ChangXin Technology sets July 16, 2026 subscriptions for 6,688,088,608-share STAR Market IPO

ChangXin Technology is moving ahead with a STAR Market initial public offering that aims to raise CNY 29.5 billion, a deal that would rank among the largest listings on Shanghai’s technology board and bolster China’s push to build a domestic memory chip champion. Earlier filings set July 16, 2026 as the date for both offline and online subscriptions, with stock code 688825 and online subscription code 787825, while the company has received China Securities Regulatory Commission registration approval. A July 10 prospectus named CICC and CSC as joint sponsors and lead underwriters, with Guotai Haitong, Guoyuan Securities, Huatai United and China Merchants Securities serving as joint lead underwriters. Total underwriting fees are about RMB 184 million at a 0.6% rate, below market expectations. Several of the underwriters are also shareholders. The company said it holds a 7.7% share of the global DRAM market, making it the world’s fourth-largest producer of the memory chips used in products ranging from smartphones to AI servers. It forecasts first-half 2026 revenue of CNY 110 billion to CNY 120 billion. Profit guidance differs across disclosures: earlier IPO materials projected net profit of CNY 66 billion to CNY 75 billion, while a later report cited a figure of CNY 57 billion. ChangXin Technology’s backers include the National Integrated Circuit Industry Investment Fund II and Alibaba Cloud. On June 29, 2026, it signed a multi-year server DRAM supply agreement with Tencent worth more than CNY 20 billion. The listing is expected in the second half of 2026 and would provide fresh capital as the company seeks to expand production capacity in a DRAM market still dominated by Samsung, SK Hynix and Micron.