Hefei Semiconductor Giant Chanxin Memory Technologies Valued at 140 Billion Yuan Advances Toward Becoming First Memory Chip Listed Company

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The listing process for the "first memory chip stock" has taken another significant step forward.

Recently, the China Securities Regulatory Commission website revealed that Chanxin Memory Technologies Group Co., Ltd. (Chanxin Memory Technologies) has successfully completed its initial public offering counseling work. This milestone marks important progress for China's largest DRAM chip manufacturer in its pursuit of an A-share IPO. However, as of publication, Chanxin Memory Technologies has not responded to inquiries regarding its IPO and related business matters.

Chanxin Memory Technologies' IPO sprint represents just one example of the semiconductor industry's race to go public. Recently, multiple semiconductor companies have made substantial progress in their listing processes, with A-shares potentially welcoming a wave of semiconductor IPOs.

**Trillion-Yuan Chip Giant Seeks IPO**

Founded in 2016 and headquartered in Hefei, Anhui Province, Chanxin Memory Technologies operates through its wholly-owned subsidiary Chanxin Memory, which currently leads China's mainland DRAM (Dynamic Random Access Memory) chip sector.

Reviewing its development trajectory reveals a steady progression. In March 2017, construction began on Phase I of the Hefei facility; verification production started in July 2018; September 2019 saw the debut of 8Gb DDR4 products synchronized with mainstream global offerings at the World Manufacturing Convention, with the first orders received in November 2019. The company launched Phase I and Phase II of its Beijing DRAM projects in June 2020 and December 2021, respectively. In 2022, the Beijing DRAM Phase I pilot production line came online, the main facility of Hefei DRAM Phase II was topped out, continuously expanding production capacity.

According to TrendForce data, Chanxin Memory's production capacity will reach 300,000 wafers per month by the end of 2025, representing nearly 50% year-over-year growth. Market analysis firm Counterpoint Research predicts that Chanxin Memory's DRAM shipments will increase 50% year-over-year in 2025, with its share of overall DRAM market shipments expected to rise from 6% in Q1 to 8% in Q4, while DDR5 and LPDDR5 (low-power memory) products will account for 7% and 9% respectively.

However, industry insiders suggest there remains significant discrepancy between these external agency forecasts and actual conditions.

While the company has not directly disclosed specific figures, Chanxin Memory Technologies' valuation has continuously climbed alongside capacity expansion.

As mainland China's largest DRAM memory chip manufacturer, Chanxin Memory Technologies achieved a valuation of 140 billion yuan during its March 2024 funding round.

The company has previously completed seven financing rounds.

Investors include state-owned shareholders such as Hefei Changxin Integrated Circuit Co., Ltd., China Integrated Circuit Industry Investment Fund Phase II, Anhui Provincial Investment Group Holdings Co., Ltd., and China Reform Holdings Corporation Ltd., along with market-oriented and industrial investors including GigaDevice, Alibaba, Xiaomi, and Midea, plus insurance capital from Harmony Health Insurance Co., Ltd., China Life Investment Insurance Asset Management Co., Ltd., and PICC Capital Insurance Asset Management Co., Ltd.

The company's July 7 counseling filing report shows Chanxin Memory Technologies' latest registered capital stands at 60.19 billion yuan, with no controlling shareholder. The largest shareholder is Hefei Qinghui Jidian Enterprise Management Partnership (Limited Partnership), directly holding 21.67% of company shares.

Notably, Chanxin Memory Technologies maintains deep ties with shareholder and storage giant GigaDevice, forming a comprehensive cooperation chain combining "equity binding and supply foundry services" in a strong alliance.

In October 2017, GigaDevice proposed jointly building a 19nm, 12-inch memory project with Hefei Industrial Investment; the project launched in Hefei two months later with planned total investment of $8 billion across three phases. Chanxin Memory Technologies serves as the project's operating entity, with initial shareholders including Shixi Jidian (now "Qinghui Jidian") and Changxin Integrated. Shixi Jidian's executive partner Shixi Changxin is controlled by GigaDevice founder Zhu Yiming, who currently serves as chairman of both GigaDevice and Chanxin Memory Technologies.

In December 2020, Chanxin Memory Technologies brought in 16 new shareholders including China Integrated Circuit Industry Investment Fund Phase II, with GigaDevice investing 300 million yuan for a 0.85% stake.

In March 2024, Chanxin Memory Technologies raised 10.8 billion yuan at a pre-money valuation of 139.982 billion yuan, with GigaDevice contributing 1.5 billion yuan to this funding round. Upon completion, GigaDevice's shareholding in Chanxin Memory Technologies increased from 0.95% to 1.88%. Since 2020, GigaDevice has purchased DRAM from Chanxin and commissioned foundry services, with 2023 procurement and foundry amounts reaching 405 million yuan and 362 million yuan respectively.

Orient Securities believes that as a core DRAM industry chain enterprise, Chanxin Memory Technologies could achieve business expansion through public listing financing, comprehensively benefiting upstream and downstream industry players. Particularly with sustained AI computing demand growth, HBM (High Bandwidth Memory) shipment momentum remains strong, and global DRAM market scale will continue expanding, benefiting the storage industry chain.

**Semiconductor Companies Enter IPO Window Period**

Chanxin Memory Technologies represents just one example of the semiconductor industry's race to go public.

Recently, multiple semiconductor-related manufacturing and design companies including Shanghai Super Silicon, Moore Threads, and Mucse IC are in counseling periods or have completed counseling and received IPO acceptance.

Market consensus suggests that driven by policy optimization, improved market supply-demand conditions, and changing geopolitical circumstances, the current period represents a window for semiconductor companies to list on the Science and Technology Innovation Board. Policy optimization provides particularly crucial momentum.

On July 13, 2025, the Shanghai Stock Exchange announced the launch of the "Sci-Tech Growth Layer," enhancing capital market compatibility with technological innovation through institutional innovation and supporting quality unprofitable innovative companies in going public. Complementary measures include introducing senior professional institutional investor systems, piloting IPO pre-review mechanisms, and expanding Fifth Set Standard applications, collectively forming the Science and Technology Innovation Board "1+6" new policies. This clearly signals strong support for unprofitable hard-tech companies seeking listings.

Take Shanghai Super Silicon Semiconductor Co., Ltd. as an example - its IPO application was accepted on June 13. The prospectus shows accumulated losses exceeding 3.1 billion yuan from 2022 to 2024.

Another star startup, Moore Threads, primarily develops GPU chips with relatively rapid IPO progress: listing application accepted June 30, 2025; Science and Technology Innovation Board IPO prospectus updated and first-round inquiry responses submitted September 5; second-round inquiry responses submitted September 18. On September 26, the Shanghai Stock Exchange Listing Committee announced results of its 40th review meeting, approving Moore Threads' initial listing, potentially making it the "first domestic GPU stock."

Regarding this rapid progress, market participants note that following implementation of the Science and Technology Innovation Board "1+6" new policies, the Shanghai Stock Exchange has accelerated review processes to provide more efficient support for high-growth potential hard-tech companies.

Many other semiconductor companies remain in the IPO "reserve force."

For instance, Yangtze Memory Technologies, another core player in China's storage chip sector, has seen its parent company Yangtze Memory Group complete comprehensive joint-stock reform and establish a joint-stock company. Following this restructuring, Yangtze Memory Group's valuation exceeds 160 billion yuan, with upgraded corporate governance structures potentially enabling future IPO launch.

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