Core Viewpoint - The article discusses the recent developments regarding the Hong Kong IPO of Lijichuang Storage, including the resignation of Minyin Securities as the overall coordinator and the implications of this change on the company's IPO timeline. The company asserts that this change is a normal part of the IPO process and will not affect its planned schedule. Group 1: Company Overview - Lijichuang Storage is a memory chip design company established in 2020, focusing on niche storage products such as 8Gb DDR4 and earlier generations, primarily used in consumer electronics, telecommunications, automotive electronics, energy, and industrial applications [3][8] - The company ranks fourth among domestic peers in terms of revenue, holding a 0.8% share of the global niche DRAM market as of 2024 [3] Group 2: IPO Process and Coordination Changes - The adjustment in the intermediary team occurred just two weeks after Lijichuang Storage restarted its Hong Kong IPO process, with Minyin Securities resigning as the overall coordinator on December 12 [2][3] - The company confirmed that the change in coordinators is a standard procedure in the IPO process and will not impact the overall timeline [1][3] Group 3: Financial Performance - Lijichuang Storage has not achieved profitability, reporting revenues of 610 million RMB, 580 million RMB, 650 million RMB, and 410 million RMB for the years 2022 to 2025, with net losses of 140 million RMB, 220 million RMB, 110 million RMB, and 50 million RMB respectively [12] - The company's gross margin has been low, with a negative margin of -2.1% in 2022, improving to 3.7% in 2023, but still remaining low due to a market expansion strategy that prioritizes volume over margin [12][14] Group 4: Strategic Partnerships - Lijichuang Storage has a close relationship with Lijidian, which has been its sole foundry partner, accounting for 34.4% to 49.1% of its procurement from 2022 to 2025 [10] - The company is collaborating with Lijidian to develop advanced memory products, with plans to start mass production of 19nm products by Q3 2027 [10] Group 5: Market Strategy and Future Outlook - The company plans to continue prioritizing market share expansion over immediate profitability, which is expected to result in further net losses in 2025 [15] - The increase in share-based payment expenses, which reached 150 million RMB in 2023, has also contributed to the company's financial losses [14]