Following Moore and Muxi, will there be any more exciting IPOs on the A-share market in 2026?
The answer is—it's coming. An IPO bigger than Moore & Muxi combined is on the horizon.
A recent news item states that Changxin Technology's application for an IPO on the Science and Technology Innovation Board was accepted on December 30, 2025, and the application process utilized a pre-review mechanism.
In short, Changxin Technology is the largest and most technologically advanced DRAM (Dynamic Random Access Memory) chip R&D, design, and manufacturing company in mainland China.
How large will Changxin Technology's IPO be?
Changxin Technology's pre-IPO valuation has reached approximately 150 billion yuan. In comparison, Moore's pre-IPO valuation was 24.62 billion yuan, and Muxi's valuation was approximately 21.071 billion yuan. The sum of these two valuations is only a fraction of Changxin Technology's.
Following the logic of Moore Threads' 400% surge on its first day of trading and Muxi's 692% surge, both reaching market capitalizations of over 100 billion yuan, Changxin Technology's industry prospects and market positioning are far more promising, suggesting a potentially higher valuation. In this hot market, will Changxin Technology achieve a trillion-yuan IPO?
Based on the proposed fundraising amount, Changxin Technology aims to raise 29.5 billion yuan. This amount makes it the second largest IPO project in terms of fundraising scale since the launch of the Science and Technology Innovation Board. The first is SMIC, which raised approximately 53.23 billion yuan in its first year, and its market value once exceeded one trillion yuan in September 2025.
A wealth feast is coming like a relay race, and Changxin Technology's listing may push the market to another peak.
Three rounds of massive financing, securing a place among "all-star" shareholders.
Changxin Technology was founded in 2016. According to its prospectus, the company has a registered capital of RMB 60.19 billion and a list of 60 shareholders. There have been 8 changes in shareholders during its history, including 3 major financing rounds.
In 2020, Changxin Technology completed a massive Series A financing round of 15.65 billion yuan, shaking the market. More than ten investors participated, including several from outside Hefei's state-owned assets, such as China Merchants Securities, TCL Venture Capital, CCB International, China Life Investment, PICC Capital, China Merchants Zhiyuan Capital, ABC Investment, CMB International Capital, Xiaomi Yangtze River Industry Fund, Legend Capital, CICC Capital, National Integrated Circuit Industry Investment Fund, ProCap Capital, and Haitong Kaiyuan.
In 2022, Changxin Technology completed its Series C+ financing, raising 8.39 billion yuan, with a post-investment valuation of 107.789 billion yuan. This round of financing also attracted non-Hefei-based state-owned enterprises such as Tencent Investment, Walden International, Alibaba, China Post Insurance, Harmony Health, Orient Asset Management, Weixing Group, Junhe Capital, Shenzhen Investment Holdings, Qianhai Fund of Funds, Greater Bay Area Homeland Development Fund, Tsinghua Holdings, and Sunshine Insurance.
In March 2024, Changxin Technology completed a financing round of 10.8 billion yuan, with a post-investment valuation of approximately 150 billion yuan. In addition to the 1.5 billion yuan investment from GigaDevice, several other investors participated, including Hefei Changxin Integrated Circuit Co., Ltd., Hefei Chuan Tou Yi Hao Equity Investment Partnership (Limited Partnership), and CCB Financial Asset Investment Co., Ltd.
Whether it's 15.6 billion, 8.39 billion, or 10.8 billion yuan, each round of financing for Changxin Technology is comparable to the IPO fundraising amount of a unicorn company.
Changxin Technology's shareholders are an "all-star" list, encompassing state-owned institutions at various levels, market-oriented VC/PE firms, industry giants, and financial institutions. Among them, state-owned shareholders hold more than 36% of the shares, with no actual controller.
How can Changxin Technology justify such a huge valuation?
As the largest and most technologically advanced DRAM IDM company in mainland China, Changxin Technology has become the world's fourth largest DRAM manufacturer. It has broken the "three-way balance" monopoly held by Samsung, SK Hynix, and Micron for decades.
In particular, it has already gained a key market share. Its DDR4 products accounted for approximately 5% of the global market share in 2024, and this is expected to continue to increase. In the semiconductor industry, a "winner-takes-all" industry, a breakthrough market share from 0 to 1 is invaluable.
Even more significant is that the massive investment has yielded results, and Changxin Technology has gradually emerged from its losses.
In 2022, 2023, and 2024, the company's net profit attributable to the parent company was -8.98 billion yuan, -6.901 billion yuan, and -5.526 billion yuan, respectively. However, according to the latest forecast, the company expects to achieve a historic profit turning point in 2025, with a full-year net profit of 2 billion to 3.5 billion yuan.
The revenue behind this is experiencing explosive growth: it reached 24.178 billion yuan in 2024 and is expected to jump to 55-58 billion yuan in 2025, more than doubling. Such growth is rare among global asset-heavy semiconductor companies.
At this time, Changxin Technology's listing also coincided with another favorable factor: the industry's "strongest" price increase cycle in history.
In early 2026, driven by surging demand for AI servers, global DRAM giants planned to raise prices by 60%-70%, ushering in a period of strong growth for the industry. Changxin Technology, as a major supplier, will directly benefit from both increased volume and price.
Some reports have stated that DRAM is becoming the "electronic Moutai," with its price changing "daily" since the beginning of the year. Industry insiders describe it as follows: "If you buy 100 units at once, packed in a box, it would cost 4 million yuan, which is more valuable than many properties in Shanghai."
The core driver behind the price surge is the exponential growth in demand for high-bandwidth memory and standard DDR5 memory from AI servers, while global production capacity expansion is limited. Industry analysis suggests that a high-end AI server has 8-10 times the DRAM capacity of a typical server.
Today, Changxin Technology has successfully developed the LPDDR5L series of products, enabling it to stand at the forefront of this wave.
In conclusion, the valuation of Changxin Technology reflects both the market's imagination and investors' deep expectations for the self-reliance of China's semiconductor industry.
Zhu Yiming, a bigwig in Yancheng
To trace the origins of Changxin Technology, we must start with Zhu Yiming, a prominent figure in Yancheng.
Zhu Yiming was born in Yancheng, Jiangsu Province in 1972. He obtained his bachelor's and master's degrees in modern applied physics from Tsinghua University, and later pursued further studies at Stony Brook University, State University of New York, where he obtained a master's degree in electrical engineering. This laid a solid foundation for his physics and engineering studies.
During his time in the United States, he worked as an engineer at the semiconductor company iPolicy Networks, experiencing firsthand the chip innovation ecosystem of Silicon Valley. This experience gave him a deep understanding of the core logic of the semiconductor industry: technology-driven, global competition, and winner-takes-all.
Zhu Yiming climbed two mountains. The first was GigaDevice.
In 2005, Zhu Yiming returned to China with his technology and dreams, and founded GigaDevice, the predecessor of GigaDevice, in Tsinghua Science Park, Beijing.
He avoided the fiercely competitive markets of CPUs and memory, dominated by industry giants, and instead chose the smaller but rapidly growing NOR Flash (code flash memory) sector. This was the key chip for storing boot code in devices such as mobile phones and DVDs at the time.
Starting a business is tough, and the company was once on the verge of a cash flow crisis. A turning point came in 2008 when he led his team to successfully develop China's first Serial NOR Flash chip, with performance comparable to international giants, thus opening up the market. An early investor later recalled, "His eyes shone as he held the demo board."
With continuous technological innovation and market expansion, GigaDevice successfully listed on the Shanghai Stock Exchange in 2016 and has gradually grown into one of the world's top three NOR Flash suppliers.
At that time, Zhu Yiming had already achieved great success.
But he didn't stop there. At the height of GigaDevice's success, Zhu Yiming made a decision that shocked the industry: to start a second business and conquer the DRAM market, which was monopolized by the world's three giants. This was the "no man's land" in the semiconductor industry, with the largest investment, the most dense technology, and the highest risk.
The decision to go all in came in 2016. He gradually withdrew from the day-to-day management of GigaDevice, devoting all his energy to the new project, Changxin Technology. To demonstrate his determination, he publicly pledged that he would not accept any salary or bonuses until Changxin Technology became profitable. This declaration had a do-or-die feel to it.
Zhu Yiming's technological approach was also ingenious. Faced with stringent patent restrictions, Changxin Technology legally purchased thousands of patents from the bankrupt German company Qimonda, and then conducted in-depth research and innovation based on these patents. This approach both avoided patent pitfalls and provided a valuable starting point for technological advancement.
The breakthrough from 0 to 1 occurred in September 2019 when Changxin announced the mass production of its first batch of 10nm-class (19nm) DDR4 memory chips, marking a breakthrough for mainland China in the DRAM field.
This moment will be remembered by countless people in the industry.
Having climbed two towering peaks in the semiconductor field, Zhu Yiming has become a highly capable individual. In the realm of hard technology, top-notch technical judgment, unwavering strategic patience, and the commitment to linking personal reputation with a grand cause are rarer and more valuable resources than short-term commercial profits. This is also the most convincing chapter in the story of "people" behind Changxin Technology's valuation of hundreds of billions.
Another benchmark case has emerged from the "Hefei Model".
In fact, besides leaders like Zhu Yiming, there was also a bold venture capitalist behind the start of Changxin Technology – the Hefei Municipal Government.
The project required substantial funding to launch. At this critical juncture, the Hefei Municipal Government demonstrated remarkable strategic vision, agreeing to contribute three-quarters of the initial funding, approximately 13.5 billion yuan. GigaDevice contributed the remaining one-quarter.
In essence, the Hefei municipal government assumed the highest "risk of death" in the early stages, allowing Zhu Yiming's team to launch this mega-project, which required tens of billions of yuan and was expected to be effective over several years, starting from almost nothing in terms of technology, patents, and talent. Without this step, all subsequent social capital would have been impossible.
According to the prospectus, several Hefei municipal government funds have directly invested in Changxin Technology. These include: Hefei Changxin Integrated Circuit Co., Ltd., a state-owned enterprise under the Hefei Municipal Government, holding 11.71% of the shares; Hefei Industrial Investment No. 1 Equity Investment Partnership (Limited Partnership), a fund under Hefei Industrial Investment Group, holding 1.85% of the shares; Hefei Jianchang Equity Investment Partnership (Limited Partnership), a fund under Hefei Construction Investment Group, holding 1.50% of the shares; and Hefei Industrial Investment High Growth No. 1 Equity Investment Partnership (Limited Partnership), a fund under Hefei Industrial Investment Group, holding 0.06% of the shares.
Hefei also indirectly holds 21.67% of the shares through Hefei Qinghui Integrated Circuit Enterprise Management Partnership, the largest shareholder of the company. Qinghui Integrated Circuit is entirely controlled by the Hefei state-owned assets system (through Hefei Industrial Investment and Changxin Integrated Circuit), and all shares should be included in the equity of Hefei state-owned assets. In addition, Anhui Provincial Investment Group Holding Co., Ltd. also holds 7.91% of the shares.
In summary, the Hefei Municipal Government is the largest capital investor behind Changxin Technology.
There are two considerations behind Hefei's high-stakes gamble.
First, there is a high degree of recognition of Zhu Yiming's personal credibility, technical judgment, and execution ability. A person in charge of Hefei Industrial Investment once said: "We are investing in Zhu Yiming as a person, and the potential he represents."
Second, like BOE and NIO, the goal of the "Hefei model" has never been to cultivate individual enterprises, but to create an industrial cluster with global competitiveness.
With Changxin Technology as the "chain leader," Hefei has systematically introduced and cultivated upstream and downstream supporting enterprises in the local area and surrounding areas, such as materials, equipment, packaging, and testing, such as Zhichun Technology and Jiangfeng Electronics.
In addition, there are collaborations. For example, in 2023, Hefei established the Anhui Provincial New Generation Information Technology Industry Fund. This industry fund, with a total scale of 30 billion yuan, operates with a parent-subsidiary fund structure. The parent fund has a scale of no less than 12.5 billion yuan, and the manager is Changxin Technology's CVC—Changxin Xinju. This parent fund has invested 1.285 billion yuan in Haiheng Emerging Industry Fund under the Hefei Economic and Technological Development Zone to support new generation information technology and future industry projects in the region.
A landmark collaboration is the establishment of the "Hefei Qihang Hengxin Fund." Managed by Qihang Xinrui Private Equity Management Co., Ltd., a subsidiary of Changxin Technology, the fund has a total size of 1.0625 billion yuan. Its investor list represents a miniature "Changxin ecosystem," encompassing core suppliers such as Guanggang Gas and Shanghai Xinyang, local government capital such as the Anhui Provincial New Generation Information Technology Industry Fund and Hefei Industrial Investment Group, and financial institutions like Guoyuan Securities. This signifies that Changxin Technology is not merely a manufacturing company, but also an industry organizer.
As we can see, Changxin Technology, as an industry leader, is using its industry insights and capital influence to give back to Hefei and jointly forge a highly competitive semiconductor industry chain.
Within the context of Hefei, Changxin Technology is another benchmark case of how the Hefei government, through leading the investment of start-up funds, has nurtured an industry leader, following BOE and NIO.
