The second-largest IPO in the history of the Sci-Tech Innovation Board is here—Changxin Technology will open new share subscriptions on July 16.

Shanghai Securities News reporter He Xinyi

On July 9, the “storage giant” ChangXin Technology, which has drawn close attention from the market, disclosed its prospectus for an IPO on the Sci-Tech Innovation Board and the “Issuance Arrangement and Preliminary Inquiry Announcement,” officially kicking off the IPO issuance process on the Sci-Tech Innovation Board. The company’s offline placement subscription day and online subscription day are scheduled for July 16.

ChangXin Technology is the first accepted project after the pre-review mechanism trial for Sci-Tech Innovation Board IPOs. From its acceptance on December 30, 2025 to its smooth approval on May 27 this year, ChangXin Technology’s IPO took only 148 days. The company plans to raise 29.5B yuan in this offering. This is the largest A-share IPO since 2026, and also the second-largest IPO in Sci-Tech Innovation Board history, second only to Semiconductor Manufacturing International Corporation (SMIC).

Scheduled for “stock-picking” on July 16

The prospectus shows that both the company’s offline placement subscription date and online subscription date for the new shares are July 16. The company’s securities code/offline subscription code is “688825,” and its online subscription code is “787825.”

From the发行 timeline, ChangXin Technology will begin the preliminary inquiry on July 13, publish the issuance announcement on July 15, at which time the final issue price will be determined and the company’s issuance market capitalization will also be set. On July 16, the company will open online and offline subscription for the new shares. The online subscription hours are 9:30 to 11:30 and 13:00 to 15:00. Both the offline payment and online payment deadline dates are July 20 (T+2 days).

For this offering, ChangXin Technology plans to publicly issue 6.69B shares. The ratio of issued shares to the company’s total share capital after the offering is 10.00% (before the exercise of the over-allotment option). The total share capital after the offering will be 66.88B shares (before the exercise of the over-allotment option).

In addition, ChangXin Technology grants the joint sponsors (joint lead underwriters) at China International Capital Corporation (CICC) an over-allotment option of up to 15.00% of the initial number of shares to be issued, a mechanism commonly known in the market as the “green shoe.” If the over-allotment option is exercised in full, the total number of shares issued will increase to 7.69B shares, representing approximately 11.33% of the company’s total share capital after the offering (after full exercise of the over-allotment option).

For this issuance, ChangXin Technology adopts a combined approach: targeted allocation to investors participating in strategic placement, inquiry-based allocation to eligible investors in offline placements, and price-determined issuance to retail investors through online placements holding non-tradable A-shares in the Shanghai market and non-tradable depositary receipts based on their market value. The pricing method is to determine the issue price through preliminary inquiry in the offline placement, and cumulative bidding inquiry will not be conducted in the offline placement thereafter.

Among them: the initial strategic placement quantity is 3.34B shares, accounting for 50.00% of the proposed issue quantity, and about 43.48% of the total number of shares after full exercise of the over-allotment option; the initial offline issuance quantity is 2.68B shares; and the initial online issuance quantity is 669M shares.

A reporter noted that ChangXin Technology’s chairman, Zhu Yiming, has committed to an ultra-long lock-up of shares: in the first ten years after ChangXin Technology’s listing, he will not transfer any shares held; in the second ten-year period after the listing has been completed, he may reduce his holdings by at most 20% of the total number of remaining locked shares at the end of the previous year each year.

Earnings showing explosive growth

ChangXin Technology was founded in 2016, headquartered in Hefei, Anhui. It is China’s largest and most advanced integrated enterprise for the research, design, manufacturing, and production of dynamic random-access memory (DRAM), using the IDM (vertically integrated manufacturing) business model.

According to the prospectus, ChangXin Technology has already formed a diversified product layout including the DDR series and LPDDR series. It can provide various product solutions such as DRAM wafers, DRAM chips, and DRAM modules, effectively meeting market demand from servers, mobile devices, personal computers, intelligent vehicles, and others. The company has three 12-inch DRAM wafer fabs in total in Hefei and Beijing.

Based on Omdia data, according to production capacity and shipment volumes, ChangXin Technology has become China’s No. 1 and the global No. 4 DRAM manufacturer.

Benefiting from the continuous rise in DRAM prices driven by the global AI compute-demand boom and product shortages, ChangXin Technology’s performance has shown explosive growth. In the first quarter this year, the company achieved operating revenue of 50.8 billion yuan, up 719.13% year over year; it realized attributable net profit of 24.76B yuan, turning from loss to profit.

With optimistic industry expectations, ChangXin Technology’s performance guidance is also striking. The company expects to achieve operating revenue of 110 billion yuan to 120 billion yuan in the first half of 2026, up 612.53% to 677.31% year over year; attributable net profit of 50 billion yuan to 57 billion yuan, up 2244.03% to 2544.19% year over year; and net profit after deducting non-recurring items of 52 billion yuan to 58 billion yuan, up 2278.89% to 2530.30% year over year.

ChangXin Technology disclosed that the company plans to raise 29.5B yuan for this offering, which will be used for the technology upgrade and transformation of mass-production lines for memory wafer manufacturing, a DRAM memory technology upgrade project, and research and development of next-generation dynamic random-access memory technologies.

Guolian Minsheng Securities believes that ChangXin Technology’s IPO may drive a new domestic semiconductor Capex (capital expenditures) cycle. By launching large-scale capacity expansion through its Sci-Tech Innovation Board IPO, and advancing a multi-base layout in the medium to long term, market institutions predict that the company’s global market share will reach 17% in 2028, targeting the overseas top-tier manufacturers’ capacity scale, and that there will be substantial room for further capacity expansion increments afterward.

A shareholder roster full of highlights

Looking at ChangXin Technology’s shareholder roster, it can be described as a star-studded lineup, with the shareholder structure showing three characteristics: state-owned capital as the dominant force, industry coordination, and support from financial capital.

ChangXin Technology currently has no controlling shareholder or actual controller. Before this offering, the shareholders directly holding more than 5% of the company’s shares were Qinghui Jizhi, ChangXin Integration, the Big Fund Phase II, Hefei ChangXin Jixin, and Anhui Province Investment, respectively holding 21.67%, 11.71%, 8.73%, 8.37%, and 7.91% of ChangXin Technology’s equity. The company’s chairman, Zhu Yiming, indirectly holds 2.6456% of the company’s shares in total through Qinghui Jizhi, Hefei ChangXin No. 41 Enterprise Management Partnership (Limited Partnership), and兆易创新.

Behind several of ChangXin Technology’s shareholders, there is also Hefei state-owned capital. ChangXin Integration is a limited partner holding 48.9% of the partnership interest in Qinghui Jizhi; it holds 18.97% of the property interest in ChanTou Yihao (1.85% equity); and it holds 60% of the property interest in ChanTou High Growth (0.06% equity). The executive affairs partner of ChanTou High Growth and ChangXin Integration are both controlled by Hefei ChanTou. The actual controller of Hefei ChanTou is the Hefei Municipal State-owned Assets Supervision and Administration Commission. In addition, the actual controller of Anhui Province Investment is the Anhui Provincial State-owned Assets Supervision and Administration Commission.

ChangXin Technology’s shareholder roster also includes leading industry players such as Alibaba, Tencent, Xiaomi, and兆易创新. Before this offering, Alibaba Cloud Computing was one of the largest single investors in the last round of capital increase before ChangXin Technology’s listing, with a holding ratio of 3.85%. Tencent holds 1.5% of ChangXin Technology through a related enterprise, Beijing Fengyi. Midea Investment and Hubei Xiaomi hold 0.75% and 0.21%, respectively.

It is worth noting that ChangXin Technology’s chairman, Zhu Yiming, is also the chairman of兆易创新. Before this offering, 兆易创新 held 1.8% of ChangXin Technology’s shares. In addition, financial capital entities such as Jianyin International, China Life Investment, Bank of Communications Finance, Oriental Asset Management, and PICC Capital also appear on ChangXin Technology’s shareholder roster.