ChangXin Memory Technologies
State-backed IDM (integrated device manufacturer) — designs and fabs commodity + specialty DRAM in wholly-owned Hefei fabs; sells wafers/chips/modules to OEMs, cloud/server, and mobile; transitioning from pre-IPO/state-funded to publicly listed via Shanghai STAR Market.
Chronological pre-IPO valuation progression. The ~$19.5B (2024) mark is a closed primary round; the ~$42B (Oct 2025) figure was the pre-earnings-blowout IPO target; the ~$280-420B (mid-2026) range is analyst-floated pending an unpriced STAR Market debut, re-rated up after Q1'26's +719% revenue / ~1,688% profit surge. valuationB values are USD-billions at ~7.15 CNY/USD (2026-06 point uses the ~$350B midpoint of the $280-420B range).
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range