#长鑫存储链上盘前合约引爆社区 How big of an impact will Changxin Technology’s IPO have on China’s domestic storage industry chain!

The impact of Changxin Technology’s IPO on China’s domestic storage industry chain is all-round and deep, and can be considered a milestone event in the development of China’s domestic semiconductor industry. Its impact is mainly reflected in the following dimensions:
First, the certainty of orders and performance boosts a 1 trillion-level expansion plan directly drives upstream procurement
Changxin Technology’s IPO aims to raise RMB 29.5 billion, of which about RMB 10 billion will be used for equipment procurement [Phoenix Network]. In 2026, it plans to expand by 50,000–60k 300mm wafers, corresponding to an equipment procurement demand of $5.0–$6.0 billion.
Broker forecasts that in the next 3–5 years, the revenue of related equipment companies is expected to double or even grow several times compared with 2025.
Second, a “three-stage rotation” beneficiary pattern across the industry chain
Stage 1 (equipment first): Front-end equipment such as etching and thin-film deposition will be the earliest to benefit
Stage 2 (component handoff): Core components such as vacuum systems and RF power supplies will scale up as whole-system orders expand
Stage 3 (materials later): Consumables such as electronic specialty gases and polishing liquids will continue to be realized as production lines ramp and increase wafer starts.
Second, historic opportunities for upstream equipment and materials companies
Core equipment supplier Changxin Technology’s industrial chain covers more than 30 A-share listed companies, with the total market value of the related industrial chain exceeding RMB 3 trillion.
Materials segment
Changxin Technology’s total materials procurement in 2025 is expected to be RMB 4–5 billion.
Benefiting companies include:
Yak Technology: precursor materials
Advanced Semiconductor Materials (ASMIC): CMP polishing slurry (14nm has achieved stable mass production)
Dinglong Co., Ltd.: polishing pads
Guanggang Gas: electronic specialty gases
Third, direct positive impact for the packaging and testing segment
DeepTech, through its subsidiary Peidun Technology, is Changxin Storage’s largest outsourced packaging and testing supplier, taking on over 50% of its packaging and testing orders. In 2025, Changxin’s packaging and testing demand is expected to be RMB 5–6 billion, and DeepTech could earn more than RMB 3 billion in revenue.
Other packaging and testing beneficiaries also include Changdian Technology, Tongfu Microelectronics, etc., which have cooperated with Changxin in DRAM module packaging and HBM advanced packaging.
Fourth, rebuilding the valuation framework and capital spillover effects
1 Demonstration effect and valuation anchoring
Changxin Technology’s listing will provide an important valuation anchor for the entire storage sector. The current storage industry is in a price-hike cycle driven by AI demand. When leading companies list at a time of high industry momentum, it may push relevant A-share listed companies to see a “valuation double-click” (Davis dual expansion).
2 Equity value appreciation and business synergy
兆易创新: holds 1.88% directly; the chairmen of both companies are both Zhu Yiming, forming a “design + manufacturing” coordinated development model. In 2025, the expected procurement amount from Changxin is RMB 1.16 billion.
Alibaba Cloud and Tencent: hold about 4.97% and 1.42% respectively; extending from financial investment to a supply-chain strategic layout.
Fifth, the strategic value of domestic substitution and AI computing power
1 Break the “storage wall” bottleneck
The development of AI foundation models has evolved from a “computing power race” to a “co-integration of compute and storage” race. Changxin Technology plans to raise RMB 9 billion to develop HBM and compute-in-storage, directly targeting the most critical high-end storage segment for AI computing power.
Domestic AI chips (Huawei Ascend, Biren, Moore Threads, etc.) currently urgently need local high-end storage support. Changxin’s breakthrough weaves a “safety rope that is not subject to sanctions” for the domestic AI industry chain.
2 Fill the capacity gap
China’s 🇨🇳 DRAM market size accounts for about one quarter of the global total, but the three giants Samsung, SK hynix, and Micron together hold over 90% of the global share.
Changxin Technology’s global market share has risen from about 6% in 2025 Q1 to 7.67% by year-end, and its capacity expansion will directly fill a huge gap in domestic substitution.
Sixth, formation of a complete closed-loop across the industry chain
Changxin Technology and Yangtze Memory (NAND Flash leader) together form a “duo” of domestic storage: two heroes. As both complete capitalization in sequence, both of China’s two major storage leaders—DRAM and NAND—will have fully completed listings, fully filling the gaps of core storage assets on A-shares and reshaping the semiconductor valuation system.
Summary: Changxin Technology’s IPO is not only a capitalization event for a single company, but also a key turning point for China’s domestic storage industry chain to move from “following” to “running in parallel.” Its RMB 29.5 billion fundraise will directly drive investments of over RMB 60k at the industry-chain level, bringing the entire ecosystem—including equipment, materials, packaging and testing, and design—into a golden window where orders and performance can be continuously realized, while also laying a solid foundation for China’s independent and controllable AI computing power with storage infrastructure.