On December 25, the Listing Committee of the Shenzhen Stock Exchange announced a major milestone — Shenzhen Dapu Microelectronics Co., Ltd. (hereinafter referred to as "Dapu Micro") successfully passed its IPO review.

This is not only a landmark event as the first unprofitable enterprise to pass the ChiNext IPO review, but also signifies that A-Shares is about to welcome China’s first listed company dedicated to the enterprise-grade SSD sector, injecting fresh vitality into the storage chip track.

According to public information, Dapu Micro is expected to raise 1.67785 billion yuan in this IPO. Guotai Junan Securities Co., Ltd. acts as the sponsor institution, while Tianjian Certified Public Accountants (Special General Partnership), King & Wood Mallesons (Beijing) LLP, and Kunyuan Asset Appraisal Co., Ltd. are responsible for audit, legal, and appraisal services respectively.

As a "unicorn" in the storage industry, Dapu Micro has deeply cultivated the enterprise-grade SSD market, boasting profound technical accumulation in core segments such as NAND Flash storage media and storage controller chip design. Its products cover key scenarios including all-flash arrays and data center storage, with read/write speeds and bandwidth performance matching international first-class standards. The successful IPO review is not only a high recognition from the capital market of its technical strength and development potential, but also a testament to the strong momentum of the accelerated rise of China's semiconductor storage industry.

Notably, amid the wave of collaborative development in the storage industry ecosystem, BenteIC, with its solid layout in international trade, programming & testing, and supporting services of storage IC components, has formed industrial complementarity with storage chip design enterprises like Dapu Micro. Focusing on the global supply chain integration of storage IC components, BenteIC provides downstream enterprises with stable chip supply, professional testing & verification, and technical support services. It has opened up the critical link from storage chip design & R&D to mass production & application, helping China's storage industry chain achieve integrated upgrading from core chip design to supporting services.

From the perspective of industry development trends, the explosion of AI computing power is driving a surge in demand for high-end storage products such as HBM (High Bandwidth Memory), DDR5, and LPDDR5X. The stacking layers of 3D NAND are breaking through 300 layers, and advanced technologies including Xtacking architecture, Chiplet, 2.5D packaging, and 3D packaging have become the focus of competition. Meanwhile, the localization substitution of storage products has entered the stage of large-scale mass production. The technological gap between ChangXin Memory’s DRAM and Yangtze Memory’s 3D NAND and their overseas counterparts is continuously narrowing, and industrial chain segments such as storage IP, wafer manufacturing, and packaging & testing are developing in synergy.

On the application side, emerging scenarios such as automotive-grade storage, IoT storage, and embedded storage are expanding rapidly. Hot data storage relies on high-speed PCIe 5.0 SSDs, while cold data storage is driving the implementation of QLC NAND and optical storage technologies. The hierarchical storage model has become a core solution for data centers to reduce costs and improve efficiency. In addition, the technological innovation of computing-in-storage is promoting the integrated integration of storage and computing, opening up a new track for industry development.

In the future, with Dapu Micro landing on the capital market, it is expected to further broaden financing channels, increase R&D investment in core components such as memory chips and storage controllers, improve mass production yield and storage density, and help domestic enterprise-grade storage products break through technical barriers. BenteIC will continue to leverage its advantages in supply chain and testing services, deepen cooperation with upstream and downstream enterprises in the industrial chain, jointly build an independent, controllable, and collaborative storage industry ecosystem, and drive China’s transformation from a large storage country to a strong storage power.