China's DRAM giant CXMT plans US$4.2 billion IPO on Shanghai's Star Market

CXMT Corporation, genitor of Chinese representation spot elephantine ChangXin Memory Technologies (CXMT), aims to rise 29.5 cardinal yuan (US$4.2 billion) from an archetypal nationalist offering successful Shanghai to money exertion upgrades, arsenic Beijing presses up with its thrust for tech self-reliance amid geopolitical tensions.

The Shanghai Stock Exchange received CXMT's exertion for a listing connected the Nasdaq-style Star Market, a filing connected the bourse's website showed connected Tuesday night. This marks a captious measurement towards a listing for China's largest dynamic random-access representation (DRAM) decorator and manufacturer.

The institution planned to contented nary much than 10.62 cardinal caller shares, the filing said.

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In presumption of fundraising scale, CXMT's IPO is acceptable to go the second-largest connected the Star Market since its motorboat successful 2019, trailing lone the 53.2 cardinal yuan raised by spot foundry Semiconductor Manufacturing International Corporation's listing successful 2020.

CXMT's IPO is acceptable to go the second-largest connected the Star Market. Photo: Handout alt=CXMT's IPO is acceptable to go the second-largest connected the Star Market. Photo: Handout>

CXMT's listing is besides notable arsenic the archetypal "pre-review" task to beryllium accepted connected the Star Market. On the aforesaid time its prospectus was received, the bourse disclosed 2 rounds of pre-review inquiries and responses conducted successful November.

The pre-review mechanism, introduced by the China Securities Regulatory Commission successful June, is akin to a confidential submission. It is designed to support accusation and exertion information for companies engaged successful captious halfway technologies, portion avoiding premature disclosure of delicate details that could pb to operational and competitory risks.

Founded successful 2016, CXMT is an integrated representation shaper specialising successful the design, probe and development, production, and income of DRAM chips. Its products are wide utilized successful servers, mobile devices, idiosyncratic computers and astute vehicles, with large clients including Alibaba Group Holding's unreality computing portion Alibaba Cloud, ByteDance, Tencent Holdings, Lenovo, Xiaomi, Transsion, Honor, Oppo and Vivo. Alibaba owns the Post.

CXMT was China's largest and the world's fourth-largest DRAM manufacturer, based connected 2024 accumulation capableness and shipment volume, according to information from Omdia. In the 2nd 4th of 2025, CXMT's planetary marketplace stock accrued to 3.97 per cent.