Memory Chipmaker ChangXin Seeks $4.2 Billion in IPO Amid AI Boom
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Founded in 2016 and based in Hefei, ChangXin is the Chinese mainland’s only volume producer of dynamic random-access memory, or DRAM. Photo: VCG
ChangXin Memory Technologies Inc., China’s leading maker of memory chips, is seeking to raise 29.5 billion yuan ($4.2 billion) in a Shanghai initial public offering — a bid to challenge industry titans Samsung Electronics Co. Ltd., SK Hynix Inc. and Micron Technology Inc.
The Shanghai Stock Exchange accepted ChangXin’s application on Tuesday to list on its STAR Market, a Nasdaq-style tech board. The proposed offering would be one of the largest on the board in recent years, according to the company’s prospectus.
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- ChangXin Memory Technologies seeks to raise $4.2 billion via a Shanghai STAR Market IPO to compete with global DRAM leaders.
- 2025 revenue nearly doubled year-on-year to 32.1 billion yuan, but ChangXin remains unprofitable with a 13% gross margin and a 6 billion yuan net loss.
- The company launched DDR5 chips in 2025, supplies major Chinese tech brands, and aims to expand amid a surging global DRAM market.
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Who’s Who
- ChangXin Memory Technologies Inc.
- ChangXin Memory Technologies Inc. is China's leading memory chip maker, seeking to raise $4.2 billion in a Shanghai IPO to challenge global industry leaders. It is the Chinese mainland's sole volume producer of DRAM, manufacturing chips for various devices and clients like Xiaomi and Lenovo. The company is expanding rapidly, with significant revenue growth but remains unprofitable.
- Samsung Electronics Co. Ltd.
- Samsung Electronics Co. Ltd. is a major player in the memory chip industry. ChangXin Memory Technologies Inc. aims to challenge industry titans like Samsung. In 2025, Samsung's gross margin was 34.9%, significantly higher than ChangXin's 13%, highlighting its strong market position and profitability.
- SK Hynix Inc.
- SK Hynix Inc. is a major memory chip industry titan. The company's gross margin was 55.4% in 2025, which is significantly higher than ChangXin Memory Technologies Inc.'s 13% for the same period. This indicates SK Hynix's strong position and profitability in the memory chip market compared to upcoming competitors.
- Micron Technology Inc.
- Micron Technology Inc. is a major memory chip titan, competing with ChangXin Memory Technologies and others. It boasts a 37.7% gross margin, significantly higher than ChangXin's 13% in 2025. It is considered an industry leader.
- China International Capital Corp. Ltd.
- China International Capital Corp. Ltd. (CICC) is co-sponsoring ChangXin Memory Technologies Inc.'s proposed initial public offering on the Shanghai Stock Exchange's STAR Market. CICC is playing a role in facilitating ChangXin's bid to raise 29.5 billion yuan for production upgrades, technology improvement, and advanced research in memory chips.
- CSC Financial Co. Ltd.
- CSC Financial Co. Ltd. (中信建投证券股份有限公司) is involved as a co-sponsor for ChangXin Memory Technologies Inc.'s initial public offering on the Shanghai Stock Exchange's STAR Market. The proposed offering aims to raise 29.5 billion yuan ($4.2 billion) to upgrade production lines, improve technology, and fund advanced research in memory chips.
- Xiaomi Corp.
- Xiaomi Corp. is a brand supplied by ChangXin Memory Technologies Inc., China’s leading maker of memory chips. ChangXin provides low-power DRAM chips for devices such as mobile phones, tablets, and wearable devices for Xiaomi Corp.
- Oppo
- Oppo is one of the brands supplied by ChangXin Memory Technologies Inc., China's leading memory chip maker. ChangXin provides low-power DRAM chips, which are essential components for smartphones, tablets, and wearable devices, to Oppo.
- Vivo
- Vivo is a brand that receives low-power DRAM chips from ChangXin Memory Technologies Inc. These chips are used in mobile phones, tablets, and wearable devices manufactured by Vivo.
- Transsion
- Transsion is a brand that utilizes low-power DRAM chips produced by ChangXin Memory Technologies Inc. These chips are used in mobile phones, tablets, and wearable devices.
- Lenovo Group Ltd.
- Lenovo Group Ltd. is a customer of ChangXin Memory Technologies Inc., receiving low-power DRAM chips for mobile phones, tablets, and wearable devices. It is also supplied with ChangXin's new DDR5 chips.
- Tencent Holdings Ltd.
- Tencent Holdings Ltd. is a cloud server client that ChangXin Memory Technologies Inc. is currently qualifying with for its DDR5 chips. This indicates a potential business relationship where Tencent may use ChangXin's memory chips in its cloud server operations.
- ByteDance Ltd.
- ByteDance Ltd. is mentioned as one of the cloud server clients that ChangXin Memory Technologies Inc. is in the process of qualifying with for its DDR5 chips. This indicates a potential partnership or supply relationship between the two companies.
- GigaDevice Semiconductor Inc.
- GigaDevice Semiconductor Inc. is a Shanghai-listed company. Its founder, Zhu Yiming, also serves as the chairman of ChangXin Memory Technologies Inc. This indicates a close link between the two companies.
- Qinghui Jidian
- Qinghui Jidian (青卉集电) is a top shareholder in ChangXin Memory Technologies Inc., a leading Chinese memory chip maker. This information is derived from ChangXin's prospectus for its Shanghai initial public offering.
- Changxin Jicheng
- Changxin Jicheng is identified as one of the top shareholders of ChangXin Memory Technologies Inc., alongside Qinghui Jidian and the National Integrated Circuit Industry Investment Fund Phase II. The article does not provide further specific details about Changxin Jicheng's operations or nature.
- National Integrated Circuit Industry Investment Fund Phase II
- The National Integrated Circuit Industry Investment Fund Phase II, also known as the Big Fund, is a top shareholder in ChangXin Memory Technologies Inc. This highlights the significant state-backed investment in China's domestic chip industry.
- Counterpoint
- Counterpoint is a research firm that reported a significant surge in DRAM prices. According to their findings, DRAM prices have increased by 50% since early 2025 and are expected to rise another 20% in early 2026. This growth is attributed to increased investments in AI-focused data centers in North America.
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What Happened When
- 2016：
- ChangXin Memory Technologies Inc. was founded in Hefei.
- 2023：
- ChangXin's revenue was 9.1 billion yuan.
- 2024：
- ChangXin's revenue rose to 24.2 billion yuan.
- First three quarters of 2025：
- ChangXin's revenue nearly doubled year-on-year to 32.1 billion yuan, and its net loss narrowed to 6 billion yuan from 6.8 billion yuan.
- Since the beginning of 2025：
- DRAM prices surged 50%, according to Counterpoint.
- As of 2025：
- ChangXin's gross margin stood at 13%, compared to Samsung's 34.9%, SK Hynix's 55.4%, and Micron's 37.7%.
- November 2025：
- ChangXin launched new DDR5 chips and modules with speeds up to 8,000 Mbps and density of 24Gb.
- January 1, 2026：
- Shanghai Stock Exchange accepted ChangXin’s application to list on the STAR Market.
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