Leading storage chip manufacturer Changxin Technology halts IPO; industry insiders: normal cross-period update, a total of 54 companies halted simultaneously.

Ask AI · How does Changxin Technology seize development opportunities amid the rising tide of storage chip price increases?

Everyday Economic News reporter: Zhu Chengxiang    Everyday Economic News editor: Zhang Yiming

In 2026, the most anticipated IPO (Initial Public Offering) will be Changxin Technology. Storage chip prices have been rising for more than half a year, and Changxin Technology is a pure domestic memory chip original manufacturer.

On March 31, an announcement on the official website of the Shanghai Stock Exchange drew widespread attention across the industry—namely that Changxin Technology’s IPO has been halted. However, the halt is not an outright termination. Regarding Changxin Technology’s IPO halt, the Shanghai Stock Exchange notice shows that because the financial data recorded in the application documents for the issuance and listing has passed its validity period, it needs to be supplemented and resubmitted.

On April 1, according to an industry insider familiar with the matter, quoted to reporters from the “Daily Economic News,” “Companies (of the type) that are across March 31 and September 30 (inclusive) will be (halted); the CSRC rules require updates. In this round, a total of 54 companies are halted simultaneously.” Besides Changxin Technology, among this batch, another 26 companies whose IPO listings are on the Shanghai Stock Exchange are halted simultaneously, and 27 companies with IPO listings on the Shenzhen Stock Exchange are halted simultaneously—making a total of 53 companies. In addition to Changxin Technology, companies among the halted group also include Blue Arrow Aerospace, Wuhan Xinxin, and others.

With the storage chip market booming, Changxin Technology draws attention

Changxin Technology’s IPO has attracted considerable attention, possibly related to the recent price trend of storage chips. Driven by AI (artificial intelligence) training and inference, demand for storage chips has surged sharply, and prices have risen continuously for the past half-year. Although prices have pulled back somewhat recently, they are still at a relatively high level.

Storage chips are mainly divided into DRAM (memory) and NAND (flash memory). Changxin Technology is one of the few domestic DRAM chip original manufacturers, and internationally, the mainstream DRAM original manufacturers number no more than 10. At present, popular storage-related concept stocks on the A-share market—Jiangbolong (SZ301308), Buwei Storage (SH688525), and Demingli (SZ001309)—mainly follow a business model in which, after purchasing wafers from original manufacturers, they perform packaging, testing, and module processing, and then sell to end manufacturers.

According to the prospectus updated by Changxin Technology, since its establishment, the company has remained committed to R&D, design, production, and sales of DRAM products. In 2018, Changxin Technology began product engineering wafer runs; in 2019, the company launched 8GB DDR4 (the fourth-generation double data rate synchronous dynamic random-access memory); in 2020, it launched LPDDR4X (a low-power memory mainly used in low-power fields such as mobile phones); in 2023, it launched LPDDR5; in 2024, it launched DDR5; and in 2025, it launched LPDDR5X.

Currently, the mainstream smartphone products used by Apple and other leading manufacturers use LPDDR5X.

Changxin Technology states that after years of development, the company has broken through key core technologies in DRAM and successfully achieved independent R&D, design, and commercial mass production, filling a long-standing gap in DRAM products from mainland China in the global market. The company’s production capacity ranking has reached first in China and fourth globally, but there is still a certain gap compared with international leading DRAM manufacturers, and its production capacity is also far below the enormous market demand within China.

That is to say, at present, Changxin Technology’s DRAM production capacity is only behind the three major memory industry leaders: Samsung Electronics, SK Hynix, and Micron Technology.

However, Changxin Technology still has a considerable gap from the three leading giants. It says that China is one of the world’s largest DRAM demand markets, while the top three global DRAM manufacturers—Samsung Electronics, SK Hynix, and Micron Technology—have long held more than 90% of the global market share. The company is committed to continuously expanding capacity, increasing its share in the global market, and providing stable supply for China’s DRAM market. The company has a total of 3 12-inch DRAM wafer fabs in Hefei and Beijing.

Worth noting is that Changxin Technology’s previous prospectus reported periods were from January to June in 2022, 2023, 2024, and 2025. Meanwhile, the sharp rise in storage chip prices mainly occurred in the second half of 2025 and the first quarter of 2026.

So, is this IPO halt due to the company’s effort to showcase recently improved financial data? In response, the industry insider mentioned above said: “The financial data is already six months past its validity period, and the company has no option to choose an alternative date; the (halt) is carried out according to the exchange’s arrangements.”

The storage upcycle is still not over

Recently, papers related to Google and the decline in consumer-grade storage prices have triggered discussions in the industry about whether the storage chip price rally is about to reach a turning point.

However, according to estimates by industry research firm TrendForce, storage chip prices are still expected to increase significantly quarter-over-quarter in the second quarter of 2026.

TrendForce believes that in the second quarter of 2026, contract prices for general-type DRAM will rise by 58% to 63% quarter over quarter (quarterly versus the previous quarter), and NAND Flash contract prices will rise by 70% to 75% quarter over quarter. It says that DRAM original manufacturers are actively shifting capacity to server-related applications; although there is a risk of downward adjustment in some end-market demand, overall supply continues to tighten, and prices will remain on an upward trend.

TrendForce states that North American cloud service providers (CSPs) have become increasingly clear about AI inference application scenarios, driving an increase in demand for AI servers and general-purpose servers, and high-capacity RDIMM (Registered Dual In-line Memory Module) has become the primary procurement target. On the supply side, original manufacturers consider that profits from Server DRAM rank first among all product categories, so they prioritize allocating bit output (an indicator used in the memory industry to measure chip production capacity) to this area. Currently, original manufacturers are also in discussions with major customers on long-term agreements (LTA), using them as a basis for future capacity expansion; however, short-term supply still remains tight.

In the smartphone segment, brands’ storage cost pressure continues to accumulate, and it cannot be ruled out that production plans may be adjusted starting from the second quarter of 2026, but it is expected that in the first half of the year, the pull demand for Mobile DRAM (memory in the mobile product sector) will not see a sharp contraction. Overall, as original manufacturers negotiate the second-quarter prices with benchmark customers and set price-increase benchmarks, and as original manufacturers seek to narrow the price gaps among different applications through catch-up price increases, Mobile DRAM contract prices will continue to rise compared with the previous quarter.

In other words, whether it is server memory or memory for mobile devices, prices in the second quarter of 2026 will still increase quarter over quarter. As the leading memory original manufacturer domestically and the world’s fourth-largest memory manufacturer globally, Changxin Technology’s performance may continue to benefit.

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Daily Economic News