This one is pretty interesting this morning.

For Changxin Technology’s IPO, the winning rate is 0.41%.
That’s 41 out of ten thousand—pretty much like a lottery.
But the fact that DeepSeek’s Liang Wenfeng went heavy on the IPO subscription makes this whole thing different.
With a domestic DRAM leader valued at a trillion, one of the AI compute infrastructure backbones,
the people entering with real cash happen to be the ones building the models.
Take a look at another set of comparisons—Taiwan Semiconductor’s earnings call just wrapped up.
$64 billion in capital expenditure, “very envious” of storage companies’ 86% gross margin.
Expanding capacity like crazy while getting jealous of profits,
the mindset here is pretty subtle.
On this domestic storage track, is it really about catching up on assignments—or sprinting to the finish line?