Core Viewpoint - Recently, Lianqi Technology Co., Ltd. updated its prospectus for listing on the Hong Kong Stock Exchange, aiming to become another company with an "A+H" layout. As of the report, Lianqi Technology's A-share market value is 98.4 billion yuan [1]. Company Overview - Lianqi Technology, founded in 2004 by semiconductor expert Yang Chonghe, specializes in memory interface chips, which are crucial for data access speed and stability in servers [1][2]. - The company is positioned as the largest supplier of memory interconnect chips globally, with a market share of 36.8% projected for 2024 [1]. Historical Development - Yang Chonghe has a rich background in semiconductor design, having worked at National Semiconductor and co-founding a venture capital-backed IC design company, which was later acquired by IDT for $85 million [2]. - Lianqi Technology initially focused on memory interface chips, recognizing the growing importance of data connectivity as cloud computing emerged [2]. - The company faced significant challenges in gaining market acceptance due to the need for certification from CPU, storage, and server manufacturers [2]. Financial Performance - From 2016 to 2018, Lianqi Technology's revenue grew from 845 million yuan to 1.758 billion yuan, with net profits increasing from approximately 93 million yuan to 737 million yuan [6]. - In 2019, the company went public on the STAR Market, with its market value soaring by 272.83% on the first day of trading [6]. - By 2024, Lianqi Technology's revenue is expected to reach 3.639 billion yuan, a year-on-year increase of 59.2%, with net profit projected at 1.412 billion yuan, up 213.1% [6]. Market Position and Trends - The memory interface chip market is highly concentrated, with only three companies, including Lianqi Technology, capable of mass-producing DDR4/DDR5 chips, holding over 93% market share [7]. - The Chinese memory interface chip market is projected to approach 15 billion yuan by 2025, driven by rising demand for servers and data centers [7]. - Lianqi Technology has been at the forefront of DDR5 technology, rapidly advancing from the first to the fourth generation of DDR5 RCD chips within two years [8]. Future Outlook - The global HBM memory market is expected to reach approximately $15 billion by 2025, with a growth rate exceeding 50%, indicating a strong demand for high-bandwidth memory solutions [9].