1500亿，今年最重磅IPO来了

Core Viewpoint - Changxin Technology Group Co., Ltd. has submitted its IPO application to 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 [5][10]. Group 1: Company Background - Changxin Technology was founded in 2016 by Zhu Yiming, who previously established the semiconductor company Gigadevice, focusing on the DRAM storage chip market, which was nearly vacant in China at that time [6][7]. - The company has developed a range of products including DDR, LPDDR, and has achieved significant milestones in production, becoming the largest DRAM manufacturer in China and the fourth globally [7][8]. 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, reflecting a compound annual growth rate of 72.04% in main business revenue from 2022 to 2024 [7][8]. Group 3: Investment and Valuation - The company has faced substantial funding pressures, having spent approximately 2.5 billion USD on R&D and capital expenditures by 2019. It has attracted numerous investors, including major funds and corporations, leading to a post-investment valuation of around 150 billion yuan before its IPO [8][9]. - The latest funding round before the IPO raised about 10.8 billion yuan, with participation from various investment firms and state-owned enterprises, indicating strong investor interest [9][10]. Group 4: Market Context and Future Outlook - The IPO of Changxin Technology is part of a broader trend of significant IPOs in the tech sector, with 2025 expected to be a landmark year for IPOs in China, reflecting a resurgence in the market for technology assets [10][11]. - The company’s IPO is anticipated to be a major event, with the potential to set new records in fundraising and market valuation, contributing to the ongoing growth of the semiconductor industry in China [10][11].