Recently, China's memory chip sector has witnessed a flurry of activity in the capital markets: Gigadevice officially listed on the Hong Kong Stock Exchange, successfully establishing a dual capital market presence with "A+H" shares. Furthermore, companies including Unigroup Guoxin, Xintianxia, Hongxinyu, and Dapuwei are racing towards listings via capital markets such as the Beijing Stock Exchange, the ChiNext board (A-shares), or the Hong Kong Stock Exchange. This wave of listings is driven not only by high industry growth fueled by emerging demands like artificial intelligence (AI) and automotive electronics but also reflects the accelerated competition among domestic memory manufacturers in technological breakthroughs and capitalization. From consumer electronics to data centers, and from controller chips to full-stack in-house research, China's memory industry is leveraging capital to reshape the new global market landscape.
On January 13, 2026, domestic memory chip manufacturer Gigadevice officially listed on the Hong Kong Stock Exchange, achieving a dual capital market layout with "A+H" shares. On its debut, Gigadevice opened at HKD 235 per share, a significant surge of 45.06% above its issue price. As of the morning close on January 14 for A-shares, Gigadevice's total A+H market capitalization exceeded 310 billion yuan, with its A-share market cap at approximately 179.4 billion yuan and its H-share market cap at HKD 156.8 billion (roughly equivalent to 140.269 billion yuan). According to the allotment results, Gigadevice's global offering consisted of 28.9158 million shares. The Hong Kong public offering comprised 2.8916 million shares, accounting for 10%, while the international offering comprised 26.0242 million shares, representing 90%. The final offer price was set at HKD 162 per share, with total gross proceeds from the global offering reaching approximately HKD 4.684 billion and net proceeds amounting to about HKD 4.611 billion. The raised capital will be used to continuously enhance R&D capabilities, strategic industry-related investments and acquisitions, global strategic expansion and strengthening international influence, improving operational efficiency, working capital, and other general corporate purposes. Strategic investments and acquisitions will focus on analog chips, SoCs, or other integrated circuit design companies aligned with industry trends, particularly in AI edge and automotive application fields.
Established in 2005, Gigadevice is a diversified integrated circuit design company providing customers with a variety of chip products including Flash, niche DRAM, microcontroller units (MCUs), analog chips, and sensor chips. These products are applicable in consumer electronics, automotive, industrial applications, personal computers (PCs) and servers, the Internet of Things (IoT), and network communications. Benefiting from the recovery in consumer electronics demand and related industrial support policies, end-consumer demand is steadily being released. Concurrently, the development of AI continues to drive demand growth in areas such as PCs, servers, and automotive electronics. Currently, Gigadevice's operating conditions are continuously improving. Financial reports show that for the first three quarters of 2025, the company achieved total operating revenue of 6.832 billion yuan, a year-on-year increase of 20.92%; net profit attributable to shareholders of the listed company was 1.083 billion yuan, up 29.59% year-on-year; and net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 1.042 billion yuan, an increase of 30.18% year-on-year.
On January 5, 2026, Xi'an Unigroup Guoxin Semiconductor Co., Ltd. (Unigroup Guoxin) formally initiated preparations for an A-share listing, entering the counseling period. Unlike most semiconductor manufacturers that previously opted for the STAR Market, Unigroup Guoxin has set its sights on the Beijing Stock Exchange. According to disclosures on the China Securities Regulatory Commission (CSRC) website, Unigroup Guoxin has submitted application materials for the public issuance of shares to non-specific qualified investors and listing to the Shaanxi Securities Regulatory Bureau for counseling and filing, with China Securities Co., Ltd. acting as the counseling institution. The company's predecessor was the memory division of Infineon's Xi'an R&D Center established in 2004. It was spun off in 2006 to become an independent entity, Qimonda Technology (Xi'an) Co., Ltd., and was acquired and restructured by Inspur Group in 2009, renamed Xi'an Huaxin Semiconductor. In 2015, Unigroup Guowei, under Unigroup, acquired Xi'an Huaxin Semiconductor and renamed it Xi'an Unigroup Guoxin. After a restructuring in December 2019, Xi'an Unigroup Guoxin Semiconductor was merged into Beijing Unigroup Storage Technology Co., Ltd. In 2022, the actual controller of Unigroup changed to Zhiguangxin Holding, marking a new development chapter for Xi'an Unigroup Guoxin. In its counseling filing report, Unigroup Guoxin mentioned that its shares were listed and began public trading on the National Equities Exchange and Quotations (NEEQ) system on June 25, 2024, and it has since entered the innovation tier. In terms of equity, Beijing Unigroup Storage Technology Co., Ltd. holds 81.287 million shares of Unigroup Guoxin, representing a 59.63% stake, making it the controlling shareholder. The listed company Unigroup Guowei is the second-largest shareholder with a 6.78% stake.
Driven by market demand, Unigroup Guoxin's revenue has shown continuous growth in recent years. Data shows that for 2023, 2024, and the first half of 2025, Unigroup Guoxin achieved revenues of 914 million yuan, 1.21 billion yuan, and 750 million yuan, respectively, with corresponding year-on-year revenue growth rates of -60.56%, 32.42%, and 38.64%. Net profit attributable to shareholders for the same periods was -199 million yuan, -24.3843 million yuan, and 5.683 million yuan, with year-on-year changes of -258.55%, 87.74%, and 139.54%, respectively. Currently, Unigroup Guoxin has a registered capital of 136 million yuan, belongs to the new Unigroup, and is a product and service provider focused on storage technology. Its core business covers memory particle products, memory KGD products, module and system products, customized high-bandwidth DRAM products and CXL controller chips, as well as integrated circuit design and development services. Its products are widely used in computers, servers, mobile communications, consumer electronics, and industrial control fields.
Recently, memory manufacturer Xintianxia Technology Co., Ltd. (Xintianxia), which previously faced setbacks on the ChiNext board, has officially switched course to pursue a listing on the Hong Kong Stock Exchange. According to Hong Kong Exchange documents, on January 9, 2026, Xintianxia formally submitted its listing application to the HKEx, with GF Securities and CITIC Securities acting as joint sponsors. Established in 2014, Xintianxia focuses on the research, development, design, and sales of general-purpose chips. Its core product is code-flash memory chips, supplemented by product lines covering analog chips and MCUs. Its code-flash memory chips include NOR Flash, SLC NAND Flash, and MCP. The products are widely used in network communications, AI communications, consumer electronics, smart homes, the IoT, industrial medical applications, automotive electronics, and computers and peripheral equipment. Regarding operating performance, the prospectus shows that for 2023, 2024, and the first three quarters (Jan-Sept) of 2025, Xintianxia's revenue was 663 million yuan, 442 million yuan, and 379 million yuan, respectively. In terms of net profit, Xintianxia recorded net losses of 14 million yuan and 37 million yuan for 2023 and 2024, respectively. However, in the first three quarters of 2025, it achieved a net profit of 8.4 million yuan, successfully turning a profit.
It is worth noting that Xintianxia disclosed in its prospectus that it had submitted an A-share listing application to the Shenzhen Stock Exchange in April 2022. However, considering the expected lengthy and uncertain approval process for the A-share application, which could adversely affect the group's business operations, the company voluntarily withdrew its A-share listing application on December 30, 2023.
On January 1, 2026, Shenzhen Hongxinyu Electronics Co., Ltd. (Hongxinyu) submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with CSC Financial International acting as the sole sponsor. Established in 2018, Hongxinyu focuses on the R&D, production, testing, and sales of memory chip products. Its core products are divided into four categories: embedded storage, solid-state drives (SSDs), memory products, and portable storage, applicable in high-precision industries such as consumer electronics, automotive electronics, servers, and AI. Currently, Hongxinyu has successfully entered the supply chains of well-known companies in consumer application scenarios, including Xiaomi, Transsion, OPPO, vivo, TCL, and Xiaodu. Furthermore, Hongxinyu has been actively developing the automotive electronics market in recent years, successfully entering the supply chains of Tier 1 suppliers for automotive manufacturers, with mass production of enterprise-level application scenario storage products expected in 2026.
In terms of operating performance, Hongxinyu's revenue has remained relatively stable in recent years. For 2023, 2024, and the first three quarters (Jan-Sept) of 2025, Hongxinyu achieved revenues of 8.781 billion yuan, 8.718 billion yuan, and 7.744 billion yuan, respectively. Profits for the periods were -117 million yuan, 483 million yuan, and 351 million yuan, successfully achieving profitability in 2024. Since its inception, Hongxinyu has completed multiple rounds of financing from investors including SMIC's investment platform, Sino IC Capital, TCL, Hefei Industrial Investment, Xiamen United Capital, Shenzhen Investment Holdings, Shenzhen Hi-tech Investment, Kunbridge Capital, and other state-owned and industrial institutions. It is reported that Hongxinyu possesses the capability for independent design and development of controller chips. Besides the controller chip already in mass production, it has seven self-designed controller chip models in different R&D stages, including sampling, tape-out, and backend design.
The Shenzhen Stock Exchange website shows that the status of the ChiNext IPO for Shenzhen Dapu Microelectronics Co., Ltd. (Dapuwei) was updated to "Submitted for Registration" on December 29, 2025. Founded in 2016, Dapuwei is primarily engaged in the R&D and sales of data center enterprise-grade SSD products. It is one of the very few domestic semiconductor memory product providers in China with full-stack in-house R&D capabilities for "controller chip + firmware algorithm + module" for data center enterprise-grade SSDs and has achieved volume shipments. According to official introductions, Dapuwei focuses on data center enterprise-grade SSDs, with revenue from these products accounting for over 99% of its main business revenue during the reporting period, covering product generations from PCIe 3.0 to 5.0. During the reporting period, the cumulative shipment volume of its enterprise-grade SSDs exceeded 4,900 PB, with over 75% of shipments equipped with its self-developed controller chips. With expanding market reach, an increasing number of downstream customers, and the vigorous development of downstream application scenarios like AI large models, Dapuwei has achieved rapid growth in operating revenue. The compound annual growth rate of its main business revenue from 2022 to 2024 was 57.66%, with main business revenue reaching 961 million yuan in 2024.
The prospectus (registration draft) indicates that Dapuwei plans to raise 1.878 billion yuan through this IPO. The funds will be allocated to the R&D and industrialization project for the next-generation controller chip and enterprise-grade SSDs (approximately 958 million yuan), the mass production testing base project for enterprise-grade SSD modules (approximately 220 million yuan), and supplementing working capital (700 million yuan). Dapuwei mentioned in the registration draft that its valuation in the last round of capital increase completed in December 2024 was 6.81 billion yuan. Considering the valuation levels of comparable listed companies, the company expects its market capitalization to be no less than 5 billion yuan.
As the "cornerstone" of the digital economy, the localization process of memory chips and their deep integration with capital markets signify a critical stage where China's semiconductor industry is transitioning from technological catch-up to ecosystem construction and market expansion. Currently, with the continuous penetration of scenarios like AI and the IoT, coupled with support from capital markets, the influence of domestic memory manufacturers in the global semiconductor industry chain is expected to further increase in the future.
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