CXMT launches $4.3 billion Shanghai STAR Market IPO

China's leading memory chip manufacturer, ChangXin Memory Technologies (CXMT), is poised to launch a landmark initial public offering on Shanghai's STAR Market, aiming to raise at least 29.5 billion yuan (approximately $4.3 billion). The subscription period for the IPO is scheduled to open on July 16, marking a pivotal moment for the domestic semiconductor sector and arriving amid a global boom in memory chip demand driven by artificial intelligence infrastructure.

The offering would rank as the second-largest IPO in the history of the tech-focused STAR Board, trailing only the listing of Semiconductor Manufacturing International Corporation (SMIC). It is also set to be the largest A-share listing of 2026. The company plans to sell approximately 6.69 billion shares, with a 15% overallotment option potentially increasing the total to over 7.69 billion shares. Preliminary price consultations are set for July 13, with the final offering price to be announced on July 15. Investor subscriptions will run through July 20.

Proceeds from the listing are intended to fund the expansion of production capacity and the development of proprietary DRAM technology at the company's wafer...