Recently, Qichacha showed that the industrial and commercial registration information of the parent company of Yangtze Memory, Yangtze Memory Technology Holding Co., Ltd. (hereinafter referred to as: Changkong Group), has been changed. The enterprise type was changed from other limited liability companies to limited liability companies (foreign-invested enterprises and domestic capital joint ventures). The registered capital increased from 111.81207 billion yuan to 113.27896 billion yuan, an increase of about 1.467 billion yuan, with the change date being June 27, 2025.
At the same time, the updated shareholder share change details on June 28 show that the new shareholders include Wuhan Zhixin Plan No. 1 Enterprise Management Partnership (Limited Partnership), which holds 0.2295%, and Wuhan Zhixin Plan No. 2 to No. 6 Enterprise Management Partnership (Limited Partnership), each holding 0.2131%. A total of six new shareholders hold 1.295% in total, with a total subscribed capital of 1.4668966 billion yuan.
Upon penetration, the new shareholders adopted a two-layer nested structure. Among them, the secondary shareholders of the second, third, fourth, and fifth partnerships include a total of 24 partnership enterprises, all named "Zhixin Plan." These upper-level platform partnerships are numbered from sixth to thirtieth. At the same time, Wuhan Zhongzhixin Cun Technology Co., Ltd. serves as the executive partner of these partnerships.
According to the Securities Times, this new Zhixin Plan is an employee stock ownership platform of Changkong Group, mainly consisting of shares held by senior management and technical backbone staff of the company.
Previously, Changkong Group had disclosed the planning of the employee stock ownership platform.
As a listed company under the Changkong Group, Xin Xin Semiconductor replied to the inquiry letter on April 25, 2025, stating that on June 28, 2024, Changkong Group convened a shareholders' meeting to pass the resolution "Regarding the signing of an investment agreement with the employee stock ownership platform and amending the articles of association." The equity participation platform plans to invest 2.127 billion yuan (1.295% of the total registered capital) into Changkong Group. This employee stock ownership plan is currently under preparation. According to estimates, the valuation of Changkong Group reached 164.25 billion yuan.
The official website introduces that as a leading storage chip enterprise in China, Changkong Group's core business covers the R&D and production of 3D NAND flash wafer and chips, embedded storage chips, and solid-state drives. The company has R&D centers in Beijing and Wuhan, continuously committed to technological innovation and product iteration. Currently, Changkong Group's Yangtze Memory has become an important original manufacturer of flash memory in China. According to the latest release of the "2025 Global Unicorn List" by the Hurun Research Institute, Yangtze Memory was listed for the first time with a valuation of 160 billion yuan, becoming the highest-valued new unicorn in the semiconductor industry.
Previously, on April 25, Hebei Yanyuan Zhizhiyin Beverage Co., Ltd. (Yanyuan Drinks) announced that the Wuhu Wenming Quanhu Investment Management Partnership (Limited Partnership) controlled by Yanyuan Drinks made a monetary investment of 1.6 billion yuan to invest in Changkong Group. After this transaction, Quanhui Investment will hold 0.99% of the shares of Changkong Group. Based on this investment ratio and amount, the valuation of Changkong Group has exceeded 161.6 billion yuan.
According to the latest industrial and commercial information, after the current employee stock ownership platform invested, the number of shareholders of Changkong Group expanded to 29, and the shareholding ratio of the old shareholders was passively diluted. From the perspective of the penetrating equity relationship, in addition to local state-owned capital, the National Integrated Circuit Fund I and II, five major state-owned banks, three major telecom operators, and well-known private equity firms have also appeared. Listed companies such as Shibeigaoxin, Guomai Culture, Danghong Technology, and Oriental Pearl also appear as indirect shareholders of Changkong Group.
It is worth noting that Changkong Group is not only the parent company of Yangtze Memory but also the parent company of several other enterprises, including Wuhan Yangtze Memory Kefu, Wuhan Xin Xin, Hongmao Microelectronics, and Changcun Capital. Among them, Wuhan Xin Xin is a well-known specialized process wafer foundry in China, which is currently preparing for its IPO on the STAR Market and has already been accepted by the Shanghai Stock Exchange. The IPO process is currently in the inquiry stage. Its R&D investment and customer expansion in specialized process fields are proceeding steadily.
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