China's CXMT DRAM IPO triggers market shake‑up

China's leading DRAM maker CXMT (长鑫科技) launched a STAR Market IPO on July 16 at 8.66 RMB per share, offering 66.88 billion shares and targeting 579 billion RMB in proceeds, potentially rising to 666 billion RMB if the over‑allotment option is exercised. The offering is the largest IPO on the board this year and positions CXMT as the world’s fourth‑largest DRAM producer, with about 9 % global market share. The company projects 2026 first‑half revenue of 1.1‑1.2 trillion RMB and net profit of 500‑570 billion RMB. The IPO has spurred a broad market reaction: Chinese storage‑chip stocks fell sharply, with SK Hynix and Samsung shares dropping over 10 %, and Taiwan memory stocks also sliding. Analysts view the listing as a key step in China’s push for semiconductor self‑reliance, while investors worry about potential over‑capacity and the company’s ability to close the technology gap with established rivals.