Praron Corporation integrates SHM to improve the non-volatile memory industry chain

Puransheng Co., Ltd. (688766) recently disclosed an announcement, intending to acquire the remaining 49% equity of Zhuhai Noah Changtian Storage Technology Co., Ltd. (hereinafter referred to as “Noah Changtian”) for a transaction price of 247 million yuan. Upon completion of the transaction, Noah Changtian will become a wholly-owned subsidiary of Puransheng Co., Ltd., and SkyHigh Memory Limited (hereinafter referred to as “SHM”) will become a wholly-owned subsidiary of the listed company.

This acquisition marks the third capital operation on Noah Changtian, following Puransheng Co., Ltd.'s acquisition of 20% equity in Noah Changtian for 90 million yuan in March 2025 and 31% equity for 144 million yuan in November 2025. This will complete full ownership of Noah Changtian and SHM, indicating a significant step forward in the company’s full industry chain layout in the field of non-volatile storage chips.

SHM is a semiconductor company registered in Hong Kong, focusing on providing high-performance 2D NAND and derivative memory products and solutions, with core competencies in firmware algorithm development, memory chip testing solutions, integrated packaging design, and customized storage products. Due to its products’ high-quality performance, they have been widely used in industrial control, home appliance security, wearables, and smart terminals.

From the perspective of industry development logic, the current non-volatile storage market is undergoing a transformation of “technological synergy + scene cultivation,” where single chip products can no longer meet the complex demands for “high reliability, low power consumption, and customization” in high-end scenarios such as automotive electronics, industrial control, and 5G communication.

For Puransheng Co., Ltd., the company’s product line primarily consists of NOR Flash, EEPROM, MCU, and VCM Driver, while SHM focuses on high-performance memory such as SLC NAND, eMMC, and MCP. The product lines of both parties can form a complementarity, constructing a complete non-volatile storage industry chain from chips to modules.

Moreover, SHM brings experience in firmware algorithms at the SLC NAND layer, high-end packaging module design, and rigorous engineering testing. This enables Puransheng Co., Ltd. to achieve a capability closed loop from “chip design” to “chip design + system-level engineering implementation,” providing deeply customized and validated storage subsystem solutions for high-end application scenarios like automotive electronics and industrial control, thereby creating differentiated technical barriers.

According to third-party data from TrendForce and others, SHM has already ranked as the fourth largest supplier in the global SLC NAND Flash market in 2024. The long-term cooperative relationships with leading international clients such as Bosch and Cisco complement Puransheng Co., Ltd.'s revenue structure, which is mainly focused on the Chinese market, forming a dual-drive pattern of “international + domestic.”

Puransheng Co., Ltd. stated that by integrating SHM’s firmware and system integration teams, the company’s organizational capability is expected to be horizontally expanded, forming a complete capability chain of “chip design - firmware algorithm - hardware packaging,” which can directly provide end customers with ready-to-use, high-reliability integrated storage memory solutions, significantly shortening the product development cycle for customers and strengthening the company’s dominant position in the industry chain.