Group 1 - The core point of the news is that the storage chip company, Zhaoyi Innovation (03986.HK), successfully listed on the Hong Kong Stock Exchange, achieving a market capitalization of HKD 172.9 billion and a significant oversubscription in its public offering [1] - Zhaoyi Innovation's global offering consisted of 28.916 million shares, with the Hong Kong public offering being oversubscribed by 542.22 times and the international offering by 18.52 times, leading to a final offer price of HKD 162 per share [1] - The company raised approximately HKD 4.611 billion from the global offering, indicating strong investor interest [1] Group 2 - Another storage chip company, Xinchang Technology, has submitted an application to the Hong Kong Stock Exchange, having previously withdrawn its A-share listing application due to uncertainties in the approval process [4][3] - Xinchang Technology focuses on code-type flash memory chips and has faced regulatory scrutiny regarding discrepancies in its financial performance forecasts [4][13] - The company has a history dating back to 2014 and operates under a Fabless model, providing a range of code-type flash memory chips from 1Mbit to 8Gbit [5][8] Group 3 - Xinchang Technology's revenue has fluctuated in recent years, with reported revenues of CNY 663 million in 2023, CNY 442 million in 2024, and CNY 379 million in the first nine months of 2025, alongside net losses in 2023 and 2024 [13][12] - The company's revenue sources are primarily from NOR, SLC NAND, and MCP products, with respective contributions of 33.8%, 52.3%, and 7.7% in the first nine months of 2025 [15] - The gross profit margins for Xinchang Technology were 15.5% in 2023, 14% in 2024, and 18.8% in the first nine months of 2025, indicating a recovery in profitability [17] Group 4 - The global flash memory chip market is projected to grow significantly, with a market size expected to reach USD 68.4 billion in 2024, reflecting a 67% year-on-year increase [26] - Code-type flash memory chips are anticipated to increase their market share from 6.1% in 2020 to 7.2% in 2024, with expectations to reach 9.3% by 2030 [26][28] - Xinchang Technology holds a 3.7% market share among global Fabless companies in the code-type flash memory segment, ranking sixth in the industry [30]
芯天下技术冲击IPO，专注于代码型闪存芯片领域，供应商集中度较高