The domestic DRAM leader, Changxin Technology Group Co., Ltd., had its IPO application accepted by the Shanghai Stock Exchange on December 30, aiming to raise 29.5 billion yuan. Established in 2016, this memory chip company is expected to become the &#34;first stock of memory chips&#34; in the A-share market, marking a key step for China's memory chip industry in the capital market.
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The IPO of Changxin Technology is of special significance as it is the first project accepted after the implementation of the pilot pre-review mechanism for IPOs on the Sci-Tech Innovation Board. The Shanghai Stock Exchange's official website simultaneously disclosed the company's responses to the first and second rounds of review inquiries, indicating that the company has completed two rounds of pre-review. This mechanism aims to protect the information and technology security of enterprises tackling key core technologies, reduce the &#34;exposure&#34; time before listing, and shorten the review cycle.
According to the prospectus, Changxin Technology achieved revenue of 32.084 billion yuan in the first nine months of this year, with a compound annual growth rate of 72.04% in main business revenue from 2022 to 2024. According to Omdia data, based on shipment volume, the company has become the largest DRAM manufacturer in China and the fourth largest globally. The company's products cover mainstream series such as DDR4, DDR5, LPDDR4X, and LPDDR5/5X, widely used in servers, mobile devices, personal computers, and smart vehicles.
Changxin Technology revealed in its prospectus that it plans to issue no more than 10.622259999 billion shares in the IPO; after deducting issuance costs, 7.5 billion yuan of the raised funds is planned for the &#34;memory wafer manufacturing mass production line technology upgrade and transformation project,&#34; 13 billion yuan for the &#34;DRAM memory technology upgrade project,&#34; and 9 billion yuan for the &#34;dynamic random access memory forward-looking technology research and development project.&#34;
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Changxin Technology has a strong shareholder lineup, with Hefei Qinghui Electric Enterprise Management Partnership holding 21.67% as the largest shareholder. The second phase of the big fund, Anhui Provincial Investment, Alibaba, Tencent, CMB International, PICC Capital, Jianxin Financial, National Adjustment Fund, Junlian Capital, and Xiaomi Industrial Investment are also among the shareholders. The company currently has no controlling shareholder.
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<h2>Avoiding Early Disclosure of Sensitive Information through Pre-Review Mechanism</h2>
Changxin Technology is the first company accepted under the pilot pre-review mechanism for IPOs on the Sci-Tech Innovation Board, and this institutional innovation has significant demonstration significance.
On June 18, 2025, the China Securities Regulatory Commission issued the &#34;Opinions on Setting Up a Sci-Tech Growth Tier on the Sci-Tech Innovation Board to Enhance Institutional Inclusiveness and Adaptability,&#34; which first explicitly proposed the pilot pre-review mechanism for IPOs. Subsequently, on July 13, the Shanghai Stock Exchange released the &#34;Guidelines for the Application of Issuance and Listing Review Rules No. 7 - Pre-Review,&#34; clarifying that &#34;technology-based enterprises engaged in key core technology breakthroughs or meeting other specific circumstances may face significant adverse effects on their production and operation due to early disclosure of business technology information and listing plans.&#34;
It is indeed necessary to apply for pre-review.
Changxin Technology's IPO has completed two rounds of pre-review, receiving inquiries on November 5 and November 19, 2025. The pre-review inquiry responses will be disclosed simultaneously when the formal application is submitted, a arrangement that protects sensitive information of the enterprise while improving the quality of the application documents and compressing the review cycle. This mechanism meets the special demands of enterprises tackling key core technologies, avoiding the premature disclosure of sensitive information that could trigger operational and competitive risks.
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<h2>China's Largest DRAM Manufacturer</h2>
In its prospectus, Changxin Technology stated that the company is China's &#34;largest, most advanced, and most comprehensive&#34; integrated enterprise for the R&amp;D, design, and manufacturing of DRAM (Dynamic Random Access Memory). Since its establishment in 2016, the company has focused on the R&amp;D, design, production, and sales of DRAM products. The company adopts a &#34;generation-jumping R&amp;D&#34; strategy, completing mass production from the first-generation process technology platform to the fourth-generation process technology platform, with its core products and process technologies currently reaching an internationally advanced level.
The company's products cover the two mainstream series of DDR and LPDDR, with each series able to provide the current market's mainstream fourth and fifth-generation products. The company can offer diversified product solutions such as DRAM wafers, DRAM chips, and DRAM modules, tailored to the application characteristics of different products and customer needs, with DRAM chips being the main product type shipped and sold during the reporting period.
Changxin Technology has built an interdependent and mutually beneficial industrial ecosystem with upstream and downstream partners. The company has accumulated a wide range of high-quality customer resources in fields such as servers, mobile devices, personal computers, and smart vehicles, engaging in deep cooperation with core industry clients such as Alibaba Cloud, ByteDance, Tencent, Lenovo, Xiaomi, Transsion, Honor, OPPO, and vivo. The prospectus discloses that during the reporting period, the company did not have any single customer sales exceeding 50% of its operating revenue or severe reliance on a few customers.
<h2>Rapid Growth in Performance and High R&amp;D Investment</h2>
Changxin Technology has shown rapid growth in performance. The company's revenue for the years 2022, 2023, and 2024 was 8.084 billion yuan, 9.063 billion yuan, and 23.929 billion yuan, respectively, with revenue of 15.224 billion yuan in the first half of 2025. Cumulative revenue from 2022 to September 2025 reached 73.636 billion yuan, with a compound annual growth rate of 72.04% in main business income from 2022 to 2024.
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In terms of R&amp;D investment, Changxin Technology has demonstrated an investment intensity far exceeding the industry average. From 2022 to the first half of 2025, the company's cumulative R&amp;D investment was 18.867 billion yuan, accounting for 33.11% of cumulative operating revenue. Among them, the R&amp;D investment in 2024 was 6.341 billion yuan, an increase of 35.77% compared to 2023
In the first half of 2025, Changxin Technology's R&amp;D expense ratio reached 23.71%, exceeding the industry average of 10.37% during the same period, and significantly higher than the R&amp;D expense ratios of international DRAM giants Samsung Electronics, SK Hynix, and Micron, which were 11.74%, 7.39%, and 10.66%, respectively.
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The company has 4,653 R&amp;D personnel, accounting for over 30% of the total workforce. The 29.5 billion yuan raised from this IPO will be used for the &#34;Memory Chip Wafer Manufacturing Production Line Technology Upgrade Project,&#34; &#34;DRAM Memory Technology Upgrade Project,&#34; and &#34;Dynamic Random Access Memory Advanced Technology Research and Development Project,&#34; to meet the company's need to further enhance its core competitiveness in the DRAM industry.
<h2>Continuous Improvement in Market Position</h2>
According to Omdia data, based on production capacity and shipment volume, Changxin Technology has become the number one DRAM manufacturer in China and the fourth globally. Market analysis firm Counterpoint predicts that Changxin Technology is expected to achieve nearly 50% capacity growth in 2025, building on significant production increases in 2024. By the end of 2025, the company's market share by bit shipment volume is expected to rise from 6% in the first quarter to 8%. The market share of the company's DDR5/LPDDR5 is expected to increase from around 1% in the first quarter to 7% and 9%, respectively.
In the first quarter of 2025, Changxin Technology's quarterly revenue surpassed the $1 billion mark. Industry insiders say that Changxin Technology is a leading enterprise in the industry chain, with a high starting point in technology, benefiting from a booming industry, and related product prices continuing to rise, making the IPO timely.
As the company's existing capacity is gradually released and planned capacity construction is completed, Changxin Technology will continue to increase its market share.
The company stated that it will empower the information society with storage technology and become a semiconductor storage enterprise that is technologically advanced and commercially successful. The sponsors for this IPO are China International Capital Corporation Limited and CITIC Securities Co., Ltd., the auditing firm is Deloitte Huayong Certified Public Accountants LLP, and the law firm is Shanghai Jintiancheng Law Firm

Changxin Technology has completed two rounds of preliminary reviews for its sprint to the Growth Enterprise Market. As China's "largest in scale, most advanced in technology, and most comprehensive in layout" DRAM manufacturer, Changxin Technology's revenue exceeded 32 billion yuan in the first nine months of this year, with a compound annual growth rate of 72% in main revenue from 2022 to 2024. In the first half of this year, R&D investment accounted for nearly 24%, far exceeding that of global top three DRAM giants like Samsung

Wallstreetcn

The first stock of China's storage chips is here! Changxin Technology's Sci-Tech Innovation Board IPO has been accepted, marking the first case under the pre-review mechanism, aiming to raise 29.5 billion yuan