Hefei is about to win big again. China's leading DRAM storage chip manufacturer Changxin Storage is about to go public, and its financial report is truly explosive.

Changxin Storage's IPO status has changed from "suspended" to "under inquiry," which means it is one step closer to going public. At the same time, Changxin Storage updated its financial report: first-quarter revenue of 50.8 billion yuan, net profit of 33 billion yuan; it is estimated that by the first half of 2026, net profit could be between 60 billion and 75 billion yuan, with the parent company's net profit between 20k and 57 billion yuan.
The entire STAR Market's first-quarter net profit is only over 40k yuan, while Changxin Storage alone has surpassed more than 600 listed companies on the STAR Market. Even more shocking is its forecasted net profit of over 50 billion yuan, potentially exceeding 100 billion yuan for the full year. Its profitability is second only to internet giants Tencent and Alibaba.
Now everyone is estimating Changxin Storage's valuation for its IPO—some suggest a 20x PE ratio, with a market value around 2 trillion yuan; others suggest a 30x valuation, with an estimated market value between 3 and 4 trillion yuan. If it truly reaches this valuation, it will surpass Moutai and Industrial and Commercial Bank of China.
The biggest winner behind Changxin Storage's successful listing is Hefei. At that time, Hefei's state-owned assets invested over 20 billion yuan, and this wave will earn several trillion yuan.
In 2008, Hefei invested about 6 billion yuan in BOE, earning over 10 billion yuan, which helped Hefei develop a trillion-yuan display industry; in 2020, Hefei invested 7 billion yuan in NIO, also earning over 10 billion yuan.
This time, Hefei has heavily bet on Changxin Storage, which could earn over a trillion yuan, with profits growing exponentially. In this battle, Hefei's joint venture will once again be revered, becoming a Buffett among state-owned assets—disguised as a city investment bank.