China’s most important memory chip company just decided its initial fundraising goal wasn’t ambitious enough. ChangXin Memory Technologies, or CXMT, is now targeting 66.6 billion yuan ($9.8 billion) in its upcoming IPO on Shanghai’s STAR Market, nearly double its previous goal of 29.5 billion yuan.
The numbers behind CXMT’s mega-raise
The IPO is priced at 8.66 yuan per share, with a listing expected on July 27, 2026. Roughly 13 billion yuan is earmarked for DRAM technology upgrades. Another 7.5 billion yuan will fund wafer production-line enhancements. And 9 billion yuan heads straight into R&D.
CXMT plans to scale its high-bandwidth memory (HBM) wafer production from approximately 5,000 wafers per month in 2025 to somewhere between 30,000 and 55,000 wafers per month by 2026-2027. By the end of 2026, CXMT is targeting total monthly wafer capacity of 350,000 units across its operations. HBM back-end packaging production is slated to begin by late 2026.
From state project to global contender
