Chinese memory chip manufacturer ChangXin Memory Technologies, known as CXMT, is looking to pull in roughly 57.9 billion yuan — equivalent to about $8.55 billion — through an initial public offering on Shanghai’s technology-focused STAR Market, according to a filing released Tuesday.
The massive stock offering is set to become the largest IPO in Asia so far in 2026 and the biggest-ever semiconductor share sale on China’s A-share market, topping a similar offering by chipmaker SMIC back in 2020.
If an over-allotment option is fully exercised, total proceeds could climb to approximately 66.6 billion yuan, the filing indicated. CXMT set its IPO price at 8.66 yuan per share.
Two individuals with knowledge of the situation said the company is expected to begin trading on the Shanghai Stock Exchange on July 27.
The final fundraising target represents a doubling of the company’s original goal of 29.5 billion yuan, or roughly $4.35 billion.
Neither CXMT nor the Shanghai Stock Exchange responded to requests for comment ahead of publication.
CXMT ranks as the world’s fourth-largest maker of DRAM — dynamic random-access memory — chips, holding about a 7.7% share of the global market as of 2025. The company has experienced explosive growth during the current industry upcycle.
DRAM chips are essential components in servers used to run cloud computing systems, large databases, and artificial intelligence applications.
The massive offering arrives at a time of growing volatility in global memory chip stocks. Some analysts have raised concerns that it could also put pressure on liquidity in China’s stock market, where a recent surge in technology shares appears to be running out of momentum.
However, other analysts pushed back on those concerns, arguing the offering would not significantly drain market liquidity.
Donnie Teng, a Greater China semiconductor analyst at Nomura, pointed to strong AI-driven demand as a reason for optimism. “Memory supply is still not enough,” he said. He added that as long as AI demand remains structurally strong and major tech companies continue investing heavily in infrastructure, the broader market should be able to absorb any liquidity impact from the IPO.
CXMT has historically been viewed as trailing behind global industry leaders Samsung Electronics and SK Hynix in terms of technology. SK Hynix’s U.S.-listed shares surged 14% when they debuted on Nasdaq last Friday following a $26.5 billion share sale, though some of those gains have since faded.
The Hefei-based company stated in its prospectus that proceeds from the listing will go toward upgrading its manufacturing lines and advancing its technology capabilities.
