China's leading storage chip company, ChangXin Memory Technologies, plans IPO to raise 29.5 billion yuan ChangXin Memory Technologies is set to open online and offline subscriptions on July 16, aiming to issue approximately 6.688 billion shares and raise 29.5 billion yuan. This will make it one of the largest IPOs on the A-share market in 2026. Founded in 2016, the company currently operates three 12-inch DRAM wafer fabs in Hefei and Beijing. It is the only IDM enterprise in mainland China to achieve large-scale DRAM production, ranking #1 in China and #4 globally. Despite years of losses, as of the end of 2025, the company had accumulated an unrecovered loss of about 36.6 billion yuan. However, it achieved its first annual profit of 1.875 billion yuan in 2025. In 2026, profits skyrocketed, with Q1 net profit attributable to shareholders reaching 24.7 billion yuan. For the first half of the year, net profit is expected to hit 50-57 billion yuan, marking a year-on-year growth of approximately 22x to 25x. The explosion in demand for AI servers has driven growth in HBM (High Bandwidth Memory). Industry giants like Samsung, SK Hynix, and Micron are shifting toward high-bandwidth storage, tightening supply and demand for traditional DRAM and pushing prices up—ushering in a profitability turning point. Funds raised from this IPO will be used for production line upgrades, DRAM technology R&D, and capacity expansion.