- China’s leading DRAM maker priced the biggest A-share IPO of 2026, valuing the company at about 579 billion yuan
- The blockbuster listing comes as AI-driven memory demand accelerates China’s push into the global DRAM market
China’s leading DRAM maker ChangXin Memory Technologies (CXMT) priced its initial public offering at 8.66 yuan ($1.28) a share on July 14, valuing the company at about 579.2 billion yuan before any over-allotment option.
If the greenshoe option is fully exercised, the offering will raise 66.6 billion yuan, making it the largest A-share IPO of 2026 and the second-largest listing in STAR Market history, behind only Semiconductor Manufacturing International Corp. (SMIC).
The final fundraising size is nearly double the company’s original 29.5 billion yuan target.
Over-subscribed 462.85 times
Investor demand proved robust. A total of 285 institutional investors submitted valid bids during the offline book-building process, with subscriptions reaching 462.85 times the shares available.
Thirty strategic investors were allocated shares, including China’s National Social Security Fund, China Life, China Post Life, CICC Wealth Management, as well as listed semiconductor companies including Piotech, Anji Microelectronics, Tongfu Microelectronics, and National Silicon Industry Group.
The IPO is being led by an unusually large “2+4” underwriting syndicate. CICC and China Securities Co. serve as joint sponsors and lead underwriters, alongside Guotai Haitong Securities, Guoyuan Securities, Huatai United Securities, and China Merchants Securities.
Notably, all six lead underwriters had invested in CXMT before the IPO through various channels.
China Merchants Securities holds the largest direct stake at 0.84%, which will be diluted to 0.76% after the offering. China Securities Co. holds about 0.15%, Guotai Haitong 0.094%, Guoyuan Securities 0.0297%, and CICC about 0.0047%, while Huatai United has indirect exposure through China’s second National Integrated Circuit Industry Investment Fund.
Some analysts estimate that if CXMT eventually reaches a 3 trillion yuan market capitalization, China Merchants Securities’ paper gains alone could exceed 13 billion yuan, surpassing its 12.3 billion yuan net profit for 2025.
Ranking 4th globally
Founded in 2016 and headquartered in Hefei, Anhui Province, CXMT specializes in the design and manufacture of DRAM memory chips.
According to Omdia, the company held 7.67% of the global DRAM market in the fourth quarter of 2025, ranking No. 1 in China and fourth worldwide behind Samsung Electronics, SK Hynix and Micron Technology. It operates three 12-inch DRAM fabs in Hefei and Beijing with combined monthly capacity exceeding 300,000 wafers.
The company expects first-half 2026 revenue of 110 billion to 120 billion yuan, up 612% to 677% year on year, while net profit is forecast to reach 50 billion to 57 billion yuan, representing growth of 2,244% to 2,544%.
Based on those earnings projections, the IPO values the company at roughly 5 times forward earnings and 3 times book value, broadly comparable with global memory leaders including Samsung Electronics (2.22x PB), SK Hynix (3.73x PB) and Micron Technology (5.73x PB). The company will hold its online roadshow on July 15, open subscriptions on July 16, and is scheduled to debut on Shanghai’s STAR Market on July 27.
Why it matters for global readers
CXMT’s listing marks a milestone in China’s effort to build a globally competitive semiconductor industry, providing the country’s largest memory-chip maker with fresh capital as AI drives one of the strongest upcycles the DRAM industry has seen in years.
The proceeds will support next-generation DRAM capacity expansion and the development of high-bandwidth memory (HBM), a critical component for AI accelerators.
For global investors and semiconductor watchers, the company’s post-listing valuation and its progress in narrowing the technology gap with Samsung, SK Hynix and Micron will serve as a key gauge of whether China can evolve from a DRAM challenger into a meaningful global competitor.
