Innogrit Technology Co., Ltd. (Innogrit Technology) has seen the status of its application for listing on the Shanghai Stock Exchange's STAR Market change to "under inquiry," according to information obtained. The company, with Guotai Junan Securities as its sponsor, aims to raise approximately 3.233 billion yuan.

The prospectus reveals that Innogrit Technology is a globally leading provider of data storage controller chips and semiconductor storage products. Its core business involves the research, development, design, and sale of data storage controller chips and solid-state drives (SSDs), with comprehensive coverage across enterprise, industrial, and consumer-grade applications.

The company's focus is on enterprise-grade products, exemplified by its AI SSDs. Leveraging its independent R&D capabilities, it has broken through key technological bottlenecks in data storage and transmission within cutting-edge fields like artificial intelligence. This enables independent control over critical information storage components, with products widely used in advanced scenarios such as AI-powered computing centers and cloud services.

Currently, the company's products have been successfully integrated into the supply chains of major domestic internet, cloud computing, and server manufacturers, including Client B, TENCENT (ASX: TCEHY), Client A, LENOVO GROUP (ASX: LNVGY), H3C, and Client C. They are extensively applied in domestic AI computing infrastructure.

Innogrit Technology is a semiconductor storage solutions provider that has gradually expanded its business into enterprise-grade SSDs based on its foundation of complete, independently developed high-performance data storage controller chip technology and products.

Regarding compatibility with domestic memory particles, through deep algorithm and chip design optimization, the company's data storage controller chips possess industry-leading adaptability and performance tuning capabilities for domestic NAND flash particles.

Within the industrial chain, as one of the very few domestic companies with complete iterative R&D capabilities for both enterprise-grade controller chips and SSDs, the company contributes to building a fully localized chain for China's semiconductor storage industry, spanning from controller chips and firmware implementation to storage modules.

In terms of product iteration, the company's chip and SSD products cover standards from SATA to PCIe 5.0. Its latest generation PCIe 6.0 controller chip and CXL controller chip were taped out in the first half of 2026, placing its product generation releases at the forefront domestically and its technical level within the top international tier.

The company boasts a strong reputation and a stable, broad customer base, having entered the supply chain systems of leading industry clients. Its products are widely used by the most technically demanding enterprise-grade clients and renowned consumer-grade clients, achieving volume shipments. This includes domestic top server manufacturers like Client A, LENOVO GROUP (ASX: LNVGY), H3C, Client C, Yangtze Memory Computing, ChaoYun, and Great Wall; internet and cloud computing companies such as Client B, Bilibili Inc. (ASX: BILI), and TENCENT (ASX: TCEHY); and international particle suppliers and storage module manufacturers like Client E, SanDisk, ADATA Technology, Biwin Storage Technology Co.,Ltd. (ASX: 688525), and Longsys. End customers span major application segments including internet, cloud computing, AI model training and inference, telecommunications, finance, railways, energy, and education.

Financially, for the fiscal years 2023, 2024, and 2025, the company reported operating revenues of approximately 358 million yuan, 625 million yuan, and 1.034 billion yuan, respectively. During the same periods, net losses were approximately 366 million yuan, 540 million yuan, and 470 million yuan, respectively.