China’s DRAM giant CXMT plans US$4.2 billion IPO on Shanghai’s Star Market

Listing aims to fund wafer expansion and DRAM upgrades as Beijing drives tech self-reliance

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CXMT is China’s largest and the world’s fourth-largest DRAM manufacturer. Photo: Handout

Published: 12:30pm, 31 Dec 2025Updated: 3:38pm, 31 Dec 2025

CXMT Corporation, parent of Chinese memory chip giant ChangXin Memory Technologies (CXMT), aims to raise 29.5 billion yuan (US$4.2 billion) from an initial public offering in Shanghai to fund technology upgrades, as Beijing presses ahead with its drive for tech self-reliance amid geopolitical tensions.

The Shanghai Stock Exchange received CXMT’s application for a listing on the Nasdaq-style Star Market, a filing on the bourse’s website showed on Tuesday night. This marks a critical step towards a listing for China’s largest dynamic random-access memory (DRAM) designer and manufacturer.

The company planned to issue no more than 10.62 billion new shares, the filing said.

In terms of fundraising scale, CXMT’s IPO is set to become the second-largest on the Star Market since its launch in 2019, trailing only the 53.2 billion yuan raised by chip foundry Semiconductor Manufacturing International Corporation’s listing in 2020.

CXMT’s IPO is set to become the second-largest on the Star Market. Photo: Handout

CXMT’s listing is also notable as the first “pre-review” project to be accepted on the Star Market. On the same day its prospectus was received, the bourse disclosed two rounds of pre-review inquiries and responses conducted in November.

The pre-review mechanism, introduced by the China Securities Regulatory Commission in June, is similar to a confidential submission. It is designed to protect information and technology security for companies engaged in critical core technologies, while avoiding premature disclosure of sensitive details that could lead to operational and competitive risks.

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China’s DRAM giant CXMT plans US$4.2 billion IPO on Shanghai’s Star Market

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Listing aims to fund wafer expansion and DRAM upgrades as Beijing drives tech self-reliance

Listing aims to fund wafer expansion and DRAM upgrades as Beijing drives tech self-reliance