ChangXin Memory Technologies, China’s leading domestic DRAM manufacturer, has revealed the terms for an initial public offering that would raise approximately 29.5 billion yuan, or roughly $4.3 billion. The listing on Shanghai’s STAR Market is set to be the venue’s second-largest IPO ever, trailing only the 53.2 billion yuan debut of Semiconductor Manufacturing International Corporation (SMIC) back in 2020.
The deal structure
CXMT plans to issue 6.688 billion shares, representing about 10% of its total share capital. Book-building for the offering is scheduled to kick off on July 15, 2026, with both online and offline investor subscriptions beginning the following day, July 16.
The proceeds are earmarked for technological advancements, production capacity expansion, and research and development.
CXMT’s IPO process was paused back in March 2026 due to regulatory concerns over expired financial data. The process has since resumed, and the company appears to be on track for its mid-July timeline.
