On June 11, Zhejiang Powerchip Semiconductor Technology Co., Ltd. officially submitted its application to the Hong Kong Stock Exchange, signaling the commencement of its initial public offering (IPO) process. As a prominent player in China's memory chip design industry and a provider of AI storage and computing solutions, the company boasted sales of over 100 million memory chips in 2024, generating an annual revenue of RMB 646 million.