CXMT Secures CSRC IPO Approval, Poised for Major STAR Market Listing to Reshape Global DRAM Landscape
Hefei, China – June 13, 2026 — ChangXin Memory Technologies (CXMT), China’s leading domestic DRAM chip manufacturer and the world’s fourth-largest dynamic random-access memory producer, has officially obtained IPO registration approval from the China Securities Regulatory Commission (CSRC) on June 12, clearing the final regulatory hurdle for its debut on the Shanghai Stock Exchange STAR Market. The landmark listing marks a critical breakthrough for China’s self-reliant semiconductor memory industry and will become one of the largest A-share IPOs in 2026.
Fast-track IPO Review: A Benchmark for STAR Market Hard-tech Reform
CXMT submitted its IPO application to the STAR Market on December 30, 2025. Completing the entire review and registration process within merely 165 days, the company has set a record review speed for large-scale domestic hard-tech semiconductor enterprises. Notably, CXMT’s IPO is the first pilot project under the pre-review reform launched by the STAR Market, highlighting China’s capital market’s optimized listing mechanism for high-end core technology enterprises.
According to the official listing schedule, after completing roadshows, offline subscription and online placement procedures in the next one to two months, CXMT is expected to make its official trading debut on the STAR Market between July and August 2026.
Massive RMB 29.5 Billion Fundraising Plan for Capacity Expansion and Advanced Process R&D
As disclosed in CXMT’s official prospectus, the company plans to raise a total of RMB 29.5 billion through this public offering. This financing scale ranks the second-largest in the history of the STAR Market, only second to Semiconductor Manufacturing International Corporation (SMIC), and tops all A-share IPO projects launched in 2026 so far.
All raised capital will be concentrated on three core strategic directions to consolidate CXMT’s technological and manufacturing advantages:
Advanced DRAM process research and development: Focusing on iterative upgrades of 17nm and next-generation ultra-fine process technologies to narrow the technological gap with global top three DRAM giants including Samsung, SK Hynix and Micron;
Production capacity expansion: Expanding wafer fabrication capacity to further lift domestic self-supply rate of DRAM chips, which have long been monopolized by overseas manufacturers;
Supplement of working capital: Supporting global market layout, supply chain optimization and long-term technological innovation reserves.
Explosive Financial Growth Highlights Industry Leading Competitiveness
Benefiting from the global memory chip market cycle recovery and surging domestic demand for consumer electronics, data centers and automotive semiconductors, CXMT has delivered extraordinary financial performance in the first half of 2026. The company forecasts its net profit for H1 2026 will reach RMB 50 billion to RMB 57 billion, representing a year-on-year surge of 2,244% to 2,544%. Meanwhile, its operating revenue is projected to hit RMB 110 billion to RMB 120 billion, with a year-on-year growth rate exceeding 612%.
As the only domestic enterprise with independent mass production capacity of DRAM chips in China, CXMT has broken the long-term absolute monopoly of overseas memory giants in the domestic DRAM market. After years of independent R&D, the company has realized full independent intellectual property rights covering chip design, manufacturing process and packaging and testing, ending China’s reliance on imported DRAM chips for core storage components.
Strategic Significance: Boosting China’s Semiconductor Self-reliance and Global Industrial Pattern Restructuring
Industry analysts pointed out that CXMT’s official listing is a milestone event for China’s semiconductor storage sector. For decades, the global DRAM market has been controlled by three Korean and American manufacturers, holding more than 95% of global market share. The capital support brought by CXMT’s IPO will accelerate the expansion of domestic independent DRAM production capacity, effectively optimize the global supply chain of memory chips, and ease the risk of supply chain disruption faced by China’s downstream electronics manufacturing, data center and new energy vehicle industries.
In addition, CXMT’s listing will form a powerful synergy with Yangtze Memory Technologies (YMTC), China’s leading 3D NAND flash memory manufacturer which launched IPO counseling recently. The two national storage giants will jointly build a complete domestic independent storage chip industrial chain, marking China’s memory semiconductor industry entering a new stage of capital-driven large-scale development.
Market Outlook: Dual Opportunities and Challenges Amid Global Memory Cycle Fluctuation
While the capital market holds high expectations for CXMT’s listing, the global memory chip industry still faces cyclical volatility risks. Recently, global leading memory manufacturers have seen obvious stock price fluctuations affected by inventory adjustments and fluctuating terminal demand. Nevertheless, institutional investors remain optimistic about CXMT’s long-term growth logic, thanks to its localized supply chain advantages, policy support from China’s domestic semiconductor industry, and rigid domestic substitution demand.
Going forward, CXMT aims to further lift its global market share from the current fourth position, and strive to become a core player competing head-to-head with top global DRAM manufacturers in the next three years. The STAR Market listing will serve as a solid capital foundation for the company’s long-term technological breakthroughs and global market expansion.
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Editor’s Note: CXMT’s IPO approval comes amid China’s accelerated push for semiconductor core technology self-reliance. The listing of leading domestic chip firms continues to underscore the STAR Market’s positioning as a core capital platform serving China’s hard-tech innovation strategy.