Changxin IPO is imminent, and Changcang is “playing catch-up at full speed”

China’s memory “two giants” are both advancing their respective IPO processes. Changxin Technology is set to apply for its IPO on July 16, and its listing on the STAR Market is just around the corner. Founded in the same year as it, Jangchun Holdings has also disclosed recent progress in its IPO tutoring.

According to the website of the China Securities Regulatory Commission (CSRC), the tutoring institution updated the report on IPO tutoring progress for Jangchun Holdings (Phase One) on July 10. On May 19 this year, Jangchun Holdings launched IPO tutoring.

The report shows that during the tutoring period, the tutoring work team reviewed and checked the company’s corporate governance structure and compliance operations, promptly identified issues and provided solution recommendations, ensuring that the corporate governance structure is sound, internal control design is effective, and execution is in place. Meanwhile, given the heavy workload involved in the company obtaining shareholder “through” verification materials, the tutoring work team will closely coordinate with securities service institutions, communicate extensively with the shareholders of the tutoring target, and continuously推进 the shareholder “through” verification and implement the relevant regulatory requirements.

According to the report, among the two tutoring institutions, Citic Securities and Citic Jian投证券 combined assigned a 31-person tutoring work team. During the tutoring period from May 19 to June 30, the team carried out tutoring work through multiple methods, including on-site due diligence, organizing centralized training sessions, and focused communications on special issues.

In the next stage, the tutoring institutions will promptly coordinate with relevant intermediary institutions and communicate with the company regarding issues identified during the work, study and determine compliance solutions, and urge the tutoring target to earnestly implement rectification requirements. They will also continue to urge the company to improve its corporate governance and internal control systems and enhance its level of standardized operations. At the same time, they will push the company to deeply understand laws, regulations, and rules regarding发行上市 (issuance and listing) and standardized operations, and understand its responsibilities and obligations regarding information disclosure and fulfilling commitments.

How long does the IPO tutoring for Jangchun Holdings take? We can infer it from the time spent by its peer, Changxin Technology.

According to research, Changxin Technology’s IPO tutoring work took 3 months.

Based on public information, on July 4, 2025, Changxin Technology signed an agreement with its tutoring institution, and formal tutoring started on July 7. The listing tutoring acceptance was completed in October 2025.

According to regulations, the tutoring period is in principle not less than 3 months, and Changxin Technology’s tutoring period belongs to a “key point” end.

Therefore, a simple inference is that Jangchun Holdings’ tutoring would also end no earlier than mid-August or late August.

Public information shows that Jangchun Holdings was established in December 2016, headquartered in Wuhan, Hubei. It is a memory IDM company integrating chip design, manufacturing, packaging and testing, and system solution products. Jangchun Holdings has registered capital of 17.82 billion yuan, has no controlling shareholder, and its largest shareholder, Hubei Changsheng Development Co., Ltd., directly holds 26.5442% of the shares.

Jangchun Holdings’ wholly owned subsidiary, Yangtze Memory Technology Co., Ltd. (hereinafter “Yangtze Memory”), provides 3D NAND flash memory wafers and die products, embedded storage chips, and consumer- and enterprise-grade solid-state drives and other products and solutions to global partners. They are widely used in fields including mobile communications, consumer electronics, computers, servers, and data centers.

In September 2025, Yangtze Memory and Hubei Changsheng Phase III jointly invested 20.72 billion yuan to establish Yangtze Phase III (Wuhan) Integrated Circuit Co., Ltd. Currently, construction of this project is accelerating. It is expected to significantly increase the production capacity scale of the company’s 3D NAND flash memory chips, further strengthen Jangchun Holdings’ capacity advantage, and help the company better meet market demand.

Also, according to a reporter’s query by the Shanghai Securities News, since June this year, the equity of multiple controlling companies under Jangchun Holdings has changed.

On June 17, the Chongqing Municipal Administration for Market Regulation issued a public notice of information to operators on the acquisition of equity of Wuhan Xinchip Integrated Circuit Co., Ltd. by Wuhan Optics Valley Semiconductor Industrial Investment Co., Ltd. The transaction overview shows that Wuhan Optics Valley Semiconductor Ind. Investment, Optics Xin Qihang, Jangchun Holdings, and Wuhan Xinchip Co. signed an agreement. Wuhan Optics Valley Semiconductor Ind. Investment, and Optics Xin Qihang to be acquired through its controlled entity, plan to acquire 39% of the equity of Wuhan Xinchip that Jangchun Holdings holds. Before the transaction, Jangchun Holdings held 68.19% of the equity of Wuhan Xinchip and independently controlled Wuhan Xinchip. After the transaction, Wuhan Optics Valley Semiconductor Ind. Investment and its concerted action parties directly or indirectly control 47.8846% of the equity of Wuhan Xinchip, and independently control Wuhan Xinchip.

Recently, an industrial and commercial change occurred for Yangtze Advanced Storage Industry Innovation Center Co., Ltd., with shareholders such as Jingce Electronics and ZhiChun Technology exiting. Jangchun Holdings’ shareholding ratio increased from 39.47% to 100%. According to Qichacha information, Yangtze Advanced Storage Industry Innovation Center Co., Ltd. was established in 2018, with registered capital of 315 million yuan. Its business scope includes research, development, design, testing, inspection, manufacturing, sales, and more related to advanced storage technologies and related products.

Source of this article: Shanghai Securities News

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