core technologies reaching international advanced levels and forming a rich independent intellectual property. Currently, the company has accumulated a wide range of high-quality customer resources and has jointly built an interdependent and mutually developing industry ecosystem with upstream and downstream partners. The DRAM industry has a high technical and financial threshold, and leading companies of a certain scale can reduce costs through economies of scale, and consolidate their existing advantages. Influenced by this industry characteristic, from dozens of companies in the early development stage of the 1980s, the global major manufacturers in the DRAM industry now include Samsung Electronics, SK Hynix, Micron Technology, and Changxin Technology. According to Omdia data, based on sales revenue estimates, by 2025, Samsung Electronics, SK Hynix, and Micron Technology will have market shares of 33.96%, 34.48%, and 23.41% respectively in the global DRAM market, with the aforementioned three companies accounting for over 90% of the global DRAM market. In recent years, domestic DRAM manufacturers like Changxin Technology have gradually entered the ranks of major manufacturers. According to Omdia's data estimation, based on the fourth quarter of 2025 DRAM sales, Changxin Technology's global market share has increased to 7.67% and is expected to further grow with technological development and capacity construction. Apart from the aforementioned manufacturers, other companies with a certain market share are mainly concentrated in Taiwan, China, including companies such as Nanya Technology, Macronix, and Powerchip. Mainland China also has other semiconductor companies involved in the DRAM business, but mostly focusing on chip design. Financially, the company is expected to achieve operating income of approximately 9.087 billion yuan, 24.178 billion yuan, and 61.799 billion yuan in 2023, 2024, and 2025 respectively, with net profits of -19.225 billion yuan, -9.051 billion yuan, and 7.144 billion yuan during the same period.