巨头，重要节点！

Core Insights - Changxin Technology, a leading domestic storage giant, is set to submit its IPO prospectus soon, having completed its IPO counseling work as of October 10, 2023, indicating a significant step towards its public offering [1][6]. Company Overview - Changxin Technology is the first and currently the only IDM (Integrated Device Manufacturer) in mainland China to achieve large-scale production of general-purpose DRAM, which integrates chip design, manufacturing, packaging, and sales [1][6]. - The company has established a strong presence in the supply chain, serving various clients from domestic smartphone brands to server manufacturers and consumer electronics companies, thereby enhancing supply chain security [1][6]. Technological Milestones - In 2019, Changxin successfully mass-produced 8Gb DDR4 chips using its self-developed 19nm process, marking a significant breakthrough in advanced DRAM production capabilities in mainland China [2][7]. - From 2021 to 2023, the company advanced its technology by launching more efficient LPDDR5 products and began planning for a second wafer fab to increase production capacity [2][7]. - By 2024-2025, Changxin restructured into "Changxin Technology Group," establishing a clearer corporate structure and initiating its IPO process, transitioning from state-driven projects to market-oriented, sustainable development [2][7]. Competitive Position - Despite a technology gap of 1.5 to 2 generations compared to global leaders like Samsung and SK Hynix, Changxin's DDR4 and LPDDR4X/5 chips meet the performance needs of most commercial and consumer applications and offer competitive pricing [3][8]. - The company is maintaining a rapid pace of development, effectively keeping up with international competitors [3][8]. Industry Impact - The IPO of Changxin Technology is expected to activate the domestic storage industry chain, providing significant direct financing opportunities and potentially driving technological upgrades across hundreds of local supply chain enterprises [4][9]. - The listing will also help redefine the valuation of hard technology companies, particularly those in capital and technology-intensive sectors, encouraging long-term investment in the hard tech field [4][9].