Qimonda Technology Reborn: Changxin Technology Raises 57.9 Billion Yuan in STAR Market IPO, Market Cap Reaches

On July 27, Changxin Technology officially listed on the STAR Market, raising a total of RMB 57.919 billion, surpassing the RMB 53.2 billion raised by Semiconductor Manufacturing International Corp. in 2020 to become the largest IPO in the history of the STAR Market. Changxin Technology's issue price was RMB 8.66 per share, corresponding to a market capitalization of approximately RMB 579.2 billion. By the close of trading on the same day, Changxin Technology had risen 465.82%, its market capitalization reaching RMB 3.27 trillion, with turnover exceeding RMB 140 billion.

A month earlier, Xi'an Unigroup Guoxin submitted its prospectus to the Beijing Stock Exchange. Its core business includes the research, development and sale of storage products as well as integrated circuit design services, serving downstream sectors such as telecommunications, the Internet of Things, artificial intelligence and automotive electronics. The technological lineage of both companies can be traced back to Qimonda, the German memory giant that filed for bankruptcy in 2009. Changxin Technology follows the capital-intensive IDM (Integrated Device Manufacturer) model, while Unigroup Guoxin pursues the asset-light fabless model. The former's market capitalization has surpassed RMB 3 trillion, while the latter is smaller in size but growing rapidly.

Qimonda's predecessor was the memory business of Germany's Infineon Technologies. In 2004, Infineon established its first research and development center in China at the Xi'an High-tech Zone, providing chip design services. In 2006, Infineon spun off its memory business into Qimonda, which once became the world's second-largest DRAM supplier. The Xi'an storage division was subsequently spun off as Qimonda Technology (Xi'an) Co. , Ltd. In 2008, DRAM spot prices collapsed, Qimonda suffered heavy losses in the first half of the year, and its cash flow dried up by the end of the year. In January 2009, Qimonda entered bankruptcy protection proceedings.

After Qimonda's bankruptcy, it left behind multiple DRAM patents and the 'buried word line architecture' technology, which later became the core technology route for the world's mainstream DRAM manufacturers. In 2015, Canadian patent operating company Polaris Innovations acquired these patents from Infineon for approximately EUR 30 million. Changxin Technology obtained a large number of Qimonda DRAM technology patent implementation licenses through Polaris, thereby avoiding infringement risks. In December 2019, Changxin Technology announced that it had reached a patent licensing agreement and a procurement agreement with Polaris, with the transaction amount undisclosed. In September 2019, Changxin's 12-inch wafer fab began production, launching 8GB DDR4, achieving a breakthrough in domestic mainstream DRAM chips.

After Qimonda's bankruptcy, the Xi'an team was on the verge of disbanding. In December 2009, the Inspur Group acquired and restructured the entity, and Qimonda Technology (Xi'an) Co. was renamed Xi'an Huaxin Semiconductor Co. , becoming a domestic enterprise. Subsequently, Xi'an Huaxin gradually regained momentum: in 2010, it launched its own memory products; in 2011, it established its first global offshore design service center; and in 2012, its first module products achieved volume sales. In 2015, Unigroup Guoxin Microelectronics Co. , a subsidiary of the Unigroup, acquired Xi'an Huaxin and renamed it Xi'an Unigroup Guoxin Semiconductor Co. , bringing it under the 'Unigroup System' umbrella.

After being integrated into Unigroup, Unigroup Guoxin's technology roadmap continued to expand: in 2017, it launched its first KGD product; in 2019, it formed a related product line following the release of the CXL protocol; and in 2021, it began research and development focusing on memory expansion solutions. In 2022, Unigroup completed its judicial reorganization, and the new Unigroup was established, with actual control shifting to Zhiguanxin Holdings. Unigroup Guoxin was designated as the core enterprise of the group's storage segment. In 2023, Unigroup Guoxin completed its shareholding system reform. It listed on the New Third Board in 2024, entered the Innovation Layer in May 2025, and officially submitted its prospectus to the Beijing Stock Exchange on June 30, 2026.

Changxin Technology and Unigroup Guoxin represent different development paths. Changxin Technology adopts the IDM model, covering the entire chain from design to manufacturing. It has deployed three 12-inch DRAM wafer fabs in Hefei and Beijing, with capacity ranking first in China and fourth globally. From 2022 to 2024, Changxin Technology accumulated losses of more than RMB 30 billion. Its largest shareholder, Hefei Qinghui Jidian, holds 21.67%, the second largest shareholder, Changxin Integration, holds 11.71%, and the actual controller is the Hefei State-owned Assets Supervision and Administration Commission. Unigroup Guoxin adopts the asset-light fabless model, with business covering wafer products, chip products, system products and design services, focusing on the niche DRAM market and concentrating on the PC and server segments. Changxin Technology has listed on the STAR Market, while Unigroup Guoxin has chosen the Beijing Stock Exchange, together forming different pictures of the capitalization of China's storage chip industry.