The first implementation of the pre-review mechanism has been launched, and the signal indicating a turning point for domestic storage is quite clear.

The Shanghai Stock Exchange approved Changxin Technology’s Sci-Tech Innovation Board IPO, making it the first deal to pass the review using the pre-review mechanism. The company posted cumulative losses of over 282 billion yuan in 2023–24, and it is expected to turn profitable in 2025. In Q1 2026, single-quarter revenue was 508 billion yuan, with net profit of approximately 247.6 billion yuan. It is expected that in the first half of the year, revenue will be 1,100–1,200 billion yuan and net profit will be 660–750 billion yuan. It has already covered DDR4/LPDDR4X through DDR5/LPDDR5X; DDR5 ramp-up has reached speeds of 8,000 MT/s with a capacity of 24Gb. The company plans to raise 29.5 billion yuan to upgrade its wafer production lines and carry out R&D on forward-looking technologies. The top five suppliers are kept confidential under code names, and customer concentration has fallen to 39.85%.