1500亿，今年最重磅IPO来了

Core Viewpoint - Changxin Technology Group Co., Ltd. has submitted its IPO application for the Sci-Tech Innovation Board, aiming to raise 29.5 billion yuan, making it the second-largest fundraising in the history of the board. The company is expected to achieve a market valuation exceeding 1 trillion yuan, generating significant anticipation in the venture capital community [1][10]. Company Background - The story of Changxin Technology begins with Zhu Yiming, who founded the semiconductor company GigaDevice after returning to China in 2005. He ventured into the storage chip sector, which was nearly vacant in China at the time, successfully breaking into a market dominated by overseas giants [2]. - In 2016, GigaDevice went public on the Shanghai Stock Exchange, achieving a market valuation of over 100 billion yuan. Zhu Yiming then shifted focus to the DRAM market, a critical area for chip localization, and decided to establish Changxin Technology with the support of the Hefei government [3][4]. Product Development and Market Position - Changxin Technology, officially established in June 2016, has developed a range of DRAM products, including DDR, LPDDR, DDR4, LPDDR4X, DDR5, and LPDDR5/5X. The company has become the largest DRAM manufacturer in China and the fourth largest globally, according to Omdia [4]. - The company's revenue for the first nine months of 2025 reached 32.08 billion yuan, with cumulative revenue from 2022 to September 2025 amounting to 73.64 billion yuan. The compound annual growth rate of its main business revenue from 2022 to 2024 is projected to be 72.04% [4]. Investment and Financing History - Changxin Technology has faced significant funding pressures, having spent approximately $2.5 billion on research and capital expenditures before its first chip was mass-produced in 2019. This led to a surge of interest from investors [5][6]. - The company has successfully completed multiple financing rounds, attracting a diverse range of investors, including state-owned enterprises and major venture capital firms. By 2021, around 220 investment institutions were vying for a chance to invest in the company [6][7]. - As of the latest financing round in 2024, Changxin Technology's post-investment valuation is estimated at around 150 billion yuan, reflecting its status as a significant player in the semiconductor industry [7]. Market Outlook - The year 2025 is anticipated to be a landmark year for IPOs, with several high-profile companies already achieving substantial market valuations. The success of Changxin Technology's IPO is expected to contribute to a broader trend of significant returns for investors in the tech sector [9][10]. - The overall sentiment in the market indicates a strong recovery and growing interest in Chinese technology assets, with projections suggesting that the market capitalization of the Chinese tech sector could reach over 25% of the global total by the end of the year [11].