CXMT prices Asia’s biggest IPO of 2026 at $8.6B

ChangXin Memory Technologies, China's leading memory chipmaker, priced its initial public offering at 8.66 yuan per share on Tuesday, setting the stage for what would be the largest Chinese A-share semiconductor offering ever and Asia's biggest IPO of 2026. The company expects to raise approximately 57.9 billion yuan ($8.55 billion) before any over-allotment option, with gross proceeds rising to about 66.6 billion yuan ($9.8 billion) if the greenshoe is fully exercised, according to a stock exchange filing.bloomberg+1

Double the Original Target

The pricing roughly doubles CXMT's original fundraising target of 29.5 billion yuan ($4.35 billion), which the company announced when it began the IPO process earlier this year. Book-building is set to begin on July 15, with investor subscriptions opening on July 16. The company is scheduled to list on Shanghai's STAR Board on July 27.asiaone+3

The offering surpasses chipmaker SMIC's Semiconductor Manufacturing International Corporation share sale on the STAR Board in 2020 to become the largest semiconductor IPO in China's A-share market history. CXMT, based in Hefei, has long been viewed as a technological laggard compared with global DRAM leaders Samsung Electronics and SK Hynix, but has rapidly expanded domestic production capacity amid Beijing's push for chip self-sufficiency.wtvbam+1

China's Semiconductor Ambitions

The IPO marks a milestone in China's campaign to reduce reliance on foreign chip technology, particularly as U.S. export controls have restricted Chinese companies' access to advanced semiconductor equipment. According to The New York Times, the listing represents China's effort to build competitive capabilities in memory chips essential for artificial intelligence applications.nytimes

CXMT plans to allocate roughly 13 billion yuan of the proceeds toward DRAM technology development. The company's revenue has grown rapidly in recent years, supported by surging demand for memory chips used in AI computing and consumer electronics.cryptobriefing+1

What Comes Next

With subscriptions opening this week and a July 27 listing date, the IPO's reception will serve as a barometer for investor appetite toward China's semiconductor sector amid ongoing geopolitical tensions over chip supply chains. The deal's final size — whether the over-allotment option is exercised in full — will depend on demand during the book-building process now underway.wtvbam+1