Changxin Technology is set to launch both offline and online subscription processes for its new shares concurrently. The company's initial public offering (IPO) aims to raise 29.5 billion yuan, making it the second-largest in the history of the Science and Technology Innovation Board in terms of fundraising scale and surpassing all A-share IPOs this year. Market analysts anticipate that Changxin Technology's market capitalization could reach between 2 to 3 trillion yuan post-listing. According to the prospectus and first-half performance forecast, the company is poised for substantial growth in both revenue and net profit. To foster employee loyalty and motivation, Changxin Technology has introduced two phases of employee stock ownership plans with low entry costs. Additionally, the founder has pledged to utilize personally held shares for future employee incentives, thereby creating a significant wealth effect within the company. However, newly recruited employees are not yet eligible for these early equity incentives. Currently, Changxin Technology employs nearly 19,300 individuals, with over 30% of its workforce dedicated to research and development (R&D) and nearly 40% holding master's degrees or higher qualifications. Given its outstanding performance and promising prospects in domestic substitution, Changxin Technology has emerged as a highly sought-after employer among fresh graduates. The company has conducted campus recruitment drives at multiple prestigious universities, offering R&D positions with annual salaries exceeding 300,000 yuan. Nevertheless, certain positions demand up to 80 hours of overtime per month, resulting in a high-intensity work environment and subsequent employee turnover. As a pivotal force in the localization of DRAM chips, Changxin Technology's future growth trajectory and its ability to strike a balance between talent incentives and work pace are eagerly awaited by industry observers.