Changxin Technology and Blue Arrow Aerospace, IPOs suspended, when will they resume?

On March 31, the Shanghai Stock Exchange official website showed that Changxin Technology Group Co., Ltd. (hereinafter referred to as “Changxin Technology”)'s Sci-Tech Innovation Board IPO was suspended, due to the financial data recorded in the issuance and listing application documents being past its validity period and requiring supplementary submission. Changxin Technology adopted the Sci-Tech Innovation Board IPO pre-review mechanism, and the IPO process has attracted market attention.

An industry insider pointed out that the validity period for financial data of companies undergoing IPO review is six months, and if it exceeds six months, an application can be made to extend it by three months to update the financial data. Once the financial data is updated, the company’s IPO process will proceed normally.

According to the prospectus, Changxin Technology focuses on the design, research and development, production, and sales of dynamic random-access memory chips (DRAM). The company has formed a diversified product layout including DDR series, LPDDR series, and others, and can provide a variety of product solutions such as DRAM wafers, DRAM chips, and DRAM modules, effectively meeting the demands of markets like servers, mobile devices, personal computers, and smart cars. The company owns three 12-inch DRAM wafer fabs in Hefei and Beijing. According to Omdia data, based on capacity and shipment volume, the company has become China’s number one and the world’s fourth-largest DRAM manufacturer.

For this IPO, the company plans to raise 29.5 billion yuan to fund projects including the technological upgrade and transformation of memory wafer production lines, DRAM memory technology upgrade projects, and forward-looking research and development projects for dynamic random-access memory.

From an equity structure perspective, Changxin Technology has no controlling shareholder or actual controller. The shareholders holding more than 5% of the company directly are Qinghui Jidian, Changxin Integration, the Second Phase of the Big Fund, Hefei Jixin, and Anhui Provincial Investment; as of the signing date of the prospectus, they held 21.67%, 11.71%, 8.73%, 8.37%, and 7.91% of the shares respectively. There is no shareholder holding more than 50%, and the company’s equity structure is relatively dispersed.

On the same day, the Shanghai Stock Exchange official website showed that Blue Arrow Space Technology Co., Ltd. (hereinafter “Blue Arrow Space”)'s Sci-Tech Innovation Board IPO was suspended, due to the financial data recorded in the issuance and listing application documents being past its validity period and requiring supplementary submission.

Blue Arrow Space completed its guidance filing at the end of July 2025, completed guidance acceptance by the end of December 2025, and was accepted by the SSE on December 31, 2025. On January 22, 2026, Blue Arrow Space received the SSE’s first-round inquiry letter.

The prospectus shows that Blue Arrow Space is a leading domestic commercial space enterprise, mainly engaged in the research, development, and production of liquid oxygen-methane engines and carrier rockets, providing commercial space rocket launch services. It aims to build a full industry chain centered on medium and large reusable liquid oxygen-methane carrier rockets, including research and development, manufacturing, testing, and launching, creating a comprehensive technological complex in the aerospace field.

For this IPO, Blue Arrow Space plans to raise 7.5 billion yuan to fund projects for capacity enhancement of reusable rockets and technological improvements of reusable rockets.

Apart from these two companies, on March 31, many companies planning IPOs also pressed the “pause button” due to financial report updates. The Shanghai Stock Exchange official website shows that as of the time of writing, a total of 27 companies’ IPO review statuses have been updated to “Suspended (Financial Report Update),” including companies like Shanghai Chao Gui, Xin Tong Pharmaceuticals, and Guoyi Quantum.