ChangXin Memory Technologies (CXMT) opened subscription today for an initial public offering that could become the second-largest in Chinese history, with proceeds reaching approximately 66.6 billion yuan ($8.6 billion) if the offering is fully expanded. The Shanghai-listed chipmaker is selling 6.688 billion shares at 8.66 yuan each, with the right to increase the offering to 7.691 billion shares. Retail investors will be able to purchase shares starting July 27.
The listing on Shanghai's STAR Market would rank as Asia's largest share sale since 2022 and make CXMT one of China's most valuable listed companies, with analysts estimating a market capitalization around 2 trillion yuan. Half the offering is reserved for strategic investors including state entities and major Chinese technology firms such as Alibaba and electric vehicle maker Nio, while 10% is allocated to retail investors. Pre-IPO derivative contracts on the Hyperliquid platform have already attracted significant trading interest.
Founded in 2016 by Zhu Yiming in Hefei, CXMT is China's only domestic manufacturer achieving mass production of DRAM chips. The company holds the fourth-largest global market share at approximately 7.67%, behind Samsung Electronics, SK Hynix, and Micron Technology, though its share has grown from 3% a year ago. The IPO marks a milestone for China's semiconductor self-sufficiency ambitions.