Changxin Technology's Sci-Tech Innovation Board IPO is approved, aiming to be the largest A-share IPO since 2022

Domestic storage leader Changxin Technology has reached an important milestone. According to the Shanghai Stock Exchange, Changxin Technology's SCI-PO has been passed by the listing committee meeting on Tuesday.

The company plans to raise no less than 29.5 billion yuan in this SCI-PO, with the issued shares being no less than 10% of the total share capital. If the over-allotment option is fully exercised, the fundraising scale is expected to exceed 5 billion USD.

This scale will make Changxin Technology the largest IPO in mainland China since 2022, and it will also rank among the top in Asia, just behind CNOOC Limited's 5.1 billion USD IPO in 2022 and CATL's 5.3 billion USD share issue in May 2025.

The updated prospectus earlier showed that Changxin Technology's performance in the first quarter of 2026 has grown substantially: it achieved a revenue of 50.8 billion yuan, a year-on-year increase of 719.13%; net profit attributable to the parent company was 24.762 billion yuan, and net profit excluding extraordinary gains or losses attributable to the parent company was 26.341 billion yuan, with a net profit year-on-year growth rate as high as 1268.45%.

The prospectus attributes the reason for the high increase in profits to changes in the supply and demand of the DRAM industry. As the global computing power demand continues to expand, and with the main manufacturers' capacity adjustments, the prices of DRAM products have risen significantly since the second half of 2025, continuing into the first quarter of 2026.

Against this background, Changxin Technology has expanded its production and sales scale and optimized its product structure, resonating with the industry's price bonanza, driving comprehensive improvements in revenue and profits. Its global DRAM market share has increased to 7.67%, occupying an important position in the global storage industry landscape.

The company has also provided a performance forecast range for the first half of 2026. The revenue is expected to be between 110 billion and 120 billion yuan, with a year-on-year increase of 612.53% to 677.31%; the net profit is expected to be between 66 billion and 75 billion yuan.

In terms of equity structure, the prospectus shows that among the top ten shareholders of Changxin Technology before the issuance, Qinghui Integration holds the highest proportion, at 21.67%, and is the largest shareholder. Changxin Integration holds 11.71%, ranking second; chip design company GigaDevice holds 1.8%.