Core Viewpoint - Zhejiang Liji Storage Technology Co., Ltd. (Liji Storage), a national-level specialized and innovative "little giant" enterprise in the memory chip design sector, has submitted a revised listing application to the Hong Kong Stock Exchange, marking the start of a new capital journey amid the dual trends of AI computing and the recovery of the storage chip market [1][4]. Company Overview - Liji Storage focuses on the design of DRAM memory chips, particularly 8GB DDR4 and earlier generations, which are widely used in consumer electronics, network communications, and automotive electronics [4]. - The company was established in March 2020 after acquiring Zental Japan, a Japanese memory chip design firm, which laid a solid technical foundation for Liji Storage [4]. - The company plans to relocate its registered office to Hangzhou by June 2025, reflecting its strategic consideration to leverage the innovation resources of the Yangtze River Delta [4]. Competitive Advantages - A stable supply chain and strong industry collaboration are key competitive advantages for Liji Storage, with Taiwan's Powerchip Semiconductor Manufacturing Corporation as its sole third-party foundry supplier [5]. - The partnership with Powerchip, which holds approximately 10.13% of Liji Storage's shares, enhances production stability and reduces supply chain risks [5]. Financial Performance - Liji Storage has shown steady growth, with total storage capacity increasing from 13.8 million GB in 2022 to 34.2 million GB in 2024, representing a compound annual growth rate (CAGR) of 57.4% [5]. - The company is expected to sell over 1 million storage chips in 2024, demonstrating strong market expansion capabilities [5]. - The gross margin has improved from -2.1% in 2022 to 10.2% in the first half of 2025, indicating enhanced profitability [8]. Market Position - According to Frost & Sullivan, Liji Storage ranks fourth among mainland Chinese companies in the niche DRAM market with a market share of 11.1%, and 11th globally with a market share of 0.8% [8]. Future Prospects - The updated listing application includes performance data for the first half of 2025, indicating the company's readiness for the capital market [8]. - The funds raised will primarily be used to expand high-bandwidth storage product development, procure wafer services, and enhance production testing capabilities [8]. - The storage chip market is expected to benefit from the growing demand for high-bandwidth and high-performance storage chips driven by AI applications, smart vehicles, and server markets [9].

芯东西12月1日报道，11月28日，杭州内存芯片设计公司力积存储在港交所提交新版上市申请书，独家保荐人为中信证券。 力积存储主要从事DRAM内存芯片的设计，专注于8GB DDR4及更早代际的产品。该公司的历史可追溯至2020年初，当时，其创始人应伟收购了日本存储 芯片设计公司Zental Japan（前身为力晶集团于2003年成立的产品设计团队），并于同年3月正式成立力积存储，接收了Zental Japan的大部分资产。 中国台湾芯片制造商力积电与力积存储关系密切，前者是力积存储唯一的第三方代工供应商。力积电和力积存储还拥有共同的股东力晶创投，力晶创投在 力积存储的持股比例约为10.13%。 力积存储最初在浙江金华完成注册，并于今年6月将注册地改为杭州。2024年，力积存储获评为国家级专精特新"小巨人"企业。得益于存储芯片和AI存算 产业近年来的发展，力积存储销售的产品总存储容量从2022年的1380万GB增至2024年的3420万GB，2024年其一共销售了超过100万片存储芯片（包括模 块和晶圆内的芯片）。 此前，力积存储已于今年5月递交第一版上市申请书，今年11月底更新的版本新增了2025年上半年的业绩 ...