Enterprise-grade solid-state drive (SSD) supplier DapuStor debuted on the SZSE on 16 April, becoming the first pre-profit company to list on the ChiNext board. King & Wood and AllBright Law Offices advised on the transaction.
The IPO comprised the issuance of 43.62 million shares at RMB46.08 (USD6.76) per share, raising around RMB2.01 billion (USD294.8 million). On its first day of trading, DapuStor’s share price surged by as much as 430%, with its total market capitalisation once exceeding RMB100 billion.
The third set of listing standards for ChiNext was formally launched on 18 June 2025, which was announced by China Securities Regulatory Commission chairman Wu Qing. The new standard supports the listing of high-quality, innovative companies that have yet to achieve profitability. DapuStor is the first pre-profit enterprise to complete a listing under this framework.
The company’s listing process took less than a year, with thethe SZSE accepting the application on 27 June 2025. It was approved at the listing committee hearing on 25 December the same year, and its IPO subscription commenced on 3 April 2026.
King & Wood counselled DapuStor, with partner Mu Peng leading the team. Partners Xu Hui and Yang Zhenhua and counsel Wang Anrong had key roles on the team. Partner Yu Leimin provided support on foreign exchange-related matters.
AllBright advised listing sponsor Guotai Haitong, with partner Zhang Xia leading the team.
Headquartered in Shenzhen and founded in 2016, DapuStor focuses on the research, development and sale of enterprise-grade SSD products for data centres. Its products are used in data storage applications across sectors including internet services, cloud computing, telecommunications operators, AI model training and inference, finance and power utilities.
