Chinese memory giant Chang-Xin Memory Technologies' STAR Market listing is expected to become a landmark fundraising deal for China's semiconductor industry, as the country's leading DRAM maker draws coordinated support from State capital, industrial investors and financial institutions to bolster the entire memory chip supply chain.
Opening subscriptions for its IPO on Thursday, CXMT set out to raise nearly 58 billion yuan ($8.55 billion), based on its issue price and the number of shares issued. The deal is expected to become the largest A-share IPO of 2026, with total proceeds likely to rise to 66.6 billion yuan if the over-allotment option is fully exercised.
The fundraising scale is far above the company's original plan. At the final issue price of 8.66 yuan per share, actual proceeds would be about 96 percent higher than the 29.5 billion yuan planned in its prospectus.
According to the prospectus, the IPO proceeds will mainly be used to expand production capacity and support technology upgrades. The funds will go into areas including current DRAM technology upgrades, forward-looking research and development, and technological renovation of its memory wafer mass-production lines.
