Changxin Technology Surges 465% on STAR Market Debut, Market Cap Over 3 Trillion Yuan; Yingren Technology

Changxin Technology made its debut on the STAR Market today, with its share price surging 465% on the first day, giving it a total market capitalization of over RMB 3 trillion.

Yingren Technology Co. , Ltd. recently submitted a prospectus to the Shanghai Stock Exchange for a listing on the STAR Market. The company is registered in the Shanghai Free Trade Zone, and its predecessor was founded in 2017. Its actual controller, ZININGWU, controls 25.78% of the voting rights through Cayman Yingren and Shanghai Yingcun. ZININGWU was born in 1972, holds U. S. citizenship, and earned a bachelor's degree in electronic engineering from Tsinghua University and master's and doctoral degrees in electronic engineering from Stanford University.

Yingren Technology primarily engages in the research, development, design, and sale of data storage controller chips and solid-state drives (SSDs). Its data storage controller chips cover generations from SATA to PCIe 5.0, and the latest generation PCIe 6.0 and CXL controller chips were taped out in the first half of 2026. Its SSD products all use self-developed controller chips and cover enterprise, industrial, and consumer segments. From 2023 to 2025, the revenue share of data storage controller chips fell from 70.61% to 13.42%, while the revenue share of SSDs rose from 28.79% to 86.19%.

Financially, from 2023 to 2025, Yingren Technology's revenue was RMB 358 million, RMB 625 million, and RMB 1.034 billion, respectively. Net losses were RMB 366 million, RMB 540 million, and RMB 470 million, respectively, resulting in a cumulative loss of RMB 1.37 billion. As of the end of 2025, the company had accumulated deficits of approximately RMB 1.279 billion. The gross profit margin on its main business fell from 33.09% to 5.29%. Research and development expenses were RMB 333 million, RMB 305 million, and RMB 266 million in 2023, 2024, and 2025, respectively. At the end of 2025, the company had 198 R&D personnel, accounting for 64.29% of total employees.

Yingren Technology primarily procures NAND flash memory particles, wafers, and DRAM, with the top five suppliers accounting for between 56.57% and 70.09% of procurement. Customers include Lenovo, H3C, Biwin Storage, and SanDisk, with the top five customers accounting for between 57% and 78.96% of revenue. From the end of 2023 to the end of 2025, accounts receivable balances rose from RMB 155 million to RMB 564 million, representing an increase from 43.25% to 54.5% of revenue. In 2024, the global SSD market size was USD 41.3 billion, while the China market size was RMB 63.7 billion. In the 2024 China SSD market, Yingren Technology ranked first among domestic SSD manufacturers that all use self-developed controller chips; among domestic independent SSD controller chip makers, it ranked third. The company plans to use the IPO proceeds of RMB 3.233 billion for the next-generation data center enterprise storage system R&D and industrialization project, the AI-oriented storage system R&D project, and to supplement working capital.