GigaDevice(SH:603986) 21世纪经济报道·2026-01-05 00:35Core Viewpoint - The demand for AI is driving a surge in storage chip prices, leading to increased interest in Chinese storage chip companies in the secondary market, particularly in the case of Zhaoyi Innovation, which has seen its stock price rise over 115% in the past year, reaching a market capitalization of 143.09 billion yuan by December 31, 2025 [1][3]. Group 1: Company Overview - Zhaoyi Innovation is a leading player in the semiconductor sector, particularly in NOR Flash, SLC NAND Flash, niche DRAM, and microcontroller (MCU) markets, and is recognized as the world's top fabless Flash supplier and the leading Chinese brand in ARM-based MCUs [3]. - Founded by Zhu Yiming in April 2005, Zhaoyi Innovation went public on August 18, 2016, with an IPO price of 23.26 yuan per share, raising approximately 582 million yuan [3][4]. - The company is expanding its market presence, with plans to issue 28.92 million H-shares globally, expected to start trading on January 13, 2026 [3]. Group 2: Founder Background - Zhu Yiming, a graduate of Tsinghua University, has been a pivotal figure in China's semiconductor industry, focusing on IC design and wafer manufacturing to support the national storage strategy [4][6]. - His journey began in the 1990s in Silicon Valley, where he recognized the lack of Chinese representation in the storage chip market, which he deemed essential for the integrated circuit industry [6][7]. Group 3: Market Position and Strategy - Zhaoyi Innovation capitalized on market gaps left by major players like Samsung and Spansion during the 2008 financial crisis, quickly filling the demand for low-cost, stable storage chips in the domestic market [8]. - The introduction of the GD32 series MCU in 2013 marked a strategic expansion into the MCU market, leveraging Zhaoyi's expertise in storage technology to compete against established European giants [10]. Group 4: Longxin Technology - In 2018, Zhu Yiming transitioned to focus on Longxin Technology, a company aimed at developing DRAM, which required significant investment and faced high technical risks [12][14]. - Longxin has made strides in the DRAM sector, launching China's first self-designed DRAM factory and achieving mass production of various DRAM products, including DDR5 chips by November 2025 [14][15]. Group 5: Challenges and Future Outlook - Longxin faces challenges due to U.S. export controls on semiconductor equipment, necessitating a balance between supply chain management and technological development [15]. - Zhaoyi Innovation continues to play a crucial role in the semiconductor ecosystem, with Zhu Yiming maintaining a significant influence as the largest shareholder and guiding the company's strategic direction [16].