The two major domestic storage giants - Changxin Technology focusing on DRAM memory and Changzhen Holdings focusing on 3D NAND flash memory - have both completed or entered the capital market.

On August 21st, the website of the Shanghai Stock Exchange showed that Changsheng Storage Holding Co., Ltd. (referred to as "Changzhen Holdings") had its IPO review status changed to "accepted". The underwriting institutions are CITIC Securities and CICC. The company plans to issue no more than 2.43 billion new shares, raising 33 billion yuan. Among this, 20.8 billion yuan will be used for the technology upgrade project of Changsheng Storage's production line, and 12.2 billion yuan will be used for related research and development investment projects. This proposed fundraising amount exceeds that of Changxin Technology's 29.5 billion yuan and SMIC's 20 billion yuan, setting a record for the highest fundraising amount in the history of the科创板.

Changzhen Holdings is the only domestic memory IDM enterprise with independent R&D and production capabilities for 3D NAND flash memory. Its main business covers the research， production and sales of NAND Flash products， including storage chips， smart terminal products and solid-state drives， which are applied in data centers， enterprise servers， consumer electronics， etc. According to the sales and shipment volume of NAND Flash products in the first quarter of 2026， the company ranks third globally and first in China.

The performance data disclosed in the prospectus shows that Changzhen Holdings rebounded rapidly after experiencing the industry cycle trough in 2023. In 2023， the company's revenue was 18.744 billion yuan， with a net loss of 19.181 billion yuan， and the core NAND Flash product gross margin was only 1%. In 2024， the industry recovered， and the company's revenue rose to 45.203 billion yuan， with a net profit of 6.771 billion yuan and a gross margin of 32.49%. In 2025， the revenue further increased to 63.185 billion yuan， with a net profit of 14.211 billion yuan and a gross margin of 35.3%. In the first quarter of 2026， the company achieved revenue of 47.042 billion yuan and net income of 33.379 billion yuan， with a gross margin jumping to 76.77%. Based on 92 days in the first quarter， the company's average net income per day reached 370 million yuan. From 2023 to 2025， the company's revenue compound growth rate was as high as 83.60%.

In terms of equity structure， Changzhen Holdings has no controlling shareholder or actual controller. The largest shareholder， Hubei Changsheng， holds 26.54% of the shares and is fully held by the state-owned capital of Hubei Province， Wuhan City， and East Lake High-tech Zone. The second largest shareholder is Xinfeng Technology， holding 25.35% of the shares. The combined shareholding of the National Fund Phase I and Phase II exceeds 23%. The state-owned capital system of Hubei Province holds 44.22% of the company's shares. The company's employee stock ownership plan covers 1，024 core employees and indirectly holds 1.29% of the company's shares through 6 holding platforms.

In terms of production capacity， as of the end of the first quarter of 2026， the company's capacity utilization rate reached 98.02%， approaching full production. The company currently operates two wafer factories in Wuhan， with a combined monthly production capacity of approximately 200，000 wafers. The third factory is under construction and is expected to be put into production in 2026 and achieve a monthly production capacity of 50，000 wafers in 2027. In the future， the company will also build two new wafer factories， and the total monthly production capacity will reach 500，000 wafers when all are fully operational.

The core technology of Changzhen Holdings is the independently developed Xtacking architecture， which adopts the key technology of wafer bonding and has breakthrough advantages in transmission speed， storage density， R&D efficiency and production cycle. The company released the Xtacking architecture in 2018， breaking the technological monopoly of overseas enterprises， and by 2024， it had iterated to version 4.0. In 2022， the company launched Xtacking 3.0 technology， becoming one of the first enterprises in the world to launch 200-layer and above 3D NAND Flash products.

Longxin Holdings has filed for listing on the STAR Market. This comes less than a month after Changxin Technology went public on the same market on July 27th. The two major domestic storage giants - Changxin Technology focuses on DRAM memory while Longxin Holdings focuses on 3D NAND flash memory - have both completed or entered the capital market. From 53.2 billion yuan to 57.9 billion yuan and then to 33 billion yuan in planned fundraising, the "largest IPO" on the STAR Market has changed hands three times over the past few years, with the main characters always being domestic semiconductors. However, 33 billion yuan is the planned figure in the prospectus, and the final amount of fundraising will depend on the market-based pricing results. 

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