Group 1 - Changxin Technology has successfully completed the guidance work for its initial public offering (IPO), marking a significant step towards its goal of listing on the A-share market as the largest DRAM chip manufacturer in mainland China [1][4] - The company was founded in 2016 and has steadily expanded its production capacity, with a projected monthly capacity of 300,000 wafers by the end of 2025, representing a nearly 50% year-on-year increase [4] - Changxin's valuation reached 140 billion yuan during its last financing round in March 2024, with significant investments from both state-owned and private enterprises [5][6] Group 2 - The semiconductor industry is experiencing a wave of IPO activities, with several companies like Shanghai Super Silicon and Moore Threads also in the process of going public, indicating a favorable market environment for semiconductor listings [9][10] - Recent policy optimizations and improvements in market conditions have created a "window period" for semiconductor companies to list on the Science and Technology Innovation Board, with new regulations supporting unprofitable tech firms [9][10] - Other semiconductor firms, such as Yangtze Memory Technologies, are also preparing for potential IPOs following structural reforms and increased valuations [11]