IPO News | Jingcun Technology Announces Hong Kong Stock Exchange as Independent Vendor of Embedded Storage Products

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on September 29, Shenzhen Jingcun Technology Co., Ltd. (“Jingcun Technology” for short) submitted a listing application to the main board of the Hong Kong Stock Exchange, with China Merchants International Securities and Guotai Junan International as co-sponsors.

According to the prospectus, Jingcun Technology is the world's leading independent manufacturer of embedded storage products. It mainly focuses on R&D, design, production and sales of embedded storage products and other storage products. Crystal Memory Technology's embedded storage products include DRAM-based products (DDR, LPDDR), NAND Flash-based products (eMMC, UFS), and multi-chip package (MCP) embedded storage products (eMCP, uMCP, ePoP). Crystal Storage Technology's other products mainly include solid-state drives and memory sticks. In addition to product sales, Crystal Storage Technology also provides testing and storage technology services to some customers as a complement to storage solutions.

The core technical team of Crystal Storage Technology has been deeply involved in the field of embedded memory for about 20 years and has built RAYSON® and ARTMEM® brands that have been widely recognized by customers. The terminal applications of Jingcun Technology products cover consumer electronics, including smartphones, notebook computers, tablet computers, educational electronics, smart homes, wearable devices, intelligent robots, and diverse scenarios including industrial fields and smart cockpit systems, and provide these terminals with high performance, high reliability and high durability data access capabilities.

During the track record period, Jingcun Technology operated two intelligent manufacturing centers, located in Shenzhen and Zhongshan, respectively. The Shenzhen Intelligent Manufacturing Center is mainly responsible for testing DRAM-based products, including Jingcun Technology's main products such as DDR4, LPDDR4/4X and LPDDR5; the Zhongshan Intelligent Manufacturing Center mainly focuses on testing NAND Flash-based products and combined products, including eMMC, UFS, eMCP and ePOP.

In terms of market competition, the global semiconductor storage products industry is a huge and rapidly growing market. According to Frost & Sullivan, in terms of shipments, the global semiconductor storage products market will reach 13.8 billion yuan in 2024. It is expected that in the next five years, with new storage demand brought about by breakthroughs in AI technology and the technical product upgrades of the storage products themselves, the global semiconductor storage product market size in terms of shipments will grow to 19.4 billion blocks by 2029, with a compound annual growth rate of 7.1% from 2024 to 2029.

On the financial side, in 2022, 2023, 2024, and 2025 for the six months ended June 30, respectively, the company's revenue was approximately RMB 2,096 billion, RMB 2,402 billion, RMB 3,714 million, and RMB 2,060 billion; for the same period, the annual/period profit was approximately RMB 444.17 million, RMB 37.877 million, and RMB 114.778 million.

According to the risk factors section of the prospectus, if Crystal Storage Technology fails to adopt new technology and launch new products in a timely manner in response to industry trends, downstream demand and technological progress, it may adversely affect the business operation and financial performance of CRC Technology.