On May 27, the Shanghai Stock Exchange's listing committee approved the STAR Market IPO of Changxin Technology Group, China's largest and only company capable of mass-producing general-purpose DRAM at scale. It's also the first IPO to pass under the exchange's new "pre-review" mechanism.
The prospectus reveals a dramatic turnaround: after cumulative net losses of over 28.2 billion yuan ($3.9 billion) in 2023 and 2024 — weighed down by heavy capital spending and a cyclical downturn — the company turned profitable in 2025. But the real explosion came in the first quarter of 2026, when global demand for compute power, DRAM shortages, and rising contract prices pushed quarterly revenue to 50.8 billion yuan ($7 billion) — a staggering 719% year-over-year increase. Net profit for the quarter hit 33 billion yuan ($4.6 billion), with 24.8 billion yuan attributable to parent company shareholders. Changxin expects first-half 2026 revenue between 110 billion and 120 billion yuan, with net profit of 66 billion to 75 billion yuan.
On the technology side, Changxin has completed its migration from DDR4/LPDDR4X to DDR5/LPDDR5X, with high-margin DDR5 chips ramping rapidly in 2025. The company's DDR5 chips now reach 8,000 MT/s data rates with up to 24Gb per die, putting it in the global high-end memory segment. The IPO aims to raise 29.5 billion yuan ($4.1 billion) for upgrading its wafer fabrication lines and advancing R&D. Notably, the prospectus keeps its top five suppliers anonymous under code names like "Supplier A" and "Supplier B" to protect supply chain confidentiality, while its top five customers' share of revenue has fallen to 39.85%, showing decreasing customer concentration.