ChangXin Memory Technologies (CXMT), China’s fourth-largest DRAM chipmaker, announced its Shanghai STAR Board IPO priced at 8.66 yuan per share on July 15, 2026 [1, 2, 3]. The offering includes about 6.69 billion shares, with an overallotment option increasing total shares to 7.69 billion. At maximum size, CXMT aims to raise up to 66.6 billion yuan (approximately US$9.8 billion) [1, 2, 3].

CXMT’s valuation upon listing is around 579 billion yuan (US$85 billion), making it the biggest tech share sale on the Shanghai market and China’s largest mainland IPO since 2010, when the Agricultural Bank of China raised $10 billion [1, 2, 3]. The size of the IPO would be the second-largest ever in China [1, 3].

The funds raised nearly double CXMT’s originally planned investment projects of 29.5 billion yuan, reflecting strong investor confidence. "The fact that the offering attracted demand far beyond its fundraising target suggests that investors remain convinced the memory upcycle has further to run," said Li Minghong, fund manager at Beijing Yikun Asset Management LP [1].

CXMT holds about an 8% global market share in DRAM chips, ranking behind Samsung, SK Hynix, and Micron [3]. Its advanced DRAM memory is critical for AI servers and data centers, helping address ongoing global chip shortages [1, 3]. Larry Yang, chief economist at First Seafront Fund Management, called the IPO "a milestone in our country’s semiconductor industry development" [3]. Zhang Guobin, founder of Chinese semiconductor industry website eetrend.com, added that "domestic memory chip production will provide a strong foundation for China’s AI buildout" [3].

Backed strongly by the Chinese government, CXMT reflects Beijing’s strategic push for semiconductor self-sufficiency [1, 3]. The company also appears on the US Pentagon’s list of Chinese firms with alleged military ties, though US businesses remain able to trade with it [3]. Apple is reportedly testing CXMT’s DRAM for use in its products amid ongoing supply shortages [3].

Public subscriptions for CXMT shares began on July 16, 2026 [1, 2, 3].