估值1400亿，长鑫存储冲刺IPO

Core Viewpoint - Changxin Storage, a leading domestic DRAM manufacturer in China, has officially initiated its listing guidance work, with CICC and CITIC Securities as the advisory institutions [1] Group 1: Company Overview - Changxin Storage was established in June 2016 with a registered capital of 60.193 billion yuan and focuses on the R&D, design, production, and sales of DRAM products [1] - The company has no controlling shareholder, with the largest shareholder being Hefei Qinghui Integrated Circuit Management Partnership (Limited Partnership), which holds 21.67% of the shares [1] - As of 2024, Changxin Storage successfully raised approximately 10.8 billion yuan in its latest financing round, with a pre-financing valuation of about 140 billion yuan [1] Group 2: Market Position - In 2024, Changxin Storage demonstrated strong competitiveness, capturing approximately 5% of the global DRAM market share with its DDR4 products [1] - Market analysis firm Counterpoint predicts that by the end of 2025, Changxin Storage's global DRAM market share will increase from 6% in Q1 to 8%, with DDR5 and LPDDR5 products expected to reach 7% and 9% market shares, respectively [1] Group 3: Key Personnel - The current CEO of Changxin Storage is Cao Kanyu, who joined the company in 2017 and has held various positions, including Executive Vice President of Product R&D [3] - Cao Kanyu became CEO in April 2023 and previously served as Vice President of Strategic Marketing at Changxin's major shareholder, Zhaoyi Innovation [3]