China’s CXMT to begin $4.3B Shanghai IPO bookbuilding

Changxin Memory Technologies, China's largest DRAM chipmaker, announced on Wednesday that it will begin book-building on July 15 for its Shanghai initial public offering, seeking to raise 29.5 billion yuan ($4.34 billion) in what is set to be one of China's largest IPOs this year.devdiscourse+2

IPO Details

Investor subscriptions will open on July 16, according to an official exchange filing. The listing will take place on the Shanghai Stock Exchange's STAR Market, China's Nasdaq-style tech board. The IPO passed the exchange's listing review committee in late May, with only registration approval from the China Securities Regulatory Commission remaining before the final listing.chosun+2

The offering is the second-largest debut in the history of Shanghai's STAR Market, according to The Wall Street Journal News Corp ↘ 2.12%.wsj

Growing Commercial Momentum

The IPO comes amid a wave of commercial wins for CXMT. Reuters reported in late June that the chipmaker signed a multi-year DRAM supply agreement with Tencent worth more than 20 billion yuan ($2.94 billion), covering server memory chips over several years. Separately, CNBC reported Wednesday that Apple ↗ 0.93% has begun testing CXMT's DRAM chips for devices sold in China, citing the Financial Times.reuters+1

CXMT reported revenue of 50.8 billion yuan ($7 billion) in the first quarter of 2026, up more than 719% year over year.techbuzzchina.substack

Strategic Significance

CXMT, headquartered in Hefei and backed by state funding, has emerged as a challenger to the global DRAM oligopoly of Samsung Electronics, SK Hynix, and Micron Technology ↗ 2.77%. Though still smaller in scale than those three incumbents, CXMT's rapid revenue growth and expanding customer base underscore Beijing's push for semiconductor self-sufficiency amid ongoing U.S. export controls on advanced chip technology.douglasresearch.substack