Chipmaker CXMT Eyes $9.8 Bn in Blockbuster China IPO
The company expects first-half revenue to nearly double as AI demand lifts memory prices and it seeks funds to expand capacity and R&D.
- China's ChangXin Memory Technologies expects to raise at least 57.9 billion yuan this month in an initial public offering on Shanghai's Nasdaq-style STAR Market, potentially reaching 66.6 billion yuan with over-allotment options.
- The offering symbolizes Beijing's push toward technological self-reliance amid a global memory-chip upcycle fueled by AI-related demand, which boosted first-quarter revenue 719% to 50.8 billion yuan .
- As the world's fourth-largest DRAM maker, CXMT held about 7.7% market share in 2025, with major state-linked shareholders including Anhui Investment Group and the National Integrated Circuit Industry Investment Fund Phase II.
- U.S. export controls limit access to advanced chipmaking tools from suppliers like ASML, and the U.S. Department of Defense last month designated CXMT as a "Chinese Military Company."
- Founder Zhu Yiming, who established GigaDevice Semiconductor, remains central to the company as CXMT plans to use IPO proceeds for production expansion, manufacturing technology upgrades, and research and development.
22 Articles
22 Articles
CXMT’s Blockbuster IPO 212 Times Covered for Retail Investors
The marquee listing of CXMT Corp. ignited a rush among retail investors as China’s homegrown memory giant opened books for an initial public offering to raise $9.8 billion, the second-largest in the nation’s history.
China memory-chip maker CXMT set for mega IPO
Subscriptions began on Thursday for shares in memory-chip maker ChangXin Memory Technologies (CXMT) ahead of its listing on Shanghai’s Star Market in what could be mainland China’s second biggest initial public offering. With pricing set at 8.66 yuan (US$1.28) per share, the IPO of nearly 6.7 billion shares will raise gross proceeds of 57.9 billion yuan (US$8.5 billion). If a 15 per cent overallotment option is fully exercised, the offering coul…
China’s biggest IPO in recent years has global investors getting creative
Unable to buy directly into ChangXin Memory Technologies Inc’s planned $9.8 billion listing because of various regulatory restrictions on participation in mainland IPOs, investors are finding backdoors
(Seoul = Yonhap News) Reporter Seol Won-tae = China's CXMT (Changxin Memory), the world's fourth-largest DRAM manufacturer, is preparing for a record-breaking initial public offering (IPO), raising questions about China's semiconductor self-reliance...
Chinese chip giant’s growing ambitions
A Chinese chip giant is poised to go public in Asia’s largest market debut of the year, as it benefits from intense demand for memory. CXMT, which nearly doubled the fundraising target for its Shanghai offering, is increasingly central to Beijing’s efforts to achieve technological self-sufficiency. The chip industry also provides an economic boost to an otherwise sluggish Chinese economy. “CXMT encapsulates many of China’s technology ambitions i…
Explainer: What is CXMT and how did it become China's DRAM ...
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