Gasgoo Munich-On August 21 that CCSH Corporation (hereinafter "CCSH Corporation") had its STAR Market IPO application accepted by the Shanghai Stock Exchange. The prospectus reveals the company plans to raise 33 billion yuan — topping CXMT's 29.5 billion yuan and SMIC's 20 billion yuan to become the largest fundraising effort in the STAR Market's history.
Of the total, 20.8 billion yuan is earmarked for a technology upgrade at CCSH Corporation' s mass production lines, while 12.2 billion yuan will flow into R&D initiatives. CCSH Corporation said the move will lift its production line generations, product performance, and R&D strength — solidifying its competitive edge globally.
As a domestic NAND Flash memory IDM, CCSH Corporation serves sectors ranging from servers and data centers to consumer electronics. On the technology front, the company rolled out its Xtacking® 3.0 and 4.0 architectures, achieving mass production of 3D NAND products with more than 200 layers. By 2025, it had secured patent cross-licensing deals with top-tier international manufacturers.
Image source: Shanghai Stock Exchange
By the end of March 2026, the company had established China's largest 3D NAND Flash wafer production base. Its second-phase line is now at full capacity, while construction on the third phase is underway.
Financially, operations have improved markedly. Main business revenue climbed from 18.747 billion yuan in 2023 to 45.203 billion yuan in 2024, and then to 63.185 billion yuan in 2025. Revenue for the first quarter of 2026 alone hit 47.042 billion yuan. The company swung to a profit in 2024, recording 6.771 billion yuan in net income attributable to shareholders. That figure rose to 14.211 billion yuan in 2025, reaching 33.379 billion yuan in the first quarter of 2026.
NAND Flash products remain the primary revenue driver. According to TrendForce, CCSH Corporation ranked third globally and first domestically in both NAND Flash sales revenue and shipment volume during the first quarter of 2026.
On the equity front, CCSH Corporation has no controlling shareholder or de facto controller. Major stakeholders with stakes exceeding 10% include Hubei Changsheng (26.54%), Xifei Technology (25.35%), the National Integrated Circuit Fund I (11.97%), and National Integrated Circuit Fund II (11.38%). The shareholder roster also features local industrial investment platforms and several bank-backed investment institutions.
