---
title: "Changxin's IPO application today is the result of a three-way competition between China, the US, and South Korea."
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/42706624.md"
description: "Last week, South Korea's SK Hynix just listed in the US, and I specifically wrote about it — a leading HBM company with industry-leading profit margins, yet its valuation is even cheaper than its competitors."
datetime: "2026-07-16T01:36:06.000Z"
locales:
  - [en](https://longbridge.com/en/topics/42706624.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/42706624.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/42706624.md)
author: "[熊猫校长Ming](https://longbridge.com/en/profiles/16386316.md)"
generator: "portal-rs"
---

# Changxin's IPO application today is the result of a three-way competition between China, the US, and South Korea.

**Last week, South Korea's SK Hynix just listed in the US, and I specifically wrote about it — a leading HBM company with top-tier industry profit margins, yet its valuation is even cheaper than its competitors.**

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## Comments (10)

- **FreeBird2025 · 2026-07-16T09:44:06.000Z**: Don't forget about PetroChina at 48 yuan in 2015
  - **熊猫校长Ming** (2026-07-16T10:24:52.000Z): Safety first. Margin of safety.
- **有座金山 · 2026-07-16T04:55:18.000Z**: It's the same logic as with chips. One is 2nm, the other is 17nm, they're still far apart, don't fantasize. Know shame and then have courage.
  - **熊猫校长Ming** (2026-07-16T06:42:34.000Z): Agree with 'A sense of shame leads to courage' 👍
- **忌贪忌躁忌赌落袋为安 · 2026-07-16T01:48:13.000Z · 👍 2**: It seems like a lot was said, but in reality, nothing was said. DRAM is still in the catching-up phase, and HBM is just an empty promise.The only thing to boast about is being the number one storage stock in the A-share market, but with the significant pullback in Korean and US storage stocks, how m
  - **熊猫校长Ming** (2026-07-16T01:51:11.000Z): Domestic King
  - **共同领航** (2026-07-16T10:04:20.000Z): The only hope, what can be done
  - **熊猫校长Ming** (2026-07-16T10:25:09.000Z): Active
- **LUMING · 2026-07-16T01:42:17.000Z**: ChangXin still doesn't produce HBM. Every time something is trending outside, they just copy it to hype themselves up. When will this end? Talk after DDR5 goes into mass production first.
  - **熊猫校长Ming** (2026-07-16T01:50:50.000Z): Welcome different perspectives. ChangXin is developing HBM, and being able to produce HBM is also something that will definitely happen in the future. The capital market is more about views on the fut


---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**