China’s largest DRAM maker CXMT opens investor subscriptions for $4.3B IPO next week

ChangXin Memory Technologies, the company quietly building China’s answer to Samsung and SK Hynix in the memory chip wars, is about to let investors put their money where Beijing’s mouth is. CXMT will open investor subscriptions for its public offering next week, targeting a raise of 29.5 billion yuan, roughly $4.3 billion, on the Shanghai Stock Exchange’s STAR Market.

If successful, it would be the largest A-share IPO of 2026 and the second-largest listing in STAR Market history.

The numbers behind the noise

CXMT currently holds a 7.7% global market share in DRAM, making it the world’s fourth-largest producer of the memory chips that power everything from smartphones to AI servers.

CXMT forecasts revenues of 110 to 120 billion yuan for the first half of 2026, with a net profit of 57 billion yuan.

The China Securities Regulatory Commission granted registration approval in mid-June 2026, following the submission of an updated prospectus in May. The listing is expected in the second half of 2026.

Backing the offering is a roster that reads like a who’s who of China’s tech-industrial complex. The National Integrated Circuit Industry Investment Fund II, China’s massive state-backed semiconductor fund commonly known as the “Big Fund,” is among the major backers. Alibaba Cloud is also on the list.

On June 29, 2026, CXMT signed a multi-year server DRAM supply agreement with Tencent worth over 20 billion yuan, approximately $2.94 billion.

Why this matters beyond semiconductors

DRAM is dominated by three players: Samsung, SK Hynix, and Micron, all based in countries that have aligned with US chip export policies. CXMT represents China’s best shot at breaking that oligopoly. A successful $4.3 billion capital raise would give the company significant resources to expand production capacity and push into more advanced DRAM nodes.

The STAR Market was specifically designed to attract listings from China’s strategic technology companies. CXMT’s listing is on track to be the board’s second-largest ever.

What investors should be watching

CXMT is a high-growth chipmaker with state backing, blue-chip customers, and projected net profit of 57 billion yuan for just the first half of 2026.

Further US restrictions on semiconductor equipment or technology transfers could constrain the company’s ability to advance to cutting-edge production nodes. The company’s current products still trail the most advanced offerings from Samsung and SK Hynix.

There’s also the concentration risk embedded in that Tencent contract. A $2.94 billion deal with a single customer means a meaningful portion of revenue depends on one relationship.

For international investors, STAR Market listings are primarily available to mainland Chinese investors and qualified institutional buyers through specific channels. The broader signal matters for anyone with exposure to the global semiconductor supply chain, including companies like Micron, which would face a more competitive landscape if CXMT scales successfully.

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