ChangXin Memory (长鑫科技) moves into STAR Market review as market bets push implied valuation toward 2–3 trillion yuan

IPO push and valuation talk

ChangXin Memory Technologies (长鑫科技) has entered the listing committee review for China’s STAR Market (科创板), stepping closer to what would be one of the largest domestic chip IPOs in years. It has been reported that market participants are already eyeing a possible market value in the 2 trillion to 3 trillion yuan range (roughly $280–420 billion) if the company clears the review and prices as expected. Short sentence. Big stakes.

Strong results and who wins

It has been reported that ChangXin swung to profit in the first quarter, posting net profit attributable to shareholders of 247.62 billion yuan (约24.8 billion yuan, roughly $3.4 billion) and, the coverage says, an average daily profit exceeding 275 million yuan. Management guidance cited in reports puts first‑half revenue at 1,100–1,200 billion yuan (约110–120 billion yuan, roughly $15–17 billion) and attributable profit in a 500–570 billion yuan range (约50–57 billion yuan, roughly $7–8 billion). ChangXin is described as China’s largest DRAM-integrated manufacturer and the fourth largest globally by capacity and shipments.

Reportedly, several state bank asset‑investment platforms — including units linked to Agricultural Bank of China (农业银行), China Construction Bank (建设银行), Industrial & Commercial Bank of China (工商银行), Bank of China (中国银行) and Bank of Communications (交通银行) — took positions in ChangXin in 2024. If the company reaches the valuation range cited above, those holdings could translate into large paper gains, it has been reported; some estimates suggest multi‑fold uplifts for early institutional holders.

Why this matters

Why the excitement? China has made domestic memory production a strategic priority amid years of supply‑chain pressure and Western export controls on advanced semiconductor equipment. A big, successful STAR Market IPO for a homegrown DRAM maker would be a win both for Beijing’s industrial policy and for banks seeking higher‑yield tech assets, but geopolitical risks remain. Will foreign restrictions on equipment and technology continue to shape the firm’s cost and capacity trajectory? Investors and policymakers will be watching the committee review and subsequent pricing closely.