China’s semiconductor ambitions just got a price tag. ChangXin Memory Technologies, known as CXMT, is preparing to raise approximately 57.9 billion yuan, roughly $8.55 billion, in an IPO on Shanghai’s STAR Market. That would make it the largest semiconductor listing in Chinese history and the biggest IPO anywhere in Asia so far in 2026.
To put the scale in perspective: this raise nearly doubles CXMT’s own initial fundraising target of 29.5 billion yuan. The company’s book-building process is set to begin July 15, 2026, with shares scheduled to start trading on July 27.
From startup to national champion in under a decade
CXMT was founded in 2016 by Zhu Yiming, and it has grown with the kind of speed that only happens when a government decides something is a national priority.
The company makes DRAM chips, the type of memory that powers everything from laptops to the server racks running AI models. In 2025, CXMT’s revenue more than doubled to CNY55 billion, approximately $8 billion, driven almost entirely by surging demand from AI infrastructure and data center buildouts.
