The rise of artificial intelligence has ignited a super-cycle in the memory market, propelling domestic memory manufacturers not only towards improved financial performance but also accelerating their race for capital market listings.
Following the formal listing of domestic memory chip maker GIGADEVICE on the Hong Kong Stock Exchange on January 13, the world's largest memory interface chip manufacturer, Montage Technology (Lanke Technology), officially launched its global offering in Hong Kong on January 30. It is expected to commence trading on the Hong Kong Exchange on February 9, achieving a dual listing on both the A-share and H-share markets.
This represents just a fraction of the current wave of listings within the memory industry. Since January, three more memory-related companies have submitted listing applications to the Hong Kong Exchange. These include independent memory module maker Hongxin Yu Electronics, code-flash memory chip producer Xintianxia, and AI storage solution provider XSKY Data Technology. Notably, XSKY Data Technology is seeking a main board listing on the Hong Kong Exchange under Chapter 18C rules.
Concurrently, the Beijing Stock Exchange (BSE) and the ChiNext board are also witnessing memory companies preparing to go public.
Unigroup Guoxin Microelectronics, a specialized "little giant" enterprise focusing on memory particle products and Known Good Die (KGD) memory products, recently filed for an IPO tutoring registration, aiming to list on the BSE. Meanwhile, Dapu Micro, which became the first unprofitable company to have its application accepted by the ChiNext board in the first half of last year, received approval for registration from the China Securities Regulatory Commission (CSRC) on January 19. It is poised to become the first listed company specializing in enterprise-grade Solid State Drives (SSDs).
According to incomplete statistics, since the second half of last year, at least ten memory manufacturers have submitted IPO applications or filed for listing tutoring. These companies span multiple segments from core chip design to module manufacturing, covering various sectors such as consumer electronics, enterprise-grade SSDs, and AI storage, showcasing a trend of diversified and tiered advancement.
In terms of scale and size, the applicant pool includes mature companies already listed on the A-share market, such as BIWIN Storage Technology and Ingenic Semiconductor, with market capitalizations of approximately 87.5 billion yuan and 69.4 billion yuan respectively (as of the market close on January 30). Furthermore, ChangXin Memory Technologies (CXMT), with a proposed fundraising amount of 29.5 billion yuan, stands as the second-largest IPO on the STAR Market since its inception (the largest being SMIC). The list also features leaders in various niche segments.
Of particular note is the significant variation in scale among the three memory industry chain companies that submitted applications to the Hong Kong market in January. Their revenues range from hundreds of millions to over 80 billion yuan, and all have relatively short profit histories.
XSKY Data Technology, which submitted its application on January 27, is China's largest independent distributed AI storage solutions provider and is poised to become Hong Kong's "first AI storage stock." For the years 2023, 2024, and the first nine months of 2025, XSKY reported revenues of 167 million yuan, 172 million yuan, and 195 million yuan respectively, with net profits of -181 million yuan, -84 million yuan, and 8 million yuan.
According to CIC data cited in its prospectus, based on installed capacity in 2024, the top five providers of distributed AI storage solutions in China held a combined market share of 52.3%. XSKY ranked second in the Chinese distributed AI storage market with a 10.4% share and was the largest independent provider. The company's prospectus highlights its technological advantages, including the XSEA fully-shared architecture and XScale storage engine, claiming these technologies effectively address the "I/O wall" and "memory wall" challenges encountered during AI training.
Xintianxia, which submitted its application on January 9, is slightly larger than XSKY but has experienced significant volatility in its performance. It primarily provides customers with code-flash memory chips ranging from 1Mbit to 8Gbit, covering NOR Flash, SLC NAND Flash, and MCP. The company also offers analog chips and MCUs. For 2023, 2024, and the first nine months of 2025, Xintianxia reported revenues of 663 million yuan, 442 million yuan, and 379 million yuan respectively, with net profits of -14.026 million yuan, -37.136 million yuan, and 8.418 million yuan.
Its prospectus cites a CIC report indicating that based on 2024 revenue, Xintianxia ranked sixth globally among all fabless companies in the code-flash memory chip market, fourth in the SLC NAND Flash segment, and fifth in the NOR Flash segment. Notably, Xintianxia had previously submitted a listing application to the Shenzhen Stock Exchange's ChiNext board on April 28, 2022, and passed the review on November 18, 2022. However, the company withdrew its A-share application on December 30, 2023. In January 2024, the Shenzhen Stock Exchange issued a regulatory letter to Xintianxia, pointing out discrepancies between the financial forecasts submitted in 2022 and the actual 2022 financial results, urging the company to ensure the accuracy of its listing documents.
Hongxin Yu Electronics is the largest of the three companies by scale. Its application was accepted by the HKEX on January 1. The company has already positioned itself as the world's fifth-largest and mainland China's second-largest independent memory module manufacturer. During its Series D financing round in May 2023, its valuation reached nearly 10.8 billion yuan. Its core products are divided into four categories: embedded storage, solid-state drives, memory modules, and portable storage, applicable across various high-precision industries including consumer electronics, automotive electronics, servers, and artificial intelligence.
Hongxin Yu has successfully entered the supply chains of renowned consumer electronics companies such as Xiaomi, Transsion, OPPO, Vivo, TCL, and Xiaodu. Furthermore, the company has been focusing on the automotive electronics market in recent years, successfully entering the supply chains of Tier 1 suppliers for automakers, with mass production of enterprise application scenario storage products expected by 2026. In terms of operating performance, Hongxin Yu's revenue has remained relatively stable in recent years. For 2023, 2024, and the first three quarters (Jan-Sept) of 2025, it achieved revenues of 8.781 billion yuan, 8.718 billion yuan, and 7.744 billion yuan respectively, with period profits/losses of -117 million yuan, 483 million yuan, and 351 million yuan, successfully turning a profit in 2024.
This concentrated wave of listings is driven by sustained high growth in the memory chip industry, fueled by emerging demand from artificial intelligence (AI), automotive electronics, and other sectors. It is also supported by robust capital market conditions and the favor shown by regulators and investors towards related investment targets.
GIGADEVICE officially listed in Hong Kong on January 13. On its debut, its opening price surged 45.06% above the issue price to HKD 235 per share. The company's stock price continued to climb, accumulating a gain of 106.79% by January 30, with its Hong Kong market capitalization reaching HKD 245.3 billion. For its Hong Kong IPO, GIGADEVICE attracted 18 cornerstone investors, including Greater Bay Area Homeland Investments Limited, Shanghai JINGLIN Asset Management Co., Ltd., and Summit Ridge Capital SP.
Montage Technology (Lanke Technology), which recently launched its share offering, also secured strong support from cornerstone investors including Alibaba and J.P. Morgan, with committed subscription amounts totaling USD 450 million. The list of cornerstone investors also includes UBS, the Scottish asset manager Aberdeen Group Plc, and Korea's Mirae Asset Securities.
Companies currently applying for dual "A+H" listings are also experiencing improvements in both performance and stock prices, potentially leading to better valuations upon their Hong Kong listings.
Longsys (Jiangbolong), which submitted its Hong Kong application in March 2025, forecasts a net profit attributable to shareholders of 1.25 billion to 1.55 billion yuan for 2025, representing a year-on-year increase of 150.66% to 210.82%. Specifically, the company's estimated non-GAAP net profit for the fourth quarter of 2025 is approximately 650 million to 870 million yuan. In January of this year, Longsys's A-share price increased by 37.23%, with its A-share market capitalization exceeding 140 billion yuan.
BIWIN Storage Technology, which submitted its Hong Kong application in October 2025, expects operating revenue of 10 billion to 12 billion yuan for the full year 2025, a year-on-year increase of 49.36% to 79.23%. It forecasts a net profit attributable to parent company shareholders of 850 million to 1 billion yuan, a surge of 427.19% to 520.22% year-on-year. In January, BIWIN's A-share price rose by 63.15%, giving it an A-share market capitalization of 87.5 billion yuan.
Industry observers believe that from a cyclical perspective, the memory industry's typical "three-year cycle," now extended by an AI-driven super-cycle, has shown capital the potential for sustained profitability. The cautious capacity expansion strategies of leading firms have further intensified supply-demand imbalances, providing ongoing support for price increases and corporate earnings. This expectation of more certain profitability forms the core logic behind the capital influx. The super-cycle in the memory industry is now firmly established, with the dual opportunities of cyclical红利 (benefits) and independent innovation expected to continue driving the wave of capital market activity.
Comments