Core Viewpoint - Zhejiang Li Ji Storage Technology Co., Ltd. has submitted a new application for an IPO on the Hong Kong Stock Exchange, marking its second attempt this year, reflecting the company's strong determination to enter the capital market [1] Company Overview - Li Ji Storage is a leading memory chip design company in China, focusing on niche markets with core products including 8Gb DDR4 and earlier generation memory chips [1] - According to Frost & Sullivan, the company ranks fourth among Chinese companies in the global niche DRAM market and eleventh among all participants [1] Business Structure and Performance - The company's main business segments include memory chips, memory modules, and KGD wafers, with a noticeable optimization in its business structure in recent years [1] - Revenue from memory chips is projected to drop from 70.2% in 2024 to 53.3% in the first half of 2025, while memory module revenue surged to 165 million yuan in the first half of 2025, representing a 217% year-on-year increase and accounting for 42.2% of total revenue [1] Financial Performance - The company is currently in a strategic expansion phase and has not yet achieved profitability, reporting net losses of 139 million yuan in 2022, 244.3 million yuan in 2023, 108.9 million yuan in 2024, and 49.8 million yuan in the first half of 2025 [2] - The reasons for the ongoing losses include share-based payment expenses, cyclical industry fluctuations, and high R&D investments [2] Industry Outlook - Despite short-term profitability challenges, industry experts remain optimistic about the long-term prospects of the niche DRAM market, which is expected to show resilience due to mature technology, stable market demand, and differentiated product positioning [2] - In 2024, niche DRAM is projected to account for 8.5% of the global DRAM market and 15.9% in the Chinese market, indicating significant growth opportunities for local companies like Li Ji Storage as the domestic supply chain improves and market demand stabilizes [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]