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]

Group 1 - The core viewpoint of the news is that Zhejiang Liji Storage Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC (Hong Kong) as the sole sponsor [1] - Liji Storage was established in 2020, focusing on the potential of DRAM, and has a history of investment from Longxin Zhongke [1] - The company has undergone multiple rounds of capital increases and share transfers, with a valuation of 1.235 billion yuan in March 2025 [1] Group 2 - Liji Storage is a memory chip design company and AI computing solution provider, with a complete product line from SDR to DDR4, focusing on the niche DRAM market [2] - The company reported revenues of 610 million yuan, 580 million yuan, and 646 million yuan for 2022-2024, with losses of 139 million yuan, 244 million yuan, and 109 million yuan respectively [2] - The gross profit margins for the same period were -2.1%, 3.7%, and 9.3%, indicating a gradual improvement in profitability [2] Group 3 - The memory chip market is highly competitive and increasingly so, which poses risks to the company's business and future prospects [3] - The market is characterized by cyclicality and periods of declining average selling prices, which could adversely affect the company's financial condition [3] - The company has recorded net cash outflows from operating activities of 176 million yuan, 63 million yuan, and 18 million yuan for 2022, 2023, and 2024 respectively, indicating significant financial pressure [3]

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]