The DRAM chipmaker’s Shanghai STAR Market listing is set to become Asia’s largest IPO this year, driven by strong AI memory demand.
Chinese memory chipmaker ChangXin Memory Technologies (CXMT) is set to raise approximately 57.9 billion yuan (US$8.55 billion) through its initial public offering (IPO) on Shanghai’s STAR Market, marking the largest semiconductor initial public offering (IPO) in China’s A-share market to date.
According to its latest filing, the offering could increase to 66.6 billion yuan (US$9.83 billion) if the over-allotment option is fully exercised. The company has fixed the IPO price at 8.66 yuan (US$1.28) per share and is expected to debut on the Shanghai Stock Exchange on July 27.
The revised fundraising target is nearly double the company’s initial plan of 29.5 billion yuan (US$4.35 billion), reflecting strong investor interest amid sustained demand for AI-related semiconductor technologies.
The listing is expected to become Asia’s largest IPO of 2026 and will surpass Semiconductor Manufacturing International Corp. (SMIC) as the biggest semiconductor share sale in China’s domestic equity market.
CXMT currently ranks as the world’s fourth-largest DRAM manufacturer, with an estimated 7.7 per cent global market share in 2025. DRAM chips are widely used in AI servers, cloud infrastructure, enterprise databases and high-performance computing applications, making them a critical component in the expanding AI ecosystem.
The IPO comes at a time when global memory chip stocks have experienced increased volatility. While some market participants have raised concerns that such a large offering could reduce liquidity in China’s equity market, analysts believe sustained AI investment will continue to support demand for semiconductor companies.
Industry analysts noted that the rapid expansion of AI infrastructure and continued capital expenditure by hyperscale cloud providers should help absorb the market impact of the IPO despite its size.
Although CXMT has historically trailed global memory leaders Samsung Electronics and SK Hynix in manufacturing technology, the company plans to use the IPO proceeds to expand production capacity and upgrade manufacturing technologies, according to its prospectus.
