en.Wedoany.com Reported - ChangXin Memory Technologies' IPO on the STAR Market has received registration approval from the China Securities Regulatory Commission, fully unlocking its 29.5 billion yuan fundraising channel. Of this capital expenditure, equipment procurement and installation costs amount to 22.066 billion yuan, accounting for nearly 70% of the total fundraising, with the procurement peak concentrated between 2026 and 2027. The company's updated prospectus shows that total raw material procurement in 2025 reached 11.47 billion yuan, and the expansion cycle will continue to drive the scale of equipment and consumables procurement. As China's only IDM enterprise achieving large-scale DRAM mass production, ChangXin operates multiple 12-inch production lines in Hefei, Beijing, and Shanghai, along with an under-construction high-end HBM production line, and has clearly established a principle of prioritizing domestic equipment in production line bidding. These production lines serve as core testing grounds for domestic equipment and materials to be applied in advanced memory processes.

From front-end core equipment to supporting materials, the entire upstream supply chain has felt the demand pull from the expansion. NAURA Technology Group has seen its new etching equipment procurement share increase by approximately 45%, with its etching and PVD equipment already entering ChangXin's production lines in batches. The company's annual report discloses that a board member also serves as a director of a ChangXin subsidiary, indicating deep collaboration between the two parties. AMEC's high aspect ratio dielectric etching equipment is adapted for 17nm and below DRAM processes, with its HBM supporting etching equipment market share exceeding 60%. Hwatsing Technology's 12-inch CMP equipment is a core supply model for ChangXin, and the two parties have jointly established a process laboratory. Piotech's PECVD and ALD thin film equipment are being supplied in batches for DDR5 upgrade production lines, with order scheduling extending into the second quarter of 2027. Unlike the small-batch testing in logic chip production lines, ChangXin's expansion brings stable production capacity in the millions of wafers, allowing equipment manufacturers to continuously iterate processes and rapidly narrow the stability gap with overseas equipment suppliers.

The consumable nature of semiconductor materials makes their benefits more sustainable, with demand rising simultaneously for categories such as 12-inch large silicon wafers, electronic specialty gases, CMP slurries and pads, and metal precursors. Yoke Technology's high-k precursor materials are adapted for DDR5 and HBM advanced processes; Anji Microelectronics' CMP slurry has passed ChangXin's 17nm process verification, becoming the exclusive domestic supplier; Dinglong's CMP pads have completed production line certification and are being supplied in stable batches; National Silicon Industry Group's 12-inch silicon wafers are continuously being introduced into ChangXin's production chain; Huate Gas's high-purity specialty gases cover the entire lithography and deposition process. As ChangXin's production capacity ramps up, domestic material manufacturers have shifted from "small-batch sampling" to "normalized batch supply," with cost sharing and process optimization entering a positive cycle.

For a long time, Chinese equipment and material companies have faced challenges such as high downstream verification thresholds and insufficient mass production orders. Large-scale expansion by memory manufacturers is a key lever for domestic substitution. Following ChangXin's registration approval, the renovation of existing plants in Hefei and Beijing, combined with the construction of a new HBM production line in Shanghai, will continue to release procurement demand for two to three years and create a demonstration effect, driving Yangtze Memory Technologies and Chinese logic wafer fabs to increase their procurement ratios from the domestic supply chain. However, some industry insiders caution that high-end lithography machines and certain specialized inspection equipment remain highly dependent on imports, and advanced memory processes impose stringent requirements on material purity and equipment yield rates, making it difficult for small and medium-sized supporting manufacturers to enter the core supply chain in the short term.

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