Core Viewpoint - Zhejiang Lijichuang Technology Co., Ltd. (Lijichuang) has officially begun its IPO journey on the Hong Kong Stock Exchange, positioning itself as a leading memory chip design company and AI storage solution provider in China [2] Group 1: Company Overview - Lijichuang is recognized for its strong technical foundation, international R&D layout, comprehensive product matrix, and deep partnerships within the industry chain, enabling it to achieve large-scale commercialization of its products and solutions [2] - The company aims to develop high-bandwidth, low-power, and highly reliable storage solutions, catering to various market demands across multiple sectors including consumer electronics, network communications, automotive electronics, energy, and industrial control systems [3] Group 2: Financial Performance - Lijichuang's total storage capacity sold increased from approximately 13.8 million GB in 2022 to about 34.2 million GB in 2024, reflecting a compound annual growth rate (CAGR) of 57.4% [4] - Revenue rose from RMB 609.9 million in 2022 to RMB 646.4 million in 2024, despite the company experiencing annual losses of RMB 139.0 million, RMB 244.3 million, and RMB 108.9 million over the same period [4] - The adjusted net losses (non-IFRS) for 2022, 2023, and 2024 were RMB 136.7 million, RMB 93.2 million, and RMB 52.8 million respectively, indicating a significant increase in net loss in 2023 primarily due to substantial share-based payment expenses [4] Group 3: Customer and Supplier Relationships - Lijichuang's revenue from its top five customers amounted to approximately RMB 390.2 million, RMB 387.6 million, and RMB 336.1 million for the three years ending December 31, 2024, representing about 64.0%, 66.8%, and 52.0% of total revenue respectively [5] - The company sources from its top five suppliers, with procurement amounts of approximately RMB 672.8 million, RMB 475.9 million, and RMB 451.1 million for the same period, accounting for about 97.0%, 88.6%, and 76.2% of total procurement [5]

Group 1 - The core viewpoint of the news is that Zhejiang Liji Storage Technology Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] - Liji Storage is recognized as a leading memory chip design company and AI computing solution provider in China, with its history dating back to 2020 when it acquired a majority stake in Zentel Japan [1] - In 2024, Liji Storage sold over 100 million memory chips, generating annual revenue of 646 million yuan, reflecting its significant market presence [1] Group 2 - According to Frost & Sullivan, Liji Storage ranks fourth among domestic companies in the global niche DRAM market based on revenue in 2024 [1] - The total storage capacity of products sold by Liji Storage increased from approximately 13.8 million GB in 2022 to about 34.2 million GB in 2024, with a compound annual growth rate of 57.4% [1] - The company has a high customer concentration, with revenue from its top five customers accounting for approximately 64.0%, 66.8%, and 52.0% of total revenue in the respective years ending December 31, 2024 [2] Group 3 - Liji Storage's revenue for the years 2022, 2023, and 2024 was 610 million yuan, 580 million yuan, and 646 million yuan, respectively, with net losses of 139 million yuan, 244 million yuan, and 109 million yuan during the same periods [2] - The losses are attributed to strategic investments aimed at expanding business scale and market share rather than short-term profitability, as well as ongoing development of AI computing solutions that have not yet generated revenue [2] - The company plans to use the funds raised from the IPO to enhance R&D capabilities, improve production and testing equipment, boost global sales and marketing efforts, and for strategic investments or acquisitions [2]

Core Viewpoint - Zhejiang Lijichuang Storage Technology Co., Ltd. (referred to as "Lijichuang Storage") plans to go public in Hong Kong, with CITIC Securities as the exclusive sponsor [1] Company Background - Lijichuang Storage's controlling shareholder, Ying Wei, strategically acquired Zentel Japan, and serves as the chairman of the board [2] - Ying Wei has extensive experience in investment management and holds multiple executive positions in various investment firms [2][6] Board Composition - The board consists of seven members, including two executive directors: Lin Guoxiong (Vice Chairman) and Yu Xiao (General Manager), along with two non-executive directors and three independent non-executive directors [7] Market Position - In 2024, Lijichuang Storage is expected to sell over 100 million memory chips, ranking fourth among Chinese companies in the global niche DRAM market with an 11.3% market share [9] - The company has established partnerships with major memory module manufacturers, ensuring a stable supply chain [9] Product Offering - Lijichuang Storage provides a complete product matrix, including memory chips, high-density modules, KGD wafers, and intelligent storage solutions [10][11] Financial Performance - Revenue figures for 2022, 2023, and 2024 are projected at 610 million, 580 million, and 646 million respectively, with corresponding net losses of 139 million, 244 million, and 109 million [11][12] - The company has not yet achieved profitability, primarily due to a focus on business expansion over short-term profits and fluctuations in raw material prices [12] Future Outlook - The company aims to improve financial performance and achieve profitability through continuous revenue growth, economies of scale, and operational efficiency optimization [13]

Core Viewpoint - Zhejiang Liqi Storage Technology Co., Ltd. (Liqi Storage) has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1]. Company Overview - Liqi Storage is a leading memory chip design company and AI computing solution provider in China, with projected sales of over 100 million memory chips and revenue of 646 million RMB in 2024 [4]. - The company has experienced significant growth in product sales, with total storage capacity sold increasing from approximately 13.8 million GB in 2022 to about 34.2 million GB in 2024, representing a compound annual growth rate (CAGR) of 57.4% [4]. Market Position - According to Frost & Sullivan, Liqi Storage ranks fourth among domestic companies in the global niche DRAM market based on revenue in 2024 [4]. - The company is recognized as a pioneer in the AI computing industry in China, possessing core technology in WoW3D heterogeneous integration and striving to be one of the first domestic companies to achieve mass production of high-bandwidth memory products [4]. Product Strategy - Liqi Storage focuses on developing high-bandwidth, low-power, and highly reliable storage solutions, offering a comprehensive range of DRAM memory types for various applications, including consumer electronics, network communications, automotive electronics, energy, and industrial control systems [5]. - The company has established long-term partnerships with global foundries and two of the top ten memory module manufacturers, ensuring a stable supply chain [5]. Financial Performance - For the fiscal years 2022, 2023, and 2024, Liqi Storage reported revenues of approximately 610 million RMB, 580 million RMB, and 646 million RMB, respectively, with net losses of about 139 million RMB, 244 million RMB, and 109 million RMB during the same periods [6][8].