CXMT targets $4.3B IPO in what would be the largest listing on Shanghai's STAR Market

ChangXin Memory Technologies, China’s homegrown DRAM champion, just got the green light for a $4.3 billion initial public offering on Shanghai’s STAR Market. If it goes through as planned, it would be the largest IPO the tech-focused exchange has ever seen.

The company aims to raise 29.5 billion yuan through the issuance of over 10 billion shares, with the proceeds earmarked for expanding DRAM production capacity and developing next-generation high-bandwidth memory technologies like HBM3.

Tencent deal and Apple testing signal real traction

In late June 2026, CXMT finalized a server DRAM supply contract with Tencent worth over 20 billion yuan, roughly $3 billion.

Then there’s Apple. As of early July 2026, Apple began evaluating CXMT’s DRAM chips for devices intended for the Chinese market. The company is also reportedly seeking US approval to deploy CXMT chips more broadly outside of China.