Core Viewpoint - Changxin Technology's IPO application has been accepted, marking a significant step towards its listing on the STAR Market, with plans to raise 29.5 billion yuan by issuing up to 10.622 billion new shares [1][6]. Group 1: IPO Details - Changxin Technology's IPO is the first "pre-review" project accepted on the STAR Market, indicating a new regulatory approach aimed at protecting sensitive information and reducing the time to market [1]. - The company aims to use the raised funds for various projects, including 13 billion yuan for its second-phase wafer manufacturing project and 9 billion yuan for next-generation DRAM technology research and development [6]. Group 2: Company Overview - Changxin Technology operates under an IDM (Integrated Device Manufacturer) model, combining chip design, manufacturing, packaging, testing, and sales, distinguishing it from fabless companies [6]. - The company has no controlling shareholder, with its largest shareholder holding 21.67% of the shares, and a diverse ownership structure that includes state-owned enterprises and industry funds [7]. Group 3: Product Development - The company has adopted a "jump generation R&D" strategy, successfully launching four generations of technology platforms since its establishment in 2016, with products covering DDR4 to DDR5 [7]. - Changxin's LPDDR5X product achieves a maximum speed of 10,667 Mbps, a 66% increase over the previous generation, and its first domestic DDR5 product reaches 8,000 Mbps [7]. Group 4: Market Position and Financial Performance - By 2024, Changxin Technology is projected to be the largest DRAM manufacturer in China and the fourth globally, with a market share of 3.97% as of Q2 2025 [9]. - The company's revenue has shown explosive growth, with figures of 8.287 billion yuan in 2022, 9.087 billion yuan in 2023, and an expected 24.178 billion yuan in 2024, reflecting a compound annual growth rate of 70.81% [10]. - Despite significant revenue growth, the company reported net losses of 8.328 billion yuan, 16.340 billion yuan, and 7.145 billion yuan from 2022 to 2024, primarily due to the downturn in the DRAM market [10]. Group 5: Future Outlook - Changxin Technology anticipates a turnaround in profitability, projecting revenues of 55 billion to 58 billion yuan in 2025, with a net profit of 2 billion to 3.5 billion yuan [11]. - The company expects to reach a breakeven point by 2026 or 2027, depending on market conditions and product pricing [11]. - The DRAM market is transitioning from DDR4 to DDR5 and HBM, with Changxin's IPO funds aimed at upgrading processes and expanding capacity to enhance competitiveness against global giants [14].

公众号记得加星标⭐️，第一时间看推送不会错过。 昨夜晚间，本土DRAM龙头长鑫存储披露了上市新进展。 据招股书，长鑫科技是我国规模最大、技术最先进、布局最全的DRAM 研发设计制造一体化 企业。自2016年成立以来，公司始终专注于 DRAM 产品的研发、设计、生产及销售。 公司采取"跳代研发"的策略，完成了从第一代工艺技术平台到第四代工艺技术平台的量产，以 及 DDR4、LPDDR4X 到 DDR5、LPDDR5/5X 的产品覆盖和迭代，目前公司核心产品及工艺 技术已达到国际先进水平。 公司积极把握行业发展趋势，持续进行产品迭代，现已形成 DDR 系列、LPDDR系列等多元化产品 布局，并可提供 DRAM 晶圆、DRAM 芯片、DRAM模组等多样化的产品方案，可以有效满足服务 器、移动设备、个人电脑、智能汽车等市场需求。公司在合肥、北京两地共拥有3座12英寸 DRAM 品圆厂，根据 Omdia 的数据，按照产能和出货量统计，公司已成为中国第一、全球第四的DRAM厂 商。公司高度重视自主技术研发和创新，在 DRAM 产品设计、制造工艺、封装测试、模组设计与应 用等各业务环节构建了全面、完善的核心技术体系，主要核 ...

国产DRAM（动态随机存取存储器）龙头长鑫科技IPO获受理。上海证券交易所网站于2025年12月30日披露，长鑫科技集团股份有限公司（下称"长鑫科 技"）科创板IPO上市申请已经获得受理，将发行不超过106.22亿新股，拟募集资金295亿元，保荐机构为中金公司和中信建投证券，意味着这家中国最大的 DRAM设计制造企业距离上市走出关键一步。 21世纪经济报道记者彭新 值得注意的是，长鑫科技IPO是科创板首单获受理的"预先审阅"项目。在招股书获受理的同日，上交所同步披露了两轮预先审阅问询与回复，显示监管层已 先后于2025年11月5日及11月19日发出问询。 2025年6月18日，证监会发布《关于在科创板设置科创成长层增强制度包容性适应性的意见》，首次明确提出试点IPO预先审阅机制。该制度可保护信息与 技术安全，满足关键核心技术攻关企业诉求，减少上市"曝光"时间，避免过早披露敏感信息引发经营与竞争风险 。正式申报时同步披露预审问询回复，压 缩审核周期，提高申报文件质量 。 A股市场存储芯片第一股 根据Omdia数据统计，按2024年产能和出货量计算，长鑫科技已成为中国第一、全球第四的DRAM厂商。2025年第二季 ...

根据招股书申报稿，长鑫科技是我国DRAM（动态随机存取存储器）研发设计制造一体化企业，已完成了第 一代工艺技术平台到第四代工艺技术平台的量产，以及DDR4、LPDDR4X到DDR5、LPDDR5/5X的产品覆 盖和迭代。 科创板首单预先审阅 IPO出炉！ 责编：万健祎 校对： 杨舒欣 12月30日，上交所官网显示，长鑫科技集团股份有限公司（以下简称"长鑫科技"）科创板IPO申请获受 理。此前，该IPO申请已预先审阅，并在受理当天披露了两轮预先审阅问询函的回复。这是科创板首单获受 理的预先审阅IPO项目。 此次科创板IPO，长鑫科技拟募集资金295亿元，将用于"存储器晶圆制造量产线技术升级改造项目""DRAM 存储器技术升级项目"和"动态随机存取存储器前瞻技术研究与开发项目"。 长鑫科技IPO也是科创板首单预先审阅项目。6月18日，证监会发布《关于在科创板设置科创成长层 增强制 度包容性适应性的意见》，首次明确提出试点IPO预先审阅机制。今年7月13日，上交所发布《发行上市审 核规则适用指引第7号——预先审阅》（以下简称《预先审阅指引》）。根据《预先审阅指引》，开展关键 核心技术攻关或者符合其他特定情形的科技型 ...

2025年12月30日，上交所官网显示，长鑫科技集团股份有限公司（简称：长鑫科技）科创板IPO申请获受理，保荐机构为中国国际金融股份有限公司、中 信建投证券股份有限公司，审计机构为德勤华永会计师事务所（特殊普通合伙），律师事务所为上海市锦天城律师事务所。 | 发行上市 > 审核项目动态 > | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 长鑫科技集团股份有限公司（已预先审阅） | | 科创板IPO | | | | | | | 已受理 2025-12-30 | | 已问询 | 上市委会议 | | | 提交注册 | 注册结果 | | 项目基本信息 | | | | | | | | | 公司全称 | 长鑫科技集团股份有限公司(已预先审阅) | | | 受理日期 | 2025-12-30 | | | | 公司简称 | 长鑫科技 | | | 融资金额(亿元) | 295.00 | | | | 审核状态 | 已受理 | | | 更新日期 | 2025-12-30 | | | | 保存机构 | 中国国际金融股份有限公司 中信建投证券股份有 ...

2025年12月30日，上交所官网显示，长鑫科技集团股份有限公司（简称：长鑫科技）科创板IPO申请获受理，保荐机构为中国国际金融股份有限公司、中 信建投证券股份有限公司，审计机构为德勤华永会计师事务所（特殊普通合伙），律师事务所为上海市锦天城律师事务所。 值得注意的是，长鑫科技IPO已预先审阅，并公布了两轮预先审阅回复（分别在2025年11月5日和2025年11月19日发出问询）。这意味着，长鑫科技IPO将 成为首单获受理的预先审阅项目。 | 序号 | 内容 | 更新日期 | | --- | --- | --- | | | 8-1-2 发行人及中介机构关于第二轮预先审阅问询函的回复 | 2025-12-30 | | 2 | 8-1-1 发行人及中介机构关于首轮预先审阅问询函的回复 | 2025-12-30 | 2025年6月18日，证监会发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》，首次明确提出试点IPO预先审阅机制。该制度可保护信息 与技术安全，满足关键核心技术攻关企业诉求，减少上市"曝光"时间，避免过早披露敏感信息引发经营与竞争风险 。正式申报时同步披露预审问询回 复，压缩审核周期，提高 ...

Core Viewpoint - Changxin Technology, a leading DRAM manufacturer in China, has officially received acceptance for its IPO on the Sci-Tech Innovation Board, aiming to raise 29.5 billion yuan, marking it as the first IPO under the new pre-review mechanism [1] Group 1: Company Overview - Changxin Technology is the largest and most advanced DRAM R&D and manufacturing enterprise in China, offering a diverse range of products including DRAM wafers, chips, and modules, primarily covering DDR and LPDDR series [1] - The company has completed product iterations from DDR4, LPDDR4X to DDR5, LPDDR5/5X, with applications in servers, mobile devices, personal computers, and smart vehicles [1] Group 2: Financial Performance - For the period from January to September 2025, Changxin Technology reported revenue of 32.084 billion yuan, with cumulative revenue from 2022 to September 2025 reaching 73.636 billion yuan [1] - The compound annual growth rate (CAGR) of the main business revenue from 2022 to 2024 is 72.04% [1] Group 3: R&D Investment - From 2022 to 2024 and the first half of 2025, Changxin Technology's cumulative R&D investment amounted to 18.867 billion yuan, representing 33.11% of cumulative operating revenue [2] - In 2024, R&D investment is projected to be 6.341 billion yuan, reflecting a year-on-year increase of 35.77% compared to 2023 [2] - The R&D expense ratio for the first half of 2025 reached 23.71%, significantly higher than the industry average of 10.37% and also exceeding the ratios of major international DRAM companies [2] Group 4: Workforce and Shareholding Structure - Changxin Technology employs 4,653 R&D personnel, accounting for over 30% of its total workforce [3] - The company's shareholder structure includes significant investors such as the Big Fund II, Anhui Provincial Investment, Alibaba, Tencent, and others [3] Group 5: IPO Process and Regulatory Framework - Changxin Technology is the first company to undergo the new pre-review mechanism for IPOs on the Sci-Tech Innovation Board [3] - The pre-review mechanism was introduced to enhance the quality of communication services for high-quality technology enterprises, allowing them to apply for pre-review before formal IPO applications [3]

2025年12月30日，上交所官网显示，长鑫科技集团股份有限公司（简称：长鑫科技）科创板IPO申请获受理，保荐机构为中国国际金融股份有限公司、中 信建投证券股份有限公司，审计机构为德勤华永会计师事务所（特殊普通合伙），律师事务所为上海市锦天城律师事务所。 值得注意的是，长鑫科技IPO已预先审阅，并公布了两轮预先审阅回复（分别在2025年11月5日和2025年11月19日发出问询）。这意味着，长鑫科技IPO将 成为首单获受理的预先审阅项目。 | | | | | TIV: 10/0 | | --- | --- | --- | --- | --- | | 房 号 | 项目名称 | 项目投资总额 | 拟使用募集资 金金额 | 实施主体 | | 1 | 存储器晶圆制造量产线技术升级改造项目 | 75.00 | | 75.00 发行人子公司 | | 2 | DRAM存储器技术升级项目 | 180.00 | 130.00 | 发行人子公司 | | 3 | 动态随机存取存储器前瞻技术研究与开发 项目 | 90.00 | 90.00 | 发行人 | | | 合计 | 345.00 | 295.00 | | 2025年6月18日 ...

Core Viewpoint - The introduction of the IPO pre-review mechanism on the Sci-Tech Innovation Board aims to enhance the efficiency of the listing review process while protecting the core business secrets of high-quality technology companies, without lowering the listing threshold [1][3]. Summary by Relevant Sections IPO Pre-Review Mechanism - The IPO pre-review mechanism is not a universal channel and has strict eligibility criteria, serving as an upgrade to the IPO consultation communication system [1]. - It allows eligible companies to apply for a pre-review of their application documents before formally submitting an IPO application, with the process and results kept confidential [1][2]. Benefits for Companies - This mechanism acts as a rehearsal for the IPO process, providing companies with confidence and reducing unnecessary steps before the formal application [2]. - Companies that have updated their application documents based on pre-review feedback may avoid repeated inquiries from the exchange, potentially shortening the IPO timeline for high-quality firms [2][3]. Targeted Support for High-Quality Tech Companies - The mechanism is specifically designed for technology companies engaged in critical core technology development or other specific circumstances, ensuring that sensitive business information is not disclosed prematurely [3]. - The pre-review mechanism reflects a commitment to investor-centric principles by providing a preliminary assessment of the investment value of technology firms [3]. Implications for the Market - The availability of the pre-review mechanism is expected to alleviate "listing anxiety" for high-quality technology companies, potentially leading to a wave of listings in the hard technology sector [4].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced the "Science and Technology Innovation Board Growth Layer" to enhance the inclusivity and adaptability of the system, along with six reform measures [1][2]. Group 1: Introduction of the Growth Layer - The Shanghai Stock Exchange (SSE) has officially launched the "Growth Layer" for the Science and Technology Innovation Board, following the CSRC's guidelines [2]. - A total of 32 existing unprofitable companies will enter the Growth Layer immediately upon the implementation of the guidelines [3][4]. Group 2: Trading and Investment Conditions - The trading terminals will differentiate between existing and newly registered Growth Layer stocks by adding special identifiers "U" for Growth Layer stocks [5]. - The investment threshold for individual investors remains at 500,000 yuan in assets and two years of investment experience [6]. - Investors must sign a specific risk disclosure document before investing in newly registered unprofitable technology companies [7]. Group 3: Exit Conditions and Regulations - The exit conditions for the Growth Layer will implement a "new and old distinction," maintaining existing conditions for current companies while raising the exit criteria for newly registered unprofitable companies [8]. - The SSE will enhance regulatory oversight before and after a company is delisted, focusing on daily supervision and abnormal trading [8]. Group 4: Pre-Review Mechanism and Professional Investor Standards - A pre-review mechanism for IPOs has been introduced to protect sensitive business information for key technology companies [9]. - The "Senior Professional Institutional Investor Guidelines" have been established to refine the criteria for identifying qualified institutional investors [10][11]. - The SSE emphasizes that the recognition of senior professional institutional investors is only a reference for assessing market acceptance and growth potential, without affecting the listing standards [12]. Group 5: Enhanced Risk Disclosure - The SSE has revised the risk disclosure guidelines to better inform investors about the risks associated with investing in unprofitable companies [14]. - Ordinary investors must sign a risk disclosure document when applying for trading permissions on the Growth Layer, and existing investors must also sign this document to trade newly registered stocks [15].