China's CXMT launches $4.3 bn Shanghai IPO amid memory chip boom

ChangXin Memory Technologies (CXMT), China's largest domestic DRAM producer, filed a prospectus for a primary listing on Shanghai's STAR Market. The IPO aims to raise 29.5 billion yuan (about $4.3 billion), making it the second‑largest offering on the market in its seven‑year history. Book‑building is set to start on July 15, with subscriptions opening on July 16.

CXMT says the proceeds will fund production‑line upgrades, DRAM technology development and custom‑memory R&D, accelerating its shift from low‑cost DDR chips to higher‑margin LPDDR products that now account for roughly two‑thirds of revenue. The company's global DRAM market share has risen from 4 % to 8 % in a year, and it supplies chips for a growing share of Android smartphones in China. Analysts note the IPO underscores Beijing’s push for semiconductor self‑sufficiency and could give the firm a deeper financial base to challenge Samsung, SK Hynix and Micron in both consumer and server memory markets.