New stock news | Xin Tianxia submitted an application to the Hong Kong Stock Exchange. Code-based flash memory chip revenue ranks top five globally.

According to the disclosure by the Hong Kong Stock Exchange on July 10, Xin Tianxia Technology Co., Ltd. (referred to as Xin Tianxia) submitted an application for listing on the main board of the Hong Kong Stock Exchange, with GF SEC and CITIC SEC as its joint sponsors. The company had previously submitted a listing application to the Hong Kong Stock Exchange on January 9. Company Introduction According to the prospectus, Xin Tianxia is a mainland Chinese storage chip supplier without a wafer factory, focusing on the research, development, design, and sales of code-type flash memory chips. Code-type flash memory chips are designed for storing code during the boot and operation of a storage system, requiring high stability and reliability. The company provides code-type flash memory chips with storage capacities ranging from 1Mbit to 8Gbit. According to information from Torch Insight Consulting, the company is one of over 20 waferless companies globally that provide a range of storage capacity specifications for code-type flash memory chips. The company's rankings are as follows: fifth in revenue from code-type flash memory chips among all waferless companies in the world in 2025; fourth in revenue from SLC NAND Flash among all waferless companies in the world in 2025; fifth in revenue from NOR Flash among all waferless companies in the world in 2025. Since its establishment in 2014, the company has been dedicated to the field of code-type flash memory chips, building a competitive advantage through reliable product design and stable delivery performance. The company continually evaluates and responds to the evolving needs of customers, gradually expanding its product range to include analog chips and MCU. Over the years, the company's products have successfully integrated into the supply chains of many well-known brands both domestically and internationally. The company's products are widely used in various fields including network communication, AI communication, consumer electronics, smart homes, Internet of Things, industrial medical applications, automotive electronics, and computers and peripherals. Financial Data Revenue For the three months ending March 31 in 2023, 2024, 2025, and 2026, the company recorded revenues of approximately 663 million yuan, 442 million yuan, 519 million yuan, and 224 million yuan, respectively. Annual Profit For the three months ending March 31 in 2023, 2024, 2025, and 2026, the company reported annual profits of -14.026 million yuan, -37.136 million yuan, 27.216 million yuan, and 75.889 million yuan, respectively. Gross Profit For the three months ending March 31 in 2023, 2024, 2025, and 2026, the company recorded gross profits of approximately 103 million yuan, 618.62 million yuan, 1.18 billion yuan, and 1.25 billion yuan, respectively. Industry Overview The flash memory chip industry has a certain cyclical nature, typically with a cycle of three to four years, leading to short-term market fluctuations. Due to the impact of the COVID-19 pandemic, flash memory chip enterprises have faced shortages of raw materials, coupled with a global economic downturn. In terms of revenue, the global flash memory chip market size decreased from $58.5 billion in 2020 to $40.9 billion in 2023. As the economy recovers, the global flash memory chip market size reached a turning point in 2024 and is currently in a rapid recovery phase. In terms of revenue, the global flash memory chip market size increased to $68.4 billion in 2024, a year-on-year growth of 67.0%. Furthermore, the maturity and widespread application of AI technology has become a key driver for the flash memory chip industry, expected to continue driving market growth. This has not only increased the demand for storage chips, but also led to the upgrading of product portfolios to high-performance, high storage capacity, and high reliability high value-added products. In terms of supply, due to the long release cycle of new production capacity, short-term supply struggles to keep up with rapid demand growth, leading to supply-demand imbalances and price increases. Therefore, the market has entered a stage of simultaneous increase in quantity and price. Against this backdrop, the growth cycle of the flash memory chip industry is expected to surpass the historical rule of approximately two years and enter a new stage driven by continuous technological innovation and high-end applications. The global flash memory chip market size is expected to reach $538.5 billion in 2030, with a compound annual growth rate of 48.5% from 2025 to 2030. In this scenario, the accelerated penetration of AI technology in edge devices brings strong market momentum to code-type flash memory chips, a key component for improving the local storage and execution of code for immediate performance and reliability. As a result, the market share of code-type flash memory chips in the overall flash memory chip market continues to increase, from 6.1% in 2020 to 6.8% in 2025, and is expected to reach 7.9% in 2030. In terms of revenue, the global market size for NOR Flash and SLC NAND Flash in 2025 is $3.5 billion and $1.6 billion, respectively, expected to increase to $22 billion and $20.7 billion in 2030, with compound annual growth rates of 44.8% and 66.1% from 2025 to 2030, respectively. Board of Directors and Management Information The company's board of directors consists of eight directors, including three executive directors, two non-executive directors, and three independent non-executive directors. The board of directors is responsible and has general authority over the management and operation of the company's business. Ownership Structure As of the last practicable date, the company is owned by: (i) Mr. Lung, Mr. Wang, and Mr. Ai each owning approximately 34.9%, 6.5%, and 3.2% equity, respectively; (ii) Lung Xin Tianxia 1, Lung Xin Tianxia 2, Lung Xin Tianxia 3, and Lung Xin Tianxia 4 each owning approximately 6.6%, 1.5%, 1.2%, and 1.0% equity, with Mr. Lung serving as the managing partner of each of these partnerships; and (iii) Shenzhen Xingangtong holding 7.4%, with its managing partner or YUE IN YUAN (SHANGHAI) Enterprise Management Co., Ltd. owned 99.0% by Mr. Lung. On February 18, 2022, Mr. Lung, Mr. Wang, and Mr. Ai entered into a joint action person agreement under which they agreed (including) to take joint action on decisions regarding the operation and corporate governance of the company, and to reach a consensus before voting at shareholder meetings. Intermediary Team Joint Sponsors: GF Securities (Hong Kong) Co., Ltd., CITIC SEC (Hong Kong) Co., Ltd. Legal Advisors: Hong Kong law: Chan & Li Solicitors; Chinese law: JunZeJun Law Firm Auditors and Reporting Accountants: Deloitte Touche Tohmatsu Industry Consultants: Torch Insight Industry Consulting Co., Ltd. Compliance Consultants: Humble Capital Ltd.