1500亿，今年最重磅IPO来了

Core Viewpoint - Changxin Technology is set to launch an IPO on the Sci-Tech Innovation Board, aiming to raise 29.5 billion yuan, making it the second-largest fundraising in the history of the board, with a potential market valuation exceeding 1 trillion yuan [2][11]. Group 1: Company Background - Changxin Technology was founded in 2016 by Zhu Yiming, who previously established the semiconductor company, Zhaoyi Innovation, which has a market value of over 100 billion yuan [3][4]. - The company focuses on the DRAM storage chip market, which was nearly vacant in China at the time of its inception, and has since become the largest DRAM manufacturer in China and the fourth globally [5]. Group 2: Financial Performance - For the period from January to September 2025, Changxin Technology reported revenues of 32.08 billion yuan, with cumulative revenues from 2022 to September 2025 reaching 73.64 billion yuan. The compound annual growth rate of its main business revenue from 2022 to 2024 is 72.04% [5]. - The company has faced significant financial pressures, having spent approximately $2.5 billion on research and capital expenditures before its first chip production in 2019 [6]. Group 3: Investment and Valuation - As of the latest funding round before the IPO, Changxin Technology's post-investment valuation is estimated at around 150 billion yuan, with a long list of investors eagerly awaiting the IPO [8]. - The company has attracted numerous investment rounds, including participation from major players like Tencent and Alibaba, indicating strong market interest and confidence in its growth potential [7][8]. Group 4: Market Context - The year 2025 is anticipated to be a significant year for IPOs in China, with several companies, including Changxin Technology, expected to make substantial market entries, reflecting a broader trend of increasing interest in Chinese tech assets [9][12]. - The technology sector in China is entering a bullish phase, with expectations of a new wave of wealth creation driven by advancements in technology and capital market engagement [12].