Changxin Technology's Science and Technology Innovation Board IPO has been accepted as the number one DRAM manufacturer in China and the fourth largest in the world

The Zhitong Finance App learned that on December 30, Changxin Technology Group Co., Ltd. (Changxin Technology for short) was accepted for IPO on the Shanghai Stock Exchange Science and Technology Innovation Board. As sponsors, CICC and CITIC Construction Investment Securities plan to raise 29.50 billion yuan.

According to the prospectus, Changxin Technology is China's largest integrated DRAM R&D, design and manufacturing enterprise with the most advanced technology and the most complete layout. Since its establishment in 2016, the company has focused on R&D, design, production and sales of DRAM products. The company adopted the strategy of “cross-generation R&D” and completed mass production from first-generation process technology platforms to fourth-generation process technology platforms, as well as product coverage and iteration from DDR4, LPDDR4X to DDR5 and LPDDR5/5X. Currently, the company's core products and process technology have reached the international advanced level.

Changxin Technology actively grasps industry trends and continues to iterate products. It has now formed diversified product layouts such as DDR series and LPDDR series, and can also provide diverse product solutions such as DRAM wafers, DRAM chips, and DRAM modules, which can effectively meet the market needs of servers, mobile devices, personal computers, smart cars, etc. The company has a total of 3 12-inch DRAM fabs in Hefei and Beijing. According to Omdia data, according to production capacity and shipment statistics, the company has become the number one DRAM manufacturer in China and the fourth largest in the world.

The DRAM industry has extremely high technical and financial thresholds, and leading enterprises of a certain size can reduce costs and consolidate their existing advantages through scale effects. Influenced by the characteristics of this industry, the DRAM industry has evolved from dozens of companies in the early 1980s to 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' share of the global DRAM market in 2024 was 40.35%, ranking first; SK Hynix and Micron Technology had a share of 33.19% and 20.73% of the global DRAM market in 2024, ranking second and third respectively. Together, the above three companies account for more than 90% of the global DRAM market.

In recent years, domestic DRAM manufacturer LiChangxin Technology is gradually entering the main manufacturer camp. Based on Omdia data estimates, according to DRAM sales statistics for the second quarter of 2025, Changxin Technology's global market share has increased to 3.97%, and is expected to achieve further growth with technological development and capacity construction.

Changxin Technology attaches great importance to independent technology research and innovation, and has built a comprehensive and complete core technology system in various business aspects such as DRAM product design, manufacturing technology, packaging testing, module design and application. The main core technologies have reached the international advanced level, and have formed rich independent intellectual property rights. At present, the company has accumulated a wide range of high-quality customer resources and has jointly built an interdependent and co-developed industrial ecosystem with upstream and downstream partners.

The net amount of capital raised in this offering after deducting the issuance fee is planned to be invested in the following projects:

On the financial side, in 2022, 2023, 2024, and January-June 2025, the company achieved operating income of 8.287 billion yuan, 9.087 billion yuan, 24.178 billion yuan, and 15.438 billion yuan respectively; for the same period, net profit was approximately -9.171 billion yuan, -19225 billion yuan, -9.51 billion yuan, and -4088 billion yuan, respectively.