ChangXin Memory Technologies (CXMT), a Hefei-based Chinese DRAM maker, starts the final stage of its listing process on Shanghai’s tech-focused STAR Market and schedules the key steps for its upcoming share offering. Multiple reports say the company holds an initial price consultation on Monday and opens subscriptions on July 16, ahead of the IPO itself. The offering is expected to raise at least 29.5 billion yuan (about US$4.3 billion), which would make it among the largest STAR Market listings in terms of proceeds.
The company is entering the market during a period of strength in the memory sector. Sources describe a global memory upcycle linked to higher demand for computing capacity, including use cases associated with artificial intelligence, which has pushed DRAM pricing upward. Investors also face uncertainty related to the company’s export exposure, given ongoing U.S. restrictions affecting technology supply chains and market access, and the competitive pressure of next-generation memory formats.
Overall, the IPO timetable is confirmed, while investors weigh whether the current industry cycle can translate into durable performance amid regulatory and competitive challenges.
