en.Wedoany.com Reported - ChangXin Memory Technologies will open its IPO subscription on July 16, 2026, and has officially disclosed its prospectus for listing on the STAR Market. The stock code is "688825," and the online subscription code is "787825."
Chairman Zhu Yiming has committed to not reducing his holdings for 10 years after listing, followed by restricted reductions in the subsequent 10 years.
This issuance plans to publicly offer 6,688,808,608 shares (before exercising the over-allotment option), while the issuer has granted CICC (601995) an over-allotment option not exceeding 15.00% of the initial offering shares. If the over-allotment option is fully exercised, the total number of shares issued by ChangXin Memory Technologies will expand to 7,691,301,608 shares.
Information shows that ChangXin Memory Technologies' products have gained recognition from major international manufacturers and have signed a long-term server DRAM chip supply agreement with Tencent worth over 20 billion yuan, solidifying its position in the industry chain.
With stock code 688825, the company aims to raise 29.5 billion yuan, setting a record in review. In terms of performance, the company suffered consecutive losses in early years but turned profitable in 2025. In the first quarter of 2026, performance surged, with revenue of 50.8 billion yuan and net profit attributable to parent company of 24.762 billion yuan, a year-on-year increase of over 16 times. It is expected that in the first half of 2026, revenue will reach 110-120 billion yuan, with net profit attributable to parent company of 50-57 billion yuan, a year-on-year increase of over 22 times. The strong performance is driven by rising global demand for computing power, DRAM supply shortage, and chip price increases. Industry insiders predict its profitability may surpass Huawei and CATL, topping Chinese tech companies. In terms of industry dimensions, relying on domestically developed DRAM technology, ChangXin Memory Technologies' global market share rose from 3% in Q1 2025 to 8% in Q1 2026, firmly ranking as the world's fourth-largest and China's only DRAM leader supplier.
This fundraising of 29.5 billion yuan is a mega IPO on the STAR Market, breaking records.
In terms of IPO review, the entire listing process took only 165 days, setting the fastest review record for large hard-tech companies in China. At the same time, as the first case of the STAR Market pre-review reform, it balances listing efficiency with core technology information security. In terms of equity governance, the company has a dispersed shareholding structure with no actual controller, with major shareholders including National Integrated Circuit Industry Investment Fund Phase II and Anhui local state-owned assets. The company has simultaneously launched significant positive news: Chairman Zhu Yiming has committed to zero reduction of his holdings in the first 10 years after listing and restricted reduction ratios in the subsequent 10 years. He has voluntarily allocated 768 million shares for employee incentives without personally benefiting, potentially creating the largest individual equity incentive in A-share history. In terms of valuation, benefiting from the upward cycle of the storage industry and the strategic value of domestic substitution, institutions predict its market value after listing could reach up to 3 trillion yuan.
