Changxin Technology files for 6.688 billion-share STAR Market IPO

Changxin Technology, also referred to as CXMT Corp. and ChangXin Memory Technologies, is moving ahead with a Shanghai STAR Market IPO that is expected to raise about CNY57.919 billion after pricing 6.688088608 billion shares at CNY8.66 each, rising to CNY66.607 billion if the overallotment option is fully exercised. The base fundraising size is nearly double the company’s earlier CNY29.5 billion target. Book-building is set to begin July 15, subscriptions open July 16 and trading is scheduled to start July 27. The deal has been described as the largest semiconductor listing in Chinese history and the biggest IPO in Asia so far in 2026. Founded in 2016 by Zhu Yiming, CXMT has become a major domestic DRAM producer as China accelerates efforts to build semiconductor self-sufficiency under tighter U.S. export restrictions. The company said 2025 revenue more than doubled to CNY55 billion, driven by demand tied to AI infrastructure and data-center expansion. CXMT holds about 7.7% of the global DRAM market, competing in a segment long dominated by Samsung, SK Hynix and Micron. IPO proceeds are earmarked for production-line upgrades, technology development and capacity expansion, including a new fabrication plant in Shanghai. The listing has also drawn attention in crypto-linked pre-listing markets, where contracts tied to CXMT traded at valuations far above the IPO benchmark, reflecting aggressive expectations for future growth.