长鑫存储完成首期上市辅导，罕见34人豪华团队护航

Core Viewpoint - Changxin Storage, as the only IDM enterprise in China to achieve mass production of general-purpose DRAM, is undergoing a highly anticipated capital process with significant backing from major financial institutions [3][4]. Group 1: Company Overview - Changxin Technology Group Co., Ltd. is preparing for its initial public offering (IPO) in China, with China International Capital Corporation (CICC) and CITIC Securities acting as advisory institutions [4]. - The company has achieved a breakthrough in DRAM chip production, with a yield rate exceeding 90% for its 19nm DRAM products, and has entered the supply chains of major clients like Huawei Cloud and Inspur [10]. Group 2: Advisory Team and Structure - The advisory team for the IPO consists of a rare 34-member group, with CICC contributing 18 members and CITIC Securities providing 16 members, including newly added core members to strengthen the team [3][5]. - The advisory process includes on-site investigations, video and phone meetings, and online consultations, focusing on regulatory compliance and corporate governance [5]. Group 3: Market Context and Future Prospects - The global storage chip market is entering a favorable cycle, with major players like Samsung and SK Hynix raising prices by 15%-30% this year, and the global market size expected to reach $189 billion in 2025, a 13% year-on-year increase [12]. - Changxin Storage's valuation reached approximately 139.98 billion yuan before investment, with a projected 50% increase in shipment volume by 2025, potentially raising its global market share from 6% to 8% [10][12]. - The company is expected to submit its IPO application by the end of 2025 or early 2026, which could position it as a significant player in the A-share semiconductor sector, akin to "China's Micron" [12].