Shenzhen-based independent memory manufacturer Jingcun Technology has submitted a new listing application to the Hong Kong Stock Exchange. The company, which was founded in 2016, has grown into a leading player in the global embedded memory sector in less than a decade. It is not Samsung or SK Hynix, but it holds the top spot in global LPDDR shipments among independent memory manufacturers.
According to a Frost & Sullivan report, based on 2024 shipment volume, Jingcun Technology ranks first among independent memory manufacturers in the global LPDDR market, with a 2.6% market share. It also ranks second among independent manufacturers in the global embedded memory market, with a 1.6% share. Notably, it is the top independent memory manufacturer in mainland China that uses self-developed embedded controller chips, a capability supported by its subsidiary Miaocun Technology, which is recognized as a national-level specialized and sophisticated "Little Giant" enterprise.
The company has established two proprietary brands, RAYSON® and ARTMEM®, with its core technical team having nearly two decades of experience in embedded memory. Its product portfolio includes DRAM-based products (DDR, LPDDR), NAND Flash-based products (eMMC, UFS), and multi-chip package embedded memory products (eMCP, uMCP, ePOP), which are widely used in smartphones, AI PCs, tablets, smart cockpits, industrial controls, and other fields.
Financially, Jingcun Technology demonstrates a clear high-growth trajectory. Revenue surged from RMB 2.402 billion in 2023 to RMB 5.919 billion in 2025, representing a compound annual growth rate of 57%. Year-on-year revenue growth in 2025 was 59.39%, placing the company in the top tier of the semiconductor industry. Net profit experienced meteoric growth, rising from RMB 37.01 million in 2023 to RMB 88.89 million in 2024, and then skyrocketing to RMB 880 million in 2025, an increase of 890% year-on-year. Gross profit margin improved significantly from 8.9% in 2023 to 22.5% in 2025, while net profit margin jumped from 1.54% to 14.86%.
This growth is primarily driven by surging demand for memory products fueled by AI applications. The significant price increase for memory in the second half of 2025, coupled with continuous product mix upgrades, led to a rise in the gross margin of DRAM-based products (e.g., LPDDR) from 8.7% to 30.5%, and NAND Flash-based products from 8.3% to 15.8%. Notably, NAND Flash-based products represent the company's fastest-growing segment, with 2025 revenue nearly quadrupling compared to 2023, indicating a strategic shift from traditional DRAM business towards the higher-growth NAND field.
Jingcun Technology possesses the rare capability of self-developing controller chips in the memory industry. Its self-developed NAND Flash controller chips have been successfully integrated into products like eMMC, UFS, eMCP, and ePOP, forming an integrated "controller chip + flash memory" capability. This vertical integration provides competitive advantages in product performance, power consumption control, and cost optimization. From 2023 to 2025, cumulative R&D expenditure reached RMB 231 million. Its two smart manufacturing centers in Shenzhen and Zhongshan focus on core testing to ensure product quality and delivery efficiency. The company's products have passed certification from several domestic telecom and smart device manufacturers and are being supplied in volume for smart cockpit systems in automotive companies.
The embedded memory sector in which Jingcun Technology operates is experiencing a historic opportunity driven by AI. Frost & Sullivan forecasts the global embedded memory market will grow from $77.6 billion in 2024 to $160.5 billion in 2029, a CAGR of approximately 15.6%. In the Chinese market, the semiconductor memory product market by revenue is expected to grow from $42.0 billion in 2024 to $111.3 billion in 2029, a CAGR of 21.5%. In cutting-edge applications like AI phones, AI PCs, robots, and smart cockpits, demand for memory chips is evolving from a focus on "capacity" to a dual-driver of "performance + capacity." Jingcun Technology already provides memory solutions for these next-generation products and is positioned to benefit from the wave of AI edge intelligence.
For its Hong Kong IPO, the company plans to use the raised funds for R&D and industrialization in frontier areas such as AI high-performance memory, self-developed controller chips, and automotive-grade products, as well as to build new production bases to expand capacity. This suggests that post-listing, Jingcun Technology could accelerate efforts in both technological iteration and capacity expansion.
The company's capital journey has garnered backing from several well-known institutions. As of its Series C financing in March 2024, its post-investment valuation was approximately RMB 3.883 billion. Pre-IPO shareholders include Allwinner Technology (holding 3.45%), Fortune Capital (4.28%), Shanghai Linxin (5.95%), and other industrial and financial capital. The company initially submitted an application in September 2025, which lapsed after six months. The renewed application on March 31, 2026, demonstrates its firm commitment to listing in Hong Kong.
Currently, the global memory chip industry remains in an upcycle. Lu Weibing, a partner at Xiaomi Group, predicted in March that the current long cycle driven by AI computing power is expected to last until the end of 2027. For Jingcun Technology, pursuing an IPO during this period of high industry prosperity is a strategic move to capitalize on the financing window.
Key parameters from the HKEX prospectus and media reports include: Application date: March 31, 2026 (second submission); Global offering size: Not yet disclosed; Allocation mechanism: 90% international placement, 10% Hong Kong public offering (subject to clawback up to 50%); Proposed use of proceeds: For AI high-performance memory R&D, self-developed controller chips, automotive-grade products, and capacity expansion; Total market cap (H-shares): Series C valuation RMB 3.883 billion, potential premium upon issuance; P/E ratio at issuance: Approximately 4.4x (based on 2025 net profit of RMB 880 million and RMB 3.883 billion valuation); Core market position: #1 in global LPDDR shipments among independent manufacturers (2.6%); #2 in global embedded memory among independent manufacturers (1.6%); 2025 revenue: RMB 5.919 billion (+59.39% YoY); 2025 net profit: RMB 880 million (+890% YoY); 2025 gross margin: 22.5% (8.9% in 2023); R&D investment: Three-year cumulative RMB 231 million; Controlling shareholder: Wen Jianwei controls approximately 55% of equity; Notable shareholders: Allwinner Technology (3.45%), Fortune Capital (4.28%), Shanghai Linxin (5.95%); Sponsors/Joint Sponsors: China Merchants Securities International, Guotai Junan International; Greenshoe/Stabilizing agent: Expected to be in place.
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