朱一明这一局：兆易用H股换空间，长鑫用IPO换时间

Core Insights - The Chinese storage chip industry is experiencing a significant moment with the H-share issuance of Zhaoyi Innovation and the IPO guidance completion of Changxin Technology, indicating a dual-driven capital strategy led by Zhu Yiming [2][3][10] Group 1: Zhaoyi Innovation - Zhaoyi Innovation's H-share issuance is strategically timed to leverage improved liquidity in the Hong Kong market, with average daily trading volume rising by nearly 45% compared to two years ago [3] - The move to list on the Hong Kong Stock Exchange serves as a buffer against geopolitical supply chain risks, providing Zhaoyi Innovation with an international legal and business identity [3][4] - The funds raised from the H-share listing are expected to be used for overseas acquisitions or establishing R&D centers, positioning Zhaoyi Innovation for global semiconductor resource integration [4][10] Group 2: Changxin Technology - Changxin Technology's IPO is deemed essential for completing its business cycle, as the DRAM industry requires substantial capital expenditure to maintain advanced technology and production capacity [5][6] - The company has secured significant initial funding but needs to access the capital markets to sustain its heavy R&D expenditure as it advances to 17nm and beyond [5][6] - The timing of the IPO aligns with a recovery in the memory market driven by AI computing demand, with DRAM prices rebounding by approximately 20%-30% [6][8] Group 3: Strategic Positioning - The dual structure of Zhaoyi Innovation and Changxin Technology creates a synergistic relationship, with Zhaoyi as a light-asset pioneer in the Hong Kong market and Changxin as a heavy-asset foundation in the A-share market [9][10] - Zhu Yiming's strategic decisions reflect a long-term vision for the Chinese semiconductor industry, focusing on capital market rhythms to navigate the semiconductor cycle [10] - The separation of the two companies allows for risk isolation, protecting A-share investors while enabling Changxin to develop independently [11]