STAR Market IPO

Enflame

2026-09-02 10:09:10

Enflame starts STAR Market subscription with Tencent in the strategic allotment list

Enflame Technology has set its STAR Market IPO price at RMB 142.18 per share, with planned fundraising of about RMB 6.119 billion and an implied valuation above RMB 60 billion. The company opened online and offline subscription on Sept. 2, drawing attention from retail investors betting on a strong debut. Under a rough calculation cited in the source, a first-day gain of more than 400% would leave one winning lot of 500 shares with paper profit above RMB 280,000. Tencent appeared again in the final strategic placement roster through Shanghai Qishan Investment Co., Ltd., its wholly owned equity investment platform. The vehicle was allotted about 1.7471 million shares worth roughly RMB 248 million, subject to a 36-month lock-up. According to the prospectus details cited in the report, Tencent has backed Enflame in multiple private rounds since 2018, holds more than 20% cumulatively, and is the company’s largest external shareholder. Tencent is also Enflame’s largest customer, contributing more than 80% of sales revenue in 2025. The report also places Enflame’s listing in the context of a broader harvest cycle for Tencent’s hard-tech bets, alongside ChangXin Technology, Zhipu, MiniMax, Sinovent-like biotech applicant Xinnuowei, and DPU company Yunbao Intelligence.

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Calterah

2026-08-28 12:42:10

Calterah’s STAR Market IPO filing accepted, seeks RMB 3.489 billion as BYD remains its largest end customer

Calterah Microelectronics, a Shanghai-based automotive millimeter-wave radar chipmaker, has had its STAR Market IPO application accepted by the Shanghai Stock Exchange, with China International Capital Corporation acting as sponsor. The company plans to issue up to 9.42455 million shares, representing no less than 25% of total share capital after the offering, and aims to raise RMB 3.489 billion, implying a post-money valuation of roughly RMB 14 billion. The filing comes about six months after Calterah’s E2 round, which carried an implied valuation of about RMB 8.26 billion. That gap means investors from that round are sitting on a paper gain approaching 70% in less than a year. The company has expanded quickly in automotive radar chips, reaching a 4% share of the global in-vehicle millimeter-wave radar chip market in 2025 and 31.1% in China, while cumulative shipments surpassed 30 million units. Revenue climbed from RMB 206 million in 2023 to RMB 632 million in 2025, but losses have continued. Net loss attributable to shareholders was RMB 323 million, RMB 334 million, and RMB 193 million over 2023 to 2025, followed by another RMB 60 million loss in the first quarter of 2026. The prospectus also flags heavy customer concentration around BYD, high overseas supply dependence, and a revenue mix still dominated by millimeter-wave radar chips, while UWB remains at an early commercial stage.

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YMTC

2026-08-27 00:56:21

Yangtze Memory files for STAR Market IPO after CXMT rally, but its path differs

Yangtze Memory Technologies Co. (YMTC) has had its IPO application accepted by the Shanghai Stock Exchange’s STAR Market, with plans to raise 33 billion yuan, topping the 29.5 billion yuan target set by CXMT and marking the largest proposed fundraising deal in the board’s history. The filing arrives about a month after CXMT’s debut, when the DRAM maker’s market value jumped from roughly 579.2 billion yuan at issue to 3.28 trillion yuan by the close of its first trading day. The comparison has quickly centered on whether YMTC, another leading Chinese memory maker, can see a similar post-listing surge. The source article argues that the two companies share some structural similarities — both were founded in 2016, both operate under the IDM model, and neither has a controlling shareholder or actual controller — but differ sharply in product focus, market size, industry structure, and valuation logic. CXMT is focused on DRAM, a segment tied closely to AI memory demand and still dominated by Samsung Electronics, SK hynix, and Micron Technology. YMTC is centered on NAND Flash, which serves long-term storage use cases and faces a more fragmented competitive field. Analysts cited by Zhongxin Jingwei said those differences matter for IPO pricing, investor sentiment, and the odds of repeating CXMT’s first-day market performance.

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Yangtze Memor

2026-08-24 06:31:23

Yangtze Memory files for STAR Market IPO, seeks RMB 33 billion in Wuhan’s biggest listing bid

Yangtze Memory Technologies’ holding company has moved into the accepted stage of its STAR Market IPO review on the Shanghai Stock Exchange, with a planned fundraising target of RMB 33 billion and CITIC Securities and CSC Financial as sponsors. The filing puts one of China’s most closely watched semiconductor companies on track for what local media describe as a potential record-setting listing for Wuhan. According to the filing timeline cited in the report, the company took three months from tutoring registration on May 19 to passing tutoring acceptance on Aug. 19, a pace described as a record in semiconductor IPO coaching. Hurun Research Institute’s 2025 Global Unicorn List valued Yangtze Memory at RMB 160 billion, while the report said market expectations have since been raised to RMB 300 billion or higher as the IPO process advances. The article traces the company’s roots back to Wuhan Xinxin, founded in 2006 with funding from Hubei province, Wuhan city and the East Lake High-tech Development Zone, before Yangtze Memory was established in July 2016. It also highlights the company’s state-backed capital structure, noting that it has no controlling shareholder or actual controller, and details several financing rounds involving the National Integrated Circuit Industry Investment Fund and other state-linked investors. The report further places the IPO in the broader context of Wuhan Optics Valley’s push to expand its listed-company base and industry investment platform by 2030.

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Unitree Robot

2026-08-10 01:54:07

Unitree Robotics opens STAR Market IPO subscription as Pre-IPO contracts trade at a 280% premium

Unitree Robotics began subscription for its Shanghai STAR Market IPO on Aug. 10, 2026, with the offering priced at RMB 150.80 per share and the post-listing market capitalization set at roughly RMB 61 billion. Bloomberg reported that the company is selling 40.4464 million shares, equal to 10% of total equity after the deal, while around 20% of the offering is reserved for strategic investors. DeepSeek committed RMB 140 million for a 2.31% stake with a three-year lock-up, and Tencent invested RMB 136 million through an affiliated investment vehicle for 2.23%. Before the listing, pricing in derivative-based Pre-IPO markets pointed to far higher expectations. UNITREE-USDC contracts were recently trading at 86.706 USDC on xyz and 84.965 USDC on para. Compared with the IPO price of RMB 150.80, or about $22.3 per share, the implied premium reached 280%, according to the source material. The IPO and the upcoming 2026 Taiwan Automation Intelligence and Robot Show, or TAIROS, also lifted robot-related names in Taiwan. The report said Hiwin, Solomon, Hechun and Techman drew buying interest, with Hiwin nearing a historical high after recent gains.

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Unitree Robot

2026-08-05 03:07:00

Unitree Robotics Starts STAR Market IPO Inquiry, Valuation Seen Above RMB 40B

Unitree Robotics entered the initial inquiry stage of its STAR Market IPO on August 5, according to CCTV Finance. The inquiry session runs from 9:30 to 15:00 that day, while the sponsor verifies offline investors and strategic placement investors pay subscription funds. On August 6, the issuer will set the final offer price and confirm valid quoting investors and their subscribable share quantities. Online and offline subscription both open on August 10, with a payment deadline of August 12. The company plans to raise RMB 4.202 billion by issuing 40.4464 million new shares, representing 10% of the enlarged share capital of 404 million shares after listing. Market estimates put the IPO valuation above RMB 40 billion, which would translate to an offer price of roughly RMB 104 per share based on the STAR Market's 500-share lot size — about RMB 52,000 per lot. The actual inquiry outcome remains to be determined by market participants.

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CXMT

2026-07-27 02:57:09

Nomura Starts Coverage on CXMT With a RMB 116 Target, Built on Aggressive AI Memory Assumptions

Nomura has initiated coverage on Chinese DRAM maker ChangXin Memory Technologies, or CXMT, with a Buy rating and a target price of RMB 116, according to a report discussed in a ChainCatcher article by “The Dream of the Fourth Dimension.” The front page of the report also showed an IPO price of RMB 8.66 and implied upside of 1,239.5%, making it, in the author’s view, the most aggressive target price so far from a foreign institution on the company. The target is based on 20x projected 2028 earnings per share of about RMB 5.8. Nomura anchors that multiple to Micron’s historical forward valuation range, then adds what it sees as an A-share premium using ACM Research Shanghai versus its U.S.-listed parent as a reference. The report also projects a steep jump in revenue, net profit attributable to shareholders, gross margin, cash, and return on equity through 2028. Its broader thesis rests on rising memory demand from agentic AI, supply bottlenecks across cleanrooms, tools, materials and engineers, and CXMT’s own capacity ramp, yield improvement, and share gains. The original article, however, argues that the model’s most aggressive assumption is gross margin reaching 83.7% in 2026 and more than 90% by 2028, and suggests the figures are better read as an upside case than a long-term midpoint.

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ChangXin Memo

2026-07-17 01:05:08

ChangXin Memory starts STAR Market subscription after swing to profit, warns DRAM downturn risk remains

ChangXin Memory Technologies has moved a step closer to listing in Shanghai after opening online and offline subscriptions for its STAR Market IPO on July 16, roughly seven months after its application was accepted in December 2025. Its prospectus showed a sharp earnings reversal: net profit came in at -19.225 billion yuan in 2023, -9.051 billion yuan in 2024, and 7.144 billion yuan in 2025. Chairman Zhu Yiming said at a July 15 investor meeting, as cited by Phoenix Weekly Finance, that the company’s recent growth was helped by AI-driven DRAM demand and tight industry supply, while also warning that DRAM remains highly cyclical. He said weaker macro conditions, softer-than-expected AI demand, or concentrated new capacity additions could push the sector back into a downturn. The filing also showed improving pricing and cost metrics in 2025, including a 33.69% year-on-year increase in average selling prices for major DRAM products and gross margin rising to 40.99% from -1.93% in 2023. Still, the company continues to face heavy depreciation and a gap with global leaders Samsung Electronics, SK Hynix, and Micron, even as it plans to raise 29.5 billion yuan for production, DRAM technology, and forward-looking R&D projects.

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