On May 27, 2026, the Science and Technology Innovation Board Listing Committee of the Shanghai Stock Exchange officially approved Changxin Storage Technology Co., Ltd.'s (Changxin Technology) initial public offering and listing application on the Science and Technology Innovation Board. The IPO plans to raise a total of 29.5 billion yuan, second only to SMIC, ranking as the second largest IPO project in the history of the Science and Technology Innovation Board. It is also the largest single equity financing project expected for A-shares in 2026, and the leading domestic storage chip company has officially entered a new stage in the capital market. Changxin Technology, as the only IDM full industrial chain manufacturer in Chinese Mainland that has achieved mass production of DRAM memory chips in a large scale, shoulders the strategic task of breaking through overseas monopoly of domestic memory chips. This meeting marks a milestone capital node in the process of domestic storage localization.

From the perspective of business performance, Changxin Technology has delivered a highly dramatic turnaround in the history of the semiconductor industry: the company has suffered significant losses for 8 consecutive years since its establishment and operation, and has continued to invest in process research and development, production line construction, and yield improvement, with a cumulative capital expenditure of over 100 billion yuan; Benefiting from the global storage chip super boom cycle that began in the second half of 2025 and will continue until 2026, the demand for massive DRAM memory in AI servers has exploded, leading to a serious mismatch between global DRAM supply and demand. Chip prices have risen sharply for multiple consecutive quarters, and the company's operating conditions have fundamentally reversed. In the first quarter of 2026, the operating revenue reached 50.801 billion yuan, a year-on-year increase of 719.13%; The net profit attributable to the parent company reached 24.762 billion yuan, with a net profit attributable to the parent company of 26.341 billion yuan after deducting non profits. The daily net profit was equivalent to 272 million yuan, and the two indicators of revenue and net profit in a single quarter directly topped the list of all listed companies on the Science and Technology Innovation Board. The profit scale has entered the first tier of the A-share billion yuan net profit club.

According to the performance forecast, Changxin Technology is expected to achieve a revenue of 110 billion to 120 billion yuan in the first half of 2026, with a year-on-year increase of 612.53% to 677.31%; The net profit attributable to the parent company is expected to be between 50 billion and 57 billion yuan, with high profitability and strong certainty of growth. Under the continuation of the storage super cycle, the company's operating cash flow has significantly turned positive, and it no longer relies on external shareholders to increase capital to maintain capital expenditures. It has the ability to independently roll and expand production, coupled with IPO large-scale equity financing, and the pace of capacity expansion will significantly accelerate in the next three years.

The global DRAM market has long been highly concentrated, with Samsung Electronics, SK Hynix, and Micron Technology, three overseas oligopolies, accounting for over 91% of the global market share. They firmly control pricing power and the pace of process iteration. The cyclical fluctuations in global DRAM prices are entirely dominated by the three giants, with downstream servers PC、 Consumer electronics manufacturers have been passively impacted by price fluctuations for a long time. After years of technical breakthroughs, Changxin Technology has steadily reached the international first-line level in the yield of DRAM chips in mature manufacturing processes. In the fourth quarter of 2025, the global market share will reach 7.67%, ranking fourth in the world. Changxin Technology will become the only original factory in Chinese Mainland with the ability to continuously increase shipments, directly breaking the exclusive monopoly pattern of three overseas manufacturers, forming a new competitive pattern of "three strong+one local catcher" in the global storage market, and the global DRAM pricing power will gradually move towards diversification and balance.

The 29.5 billion yuan raised this time has clear investment directions and three core purposes: firstly, the expansion project of the 12 inch DRAM wafer manufacturing production line, which will add a monthly production capacity of 120000 mature process DRAM wafers. After the production capacity is put into operation, the company's total production capacity will increase by 42%; Secondly, the development and iteration of advanced processes for the next generation of 1 β and 1 α node DRAM will catch up with the gap in overseas new generation storage process nodes; Thirdly, to support the localization verification and designated procurement of upstream semiconductor equipment and materials, priority should be given to introducing local supply chain products such as Northern Huachuang etching machines, micro and medium-sized equipment thin film equipment, domestic electronic specialty gases, and large-sized silicon wafers, in order to systematically improve the localization rate of production line equipment and materials. According to research data from Barclays Semiconductor, the localization rate of existing mass-produced production line equipment in Changxin has exceeded 40%, and the localization target for new and expanded production lines is set at over 60%. Storage chips have become the fastest subdivision track for domestic substitution of semiconductor equipment materials.

The driving effect of the industrial chain is extremely strong: Changxin's continuous expansion of production has brought a massive number of front-end equipment purchase orders, and local manufacturers of etching, film, ion implantation, and cleaning equipment have received repeated orders in bulk, resulting in sustained revenue growth for equipment companies; Supporting semiconductor material enterprises such as 12 inch large silicon wafers, electronic specialty gases, photoresist, polishing solutions, etc. have entered a stable batch supply cycle. The R&D investment collection cycle of upstream material enterprises has been significantly shortened, and the R&D iteration speed has accelerated; Downstream packaging and testing, module manufacturers are synchronously expanding production, and the complete local storage chip industry chain is continuously strengthened.

There are differences among institutions regarding the sustainability of storage cycles: the optimistic view is that the single unit capacity of DRAM memory in AI servers will continue to double, and the supply and demand of DRAM will remain tight in the next three years. Changxin's high profit growth can continue; Cautious views are concerned that Samsung and Hynix may restart idle production lines and significantly expand production, leading to a reversal of supply and demand patterns and a downward trend in prices in 2027. However, regardless of cyclical fluctuations, Changxin has completed complete verification of its technology, yield, and mass production capabilities, and has the foundation for continuous iteration of processes. Coupled with the rigid procurement requirements for domestic servers, information technology innovation, and consumer electronics localization, local DRAM manufacturers have long-term stable survival space. After the IPO landing, Changxin will leverage its capital market financing advantages to accelerate its pursuit of global leaders, and the process of domestic substitution of storage chips will usher in a leapfrog acceleration.