中国“内存一哥”启动上市，全球三强感受压力

Core Viewpoint - Changxin Storage's submission for IPO guidance marks a significant milestone for China's semiconductor industry, indicating its ambition to enter the A-share market and enhance its position in the DRAM sector [2][3] Company Overview - Changxin Storage has a registered capital of 60.19 billion yuan and was valued at 150.8 billion yuan in its latest financing round in March 2024 [2] - The company has no actual controlling shareholder and boasts a strong lineup of investors, including major players like Tencent, Alibaba, and the National Integrated Circuit Industry Investment Fund [2] - As the largest and most advanced DRAM chip manufacturer in China, Changxin Storage has successfully mass-produced various DRAM products, including DDR4, LPDDR4, and LPDDR5, with plans to produce HBM3 high-bandwidth memory by 2025-2026 [2] Market Position - The global DRAM market is currently dominated by South Korean and American companies, with SK Hynix, Samsung, and Micron holding 36%, 34%, and 25% market shares respectively, totaling 95% [3] - Changxin Storage has achieved a 6% market share in DRAM shipments as of Q1 2025, with expectations to increase this to 8% by the end of the year [3] - The company is accelerating its technological advancements to close the 3-4 year gap with leading global competitors [3] Industry Impact - The IPO of Changxin Storage is anticipated to have a positive ripple effect on the entire domestic storage industry chain, promoting the localization of equipment and benefiting related sectors such as packaging, testing, and IC substrates [3] - The successful listing of Changxin Storage is expected to position it as the "first stock of storage chips" in the A-share market, further solidifying China's semiconductor industry on the global stage [3]