According to the official website of the Shanghai Stock Exchange (SSE), the application for an Initial Public Offering (IPO) on the Sci-Tech Innovation Board (STAR Market) by Changxin Technology Group Co., Ltd. (abbreviated as: Changxin Technology / Changxin Storage) was accepted and has completed preliminary review on December 30.
Changxin Storage plans to raise 29.5 billion yuan, which will be used for three projects: the Technology Upgrade and Renovation Project of Memory Wafer Manufacturing Mass Production Line, the DRAM Memory Technology Upgrade Project, and the Forward-Looking Technology Research and Development Project of Dynamic Random Access Memory (DRAM). Specifically:
The total investment of the Technology Upgrade and Renovation Project of Memory Wafer Manufacturing Mass Production Line is 7.5 billion yuan, with the full amount of raised funds (7.5 billion yuan) to be allocated;
The total investment of the DRAM Memory Technology Upgrade Project is 18 billion yuan, with 13 billion yuan of raised funds to be invested;
The total investment of the Forward-Looking Technology Research and Development Project of Dynamic Random Access Memory (DRAM) is 9 billion yuan, with the full amount of raised funds (9 billion yuan) to be allocated.
According to the prospectus, Changxin Storage’s financial performance in recent years is as follows:
Operating revenue for January-June 2025 reached 15.438 billion yuan, with a net profit of -4.088 billion yuan (net loss);
Operating revenue for 2024 was 24.178 billion yuan, with a net profit of -9.051 billion yuan (net loss);
Operating revenue for 2023 was 9.087 billion yuan, with a net profit of -19.225 billion yuan (net loss);
Operating revenue for 2022 was 8.287 billion yuan, with a net profit of -9.171 billion yuan (net loss).
Currently, Changxin Storage has formed a diversified product portfolio including DDR series (Double Data Rate) and LPDDR series (Low Power Double Data Rate). It can provide a variety of product solutions such as DRAM wafers, DRAM chips, and DRAM modules, which can effectively meet the needs of markets including servers, mobile devices, personal computers, and smart cars. The company owns three 12-inch DRAM wafer fabs in total, located in Hefei and Beijing.
