长鑫科技科创板IPO获受理，拟募资295亿

Core Viewpoint - Changxin Technology plans to issue no more than 10.622 billion new shares, raising up to 29.5 billion RMB, attracting significant market attention [2] Group 1: IPO and Regulatory Context - Changxin Technology's IPO is the first project accepted under the pre-review mechanism for the Sci-Tech Innovation Board, aimed at enhancing institutional inclusivity and adaptability [3] - The company has completed two rounds of pre-review, receiving inquiries on November 5 and November 19, 2025, which helped protect sensitive information and improve the quality of application documents [5] Group 2: Company Overview - Established in 2016, Changxin Technology is headquartered in Hefei, Anhui Province, and focuses on the design, research, production, and sales of DRAM, becoming the largest DRAM manufacturer in China and the fourth globally [6][9] - The company has adopted a "jump-generation R&D" strategy, achieving mass production from the first to the fourth generation of process technology, with products covering DDR4, DDR5, LPDDR4X, and LPDDR5/5X [6] Group 3: Financial Performance - From 2022 to 2024, the company's main business revenue compound annual growth rate (CAGR) reached 72.04%, with revenue exceeding 32 billion RMB in the first nine months of this year [9] - Cumulatively, from 2022 to September 2025, the company generated 73.636 billion RMB in revenue, with 2024 revenue projected at 23.929 billion RMB and 15.224 billion RMB in the first half of 2025 [9] Group 4: R&D Investment - Changxin Technology's R&D investment from 2022 to the first half of 2025 totaled 18.867 billion RMB, accounting for 33.11% of cumulative operating revenue, with a research expense ratio of 23.71% in the first half of 2025 [11] Group 5: Fundraising Purpose - The IPO aims to raise 29.5 billion RMB for three main projects: 1. 7.5 billion RMB for upgrading the wafer manufacturing line 2. 13 billion RMB for DRAM technology upgrades 3. 9 billion RMB for forward-looking research and development in DRAM technology [12][13] Group 6: Shareholder Structure - The major shareholder is Hefei Qinghui Electric Enterprise Management Partnership, holding 21.67%, with other notable investors including major funds and tech companies like Alibaba and Tencent [14][15] Group 7: Market Outlook - Market analysis predicts that Changxin Technology will significantly increase production capacity by nearly 50% in 2025, with market share by bit shipment expected to rise from 6% to 8% [16]