ChangXin Memory Technologies, China’s foremost domestic DRAM manufacturer, has cleared a critical hurdle in its bid to go public. The Shanghai Stock Exchange has approved CXMT’s IPO application for listing on the STAR Market, the tech-focused board designed to nurture China’s homegrown innovation champions.
The company is targeting roughly 29.5 billion yuan, approximately $4.2 billion, in proceeds. If the listing goes through as planned, it would rank among the largest IPOs the STAR Market has seen since the exchange launched in 2019.
The numbers behind the listing
In the first quarter of 2026, CXMT posted a year-over-year net profit increase of 1,688%. A global surge in memory chip demand, driven in part by the AI buildout, has turned CXMT’s bottom line into something investors actually want to look at.
The IPO application was originally filed in late 2025, around December or January of the following year. The process hit a brief snag in late March and early April 2026 when certain financial documents expired, a procedural hiccup that paused the review. Things picked back up on May 1, 2026, and the Shanghai Stock Exchange Listing Review Committee is slated to formally evaluate the application on May 27, 2026.
