长鑫科技IPO来了

Core Viewpoint - Changxin Technology Group Co., Ltd. has submitted its IPO application to the Sci-Tech Innovation Board, aiming to raise 29.5 billion yuan for various technology upgrade projects in DRAM production [1][10]. Group 1: IPO Application and Fundraising - The company plans to raise 29.5 billion yuan for projects including the upgrade of its memory wafer manufacturing line, DRAM technology upgrades, and advanced research and development in dynamic random-access memory [1][10]. - The total investment for these projects is estimated at 34.5 billion yuan [1][10]. - Changxin Technology is the first company to adopt the pre-review mechanism for IPO applications following the recent reforms in the Sci-Tech Innovation Board [2][10]. Group 2: Company Overview - Established in 2016, Changxin Technology is the largest and most advanced DRAM manufacturer in China, utilizing an IDM (Integrated Device Manufacturing) business model [3][12]. - According to Omdia, the company ranks first in China and fourth globally in terms of DRAM production capacity and shipment volume [4][13]. Group 3: Financial Performance - For the first nine months of 2025, the company reported revenue of 32.084 billion yuan, with cumulative revenue from 2022 to September 2025 reaching 73.636 billion yuan [4][13]. - The compound annual growth rate of the main business revenue from 2022 to 2024 is projected to be 72.04% [4][13]. - Despite a projected net loss of 9 billion yuan in 2024, the company anticipates turning a profit in 2025, with expected net profits ranging from 2 billion to 3.5 billion yuan [4][13]. Group 4: Shareholding Structure - Changxin Technology has no controlling shareholder or actual controller, with major shareholders including Qinghui Jidian, Changxin Integration, and the Big Fund II, holding 21.67%, 11.71%, and 8.73% of shares respectively [7][16]. - Other notable shareholders include Alibaba, Tencent, and Xiaomi, among others [7][16]. Group 5: Research and Development - The company holds a total of 5,589 patents, ranking 42nd globally in U.S. patent grants as of 2024, and fourth among Chinese companies [6][15]. - Changxin Technology employs over 4,653 R&D personnel, accounting for more than 30% of its total workforce [6][15].