On April 16, Shenzhen-based DapuStor Microelectronics (301666) listed on the ChiNext Board as the first unprofitable company to go public under ChiNext’s new listing rules. On its first trading day, the stock surged 429.75% , pushing its market cap past 100 billion RMB (~$14 billion).
Key debut figures:
Opening price: 207.23 RMB/share (349.7% above offer price of 46.08 RMB)
Intraday peak gain: 429.75%
Midday close: up 393.8%, trading volume over 3.4 billion RMB, turnover near 60%
ChiNext milestone: DapuStor is the first unprofitable firm to list under ChiNext’s third listing standard, signaling China’s growing institutional tolerance for innovative pre-profit companies. The IPO went from acceptance (June 2025) to listing (April 2026) in under one year, raising 2.01 billion RMB with a 10:1 weighted voting rights structure.
Core strength – full-stack in-house SSD technology
DapuStor is one of the few Chinese semiconductor storage companies with end-to-end self-developed capabilities: controller chips + firmware + modules for enterprise SSDs. It has mass-produced PCIe 5.0 SSDs and its own DP600 (PCIe 4.0) and DP800 (PCIe 5.0) controllers, with DP900 (PCIe 6.0) in development. The company holds 162 Invention patent, with over 75% of its enterprise SSD shipments using self-developed controllers. Total enterprise SSD shipments exceed 4,900PB.
Global customer roster:
International: Google (only Chinese SSD supplier in mass production), Nvidia, xAI
China: ByteDance, Tencent, Alibaba, Baidu
Financials & outlook:
Revenue grew from 387 million RMB (2022) to 961 million RMB (2024), with estimated 2025 revenue of 2.29 billion RMB (+138% YoY) . The company is expected to turn profitable in 2026 after heavy R&D and market expansion costs.
IPO proceeds (1.88 billion RMB net) will fund next-gen controller chips, enterprise SSD module production, and working capital.
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