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ChangXin Memory targets 57.9 billion yuan STAR Market listing to fund G5 and HBM3 push

ChangXin Memory targets 57.9 billion yuan STAR Market listing to fund G5 and HBM3 push

CXMT opened subscriptions on July 16 with brokers forecasting a 0.30%-0.70% online allotment rate, while offshore pre-IPO trading implied a valuation far above the planned Shanghai listing.

HYPE

Fact Check
Reuters and SCMP confirm CXMT's IPO priced at 8.66 yuan/share with a July 27 Shanghai STAR Market listing and maximum gross proceeds of ~66.6 billion yuan (with over-allotment). WSJ confirms the ~$8.55B raise and ~$85.5B market cap. The 66.6 billion yuan figure cited in the claim is the maximum IPO size and matches multiple authoritative sources. crypto.news and the Wu Blockchain X post confirm Hyperliquid listed a CXMT pre-IPO perpetual trading near $8, implying a valuation well above official IPO pricing (Bloomberg also reported the crypto pre-IPO bets). All core elements are corroborated.
Summary

ChangXin Memory Technologies, or CXMT, opened subscriptions for its Shanghai STAR Market listing on July 16, aiming to raise about 57.9 billion yuan at 8.66 yuan a share and reach a post-listing market capitalization of about 579.2 billion yuan. Brokers forecast an online allotment rate of 0.30%-0.70%, above the 0.02%-0.05% range typically seen for STAR Market IPOs, with the Shanghai Stock Exchange due to publish the official rate after the July 17 close; winning numbers are scheduled for July 20, and allocated investors must pay CNY 4,330 per 500-share lot by 16:00 that day. A separate CXMT pre-IPO contract on Hyperliquid traded at $7.26, implying a post-offering market value of about $485.5 billion, or roughly 3.3 trillion yuan, far above the valuation implied by the planned Shanghai offering. Proceeds are earmarked for the next-generation G5 process, 12-layer HBM3 and new production facilities as China’s largest DRAM maker seeks to expand capacity and move further into higher-value memory segments.

Terms & Concepts
  • Pre-IPO contract: A derivative or prediction-style instrument that lets traders speculate on a company’s valuation before its shares begin public trading.
  • DRAM: A type of memory chip used for fast temporary data storage in devices such as PCs and servers.
  • HBM3: A high-bandwidth memory standard designed for data-intensive computing such as artificial intelligence workloads.