Key Points
- IPO Launch: China’s DRAM giant, Changxin Technology (Changxin Keji 长鑫科技), has officially commenced its IPO coaching, setting its key subsidiary, Changxin Memory, on the path to a public listing.
- Massive Valuation: The company was recently valued at a staggering ¥140 billion RMB ($19.2 billion USD).
- Backed by Giants: Changxin Technology boasts a strong investor lineup, including Alibaba (Alibaba 阿里巴巴), Tencent Investment (Tengxun Touzi 腾讯投资), and several major investment platforms.
- Strategic Industry Player: Founded in 2016, Changxin Memory is a comprehensive IDM company handling DRAM design, R&D, production, and sales, with R&D centers globally.
- Projected Market Share Growth: Counterpoint Research forecasts Changxin’s overall shipments to jump 50% year-on-year in 2025, with total DRAM market share expected to reach 8% by Q4, and significant growth in its DDR5 and LPDDR5 market shares.
China’s homegrown chip giant, Changxin Technology (Changxin Keji 长鑫科技), is officially kicking off its IPO process, a move that could shake up the global memory market.
The China Securities Regulatory Commission (CSRC) just green-lit the start of its initial public offering (IPO) coaching on July 7th.
This puts its key subsidiary, Changxin Memory (Changxin Cunchu 长鑫存储), on the fast track to a public listing, with powerhouse firms China International Capital Corporation (CICC) and China Securities (Zhongxin JianTou 中信建投) leading the charge.
And the numbers are massive—the company was last valued at a whopping ¥140 billion RMB ($19.2 billion USD).
The Lowdown on China’s DRAM Powerhouse
So, what’s the big deal with Changxin?
Founded in 2016 and headquartered in Hefei, Anhui province, Changxin Memory is an all-in-one, integrated memory manufacturing company.
They handle the entire stack: design, research and development, production, and sales of DRAM (dynamic random-access memory) chips.
If you’re using a smartphone, computer, server, or even a VR headset, you are relying on DRAM.
It’s the essential, high-speed “working memory” that modern tech runs on, and Changxin is a major player.
With R&D centers at home and abroad, Changxin has already rolled out several commercial DRAM products, carving out a serious space for itself in a hyper-competitive global industry.
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Following the Money: A ¥140 Billion Valuation and Big-Name Backers
An IPO of this size doesn’t just happen overnight.
Changxin Technology has been stacking capital for years, building a war chest with a registered capital of ¥60.19 billion RMB ($8.3 billion USD).
Interestingly, the coaching documents reveal that the company has no single controlling shareholder.
Its largest stakeholder is Hefei Qinghui Jidian Enterprise Management Partnership (Limited Partnership) (Hefei Qinghui Jidian Qiye Guanli Hehuo 기업 관리 파트너십), which holds a 21.67% stake.
But the real story is in its star-studded list of investors. We’re talking a who’s who of Chinese tech and finance:
- Internet Titans: Alibaba (Alibaba 阿里巴巴) and Tencent Investment (Tengxun Touzi 腾讯投资).
- Major Investment Platforms: Shenzhen Investment Holdings (Shen Tou Kong 深投控), CCB Equity (Jianxin Guquan 建信股权), Walden International, and China Post Life Insurance (Zhongyou Baoxian 中邮保险).
- Industry Players: Listed chip designer GigaDevice (Zhaoyi Chuangxin 兆易创新).
The headline valuation of ¥140 billion RMB ($19.2 billion USD) came from a strategic investment just last year.
In March 2024, GigaDevice pumped ¥1.5 billion RMB ($206.5 million USD) into Changxin, securing a ~1.88% stake and setting that massive pre-investment price tag.
Inside GigaDevice’s Strategic Play on DRAM Dominance
For GigaDevice, this isn’t just a passive investment; it’s a calculated, strategic move.
The company stated that its DRAM product line is a “crucial pillar for the company’s continuous growth.”
They see massive long-term opportunities in the DRAM business and are doubling down on their investment and strategic layout.
By backing Changxin, they’re investing in what they describe as the largest and most comprehensive integrated device manufacturer (IDM) in China for DRAM design, R&D, production, and sales.
The fresh capital is earmarked to:
- Fuel Changxin Technology’s DRAM business development.
- Supplement working capital.
- Repay financial institution loans.
- Fund further equity investments in its controlled subsidiaries.
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Riding the Wave: Changxin’s Projected Market Share Surge
The timing for this IPO couldn’t be better, if market forecasts are anything to go by.
Market analysis firm Counterpoint Research has some seriously bullish predictions for Changxin in 2025.
Here’s the breakdown:
- Overall Shipments: Projected to jump by a huge 50% year-on-year.
- Total DRAM Market Share: Expected to grow from 6% in Q1 to 8% by Q4.
This growth isn’t just coming from their established DDR4 and LPDDR4 products, either.
Changxin is making a major push into the next generation of memory chips, with significant growth expected in its DDR5 and LPDDR5 products.
- DDR5 Market Share: Forecasted to leap from less than 1% in Q1 to 7% by the end of the year.
- LPDDR5 Market Share: A projected explosion from just 0.5% in Q1 to a significant 9% over the same period.
This signals a successful transition to higher-value, in-demand products—a key milestone for any chipmaker looking to compete on the world stage.
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Joining the Ranks of China’s Top Innovators
The industry is already taking notice.
Late last year, Forbes China featured Changxin Memory on its prestigious “2024 Forbes China Innovation 50” list.
They were named alongside other semiconductor heavyweights like Higon Information (Haiguang Xinxi 海光信息), Huawei HiSilicon (Huawei Haisi 华为海思), and AMEC (Zhongwei Gongsi 中微公司).
This isn’t just a win for the company; it’s a powerful nod to its growing influence in the global semiconductor landscape.
As Changxin Technology moves forward with its IPO coaching, all eyes are on its next move.
With powerful backers, a massive valuation, and strong market tailwinds, this listing is poised to be one of the most-watched events in the tech world.
The rise of Changxin represents a key chapter in the evolution of the global chip industry, making the upcoming Changxin Technology IPO a story you’ll want to follow.
- – Changxin Memory
- – Higon Information (Haiguang Xinxi 海光信息)
- – Huawei HiSilicon (Huawei Haisi 华为海思)
- – AMEC (Zhongwei Gongsi 中微公司)
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