ChangXin Technology, China's leading DRAM chip manufacturer, is set to make waves with its upcoming IPO on the Sci-Tech Innovation Board (STAR Market). The company's IPO application was accepted for review on December 30, 2025, with a pre-IPO valuation of approximately 150 billion yuan, making it the largest chip IPO in China. ChangXin Technology aims to raise 29.5 billion yuan, marking the second-largest fundraising on the STAR Market after SMIC. Founded in 2016, ChangXin Technology has rapidly ascended to become the fourth-largest DRAM manufacturer globally, breaking the dominance of Samsung, SK Hynix, and Micron. The company has seen significant growth, with revenue expected to more than double from 24.178 billion yuan in 2024 to 55-58 billion yuan in 2025. This growth is fueled by a surge in demand for AI servers, which is driving a strong price-increase cycle in the DRAM market. The IPO is backed by a diverse group of investors, including state-owned entities and major financial institutions, reflecting strong confidence in ChangXin Technology's potential. The company's strategic partnerships and technological advancements position it as a key player in China's semiconductor industry, with expectations of achieving profitability in 2025.