What is Changxin Technology? Why are all investors paying attention to it?

💡Interesting fact: Behind Changxin's IPO is also pressure from Hefei
A recent news report states that Changxin Technology's IPO on the STAR Market has been approved by the listing committee, causing a buzz in stock chat groups. 💥
Here's a brief introduction to Changxin Technology: It once suffered losses for many consecutive years, being mocked as a money-burning black hole that could never be filled, but now it has achieved a first-quarter profit of 50.8 billion RMB, roughly earning nearly 400 million RMB daily. Changxin Technology is a leading enterprise in domestic DRAM chips.
📖Details from Changxin's prospectus: Q1 revenue reached 31% of Micron's, holding the number one market share in China and fourth globally.
On May 27, according to the information submitted in Changxin Technology's prospectus, the company has entered the ranks of "second only to the three major international giants" in revenue, but the scale gap remains clear. The company's revenue for the first quarter of 2026 was 50.8 billion RMB, accounting for 31% of Micron's revenue in the same period. Based on the latest quarterly revenue converted to RMB, Micron is about 3.2 times larger than Changxin, SK Hynix about 4.7 times, and Samsung Memory about 6.7 times.
The prospectus shows that Changxin's revenue growth comes from three factors: capacity ramp-up, product structure upgrades, and DRAM price recovery. Since the end of 2025, the widespread adoption of DDR5, LPDDR5/5X, combined with industry supply and demand tensions, has significantly improved revenue and profit margins in the first quarter.
In terms of market share, based on the sales revenue of Q4 2025, Changxin Technology accounted for 7.67% of the global share in 2025 (Samsung, Hynix, and Micron together account for over 90%). According to Omdia's statistics on capacity, shipments, and sales revenue, Changxin ranks first in China and fourth globally.