ChangXin Memory Technologies has set a July 27 listing date on Shanghai’s STAR Market, targeting $8.6 billion in what would be Asia’s largest initial public offering of 2026. The company priced its shares at 8.66 yuan each, implying a market capitalization of approximately $85.5 billion.
CXMT originally sought $4.3 billion but doubled its fundraising target amid investor enthusiasm for China’s AI and memory chip sectors. The IPO proceeds will fund expansion of its DRAM production capacity, including high-bandwidth memory manufacturing aimed at AI accelerators.
The company has signed a multi-year DRAM supply deal worth $2.94 billion with Tencent, according to sources, signaling strong domestic demand. CXMT is China’s leading DRAM manufacturer and has been racing to close the technology gap with Samsung, SK Hynix, and Micron.
The listing comes at a time when global memory prices have surged dramatically, with TrendForce reporting that DRAM contract prices rose 81% quarter over quarter in Q1 2026. CXMT’s float will test investor appetite for Chinese semiconductor companies amid ongoing US export controls that restrict access to advanced chipmaking equipment.
