Changxin Technology's Sci-Tech Innovation Board IPO review status is "Suspended": This is a technical pause for updating financial reports and does not affect the process.

Ask AI · How Do the Financial Data Expiration Rules for the STAR Market Affect Companies’ Listing?

Recently, Changxin Technology, the first company racing toward the STAR Market’s “preliminary examination” system, has seen a new update in its listing progress.

According to the latest information on the Shanghai Stock Exchange website dated March 31, Changxin Technology, the domestic DRAM giant, has had its STAR Market IPO review status changed to “suspended.”

Public information shows that Changxin Technology completed its listing counseling filing on July 7, 2025, and was accepted by the STAR Market on December 30 of the same year. It also simultaneously disclosed its prospectus, in which the audited financial statements have a cutoff date of June 30, 2025. Notably, the company is the first project under the A-share “preliminary examination” mechanism. Previously, it had successfully completed two rounds of preliminary inquiries.

This “suspension” is a typical technical pause caused by the expiration of financial data. Under STAR Market issuance rules, the validity period of the financial reports in the prospectus of a company seeking to go public is generally 6 months. In special cases, the company may apply to extend it by up to 3 months (the well-known “6+3” rule in the industry). The audited data cutoff date used by Changxin Technology is June 30, 2025, which is now close to the time-effect deadline. Therefore, this change in status does not mean a substantive termination of the review; it is simply a routine procedural pause.

Public information shows that Changxin Technology is not only the largest DRAM integrated manufacturer in China in scale and technological leadership, but also that its production capacity and shipment volume rank first in China and fourth globally. As a “national team” aimed at breaking the monopoly of overseas giants, its customer roster nearly covers half of China’s technology industry, including Alibaba Cloud, ByteDance, Tencent, Lenovo, Xiaomi, as well as major smartphone manufacturers such as Honor and OPPO.

More importantly, as a pioneer of the STAR Market pilot “preliminary examination” system, Changxin Technology had already completed two rounds of closed-door inquiries before formally submitting its application. This was originally intended to significantly shorten the timeline of subsequent public review through upfront communication. Industry analysts believe that this “suspension” does not affect its listing schedule. Once Changxin Technology submits the updated audited data and materials, this “milestone project” in the memory chip field will continue to move forward and challenge the A-share market.