长鑫科技打响A股IPO收官之战！

Core Viewpoint - Changxin Technology Group Co., Ltd. is set to launch a significant IPO on the Sci-Tech Innovation Board, aiming to raise 29.5 billion yuan, making it the second-largest IPO since the board's inception, following SMIC's 53.23 billion yuan in 2020 [2][4]. Group 1: IPO Details - The funds raised will primarily be used for upgrading the manufacturing line for memory chips, DRAM technology enhancements, and R&D for advanced DRAM technologies [2][3]. - Changxin Technology is the first company to undergo the "pre-review" process for IPOs on the Sci-Tech Innovation Board, which aims to provide more flexible listing services for qualified tech companies [4]. Group 2: Company Background - Established in June 2016, Changxin Technology is headquartered in Hefei, Anhui Province, and has rapidly developed within the tech innovation and industrial upgrade sectors [4][6]. - The company has a decentralized ownership structure with no single shareholder holding more than 50% of the shares, and major shareholders include several well-known institutions [5][7]. Group 3: Financial Performance - The company has shown steady revenue growth, with revenues of 8.287 billion yuan in 2022, 9.087 billion yuan in 2023, and projected revenues of 24.178 billion yuan in 2024 [19]. - Despite revenue growth, the company has not yet turned a profit, with cumulative losses reaching 40.857 billion yuan by June 30, 2025, primarily due to high fixed asset depreciation and significant R&D investments [20][21]. Group 4: Market Position and Products - Changxin Technology is the largest DRAM manufacturer in China and the fourth largest globally, producing a range of DRAM products including DDR4, LPDDR4X, DDR5, and LPDDR5/5X [13][29]. - The company’s products are widely used in various sectors, including servers, mobile devices, and personal computers, with a significant portion of revenue coming from LPDDR series chips [15][24]. Group 5: Industry Context - The global DRAM market is projected to reach 97.6 billion USD in 2024, with DRAM accounting for approximately 59% of the total memory chip market [29][28]. - The DRAM industry is characterized by cyclical trends, with recent price fluctuations due to high inventory levels and fluctuating demand, but signs of recovery have emerged in late 2023 [36][39].