Chinese memory chipmaker Changxin Memory Technologies (CXMT) said Thursday it will begin book-building on July 15 for its Shanghai initial public offering, as it seeks to raise 29.5 billion yuan (about $4.34 billion). Investor subscriptions will open the following day, on July 16, according to an exchange filing — setting the stage for what could become one of the largest semiconductor listings in China's history.

A Landmark Listing for China's Chip Ambitions

CXMT's offering is expected to become the second-biggest IPO in the history of Shanghai's STAR Market, the Nasdaq-style board launched in 2019 to support high-tech and strategic emerging sectors, and the largest IPO on China's A-share market this year. The company was formally approved for CSRC registration after submitting its application on May 27, following a listing application that was accepted by the Shanghai Stock Exchange back in December 2025.

Founded in 2016 in Hefei with heavy state backing, CXMT has grown into China's leading maker of DRAM — the working memory chips used in phones, PCs, and servers — and is now the world's fourth-largest DRAM supplier behind Samsung Electronics, SK Hynix, and Micron Technology. Its market share is expected to climb to roughly 15% by 2028, up from about 11% last year, as new production lines come online in Hefei, Shanghai, and other Chinese cities.

Riding an AI-Driven Memory Boom

The timing of the IPO could hardly be better. Surging AI data center demand has transformed memory chips from a cyclical commodity into one of the hottest corners of the semiconductor market, driving a massive pricing upcycle. CXMT's first-quarter revenue jumped 719% year-over-year, swinging from a 2.83 billion yuan loss a year earlier to a 33 billion yuan net profit, with average selling prices now within 5–10% of global leaders. Tencent has reportedly signed a multiyear server-DRAM supply deal with the company worth more than 20 billion yuan, underscoring the domestic demand fueling its growth.

Apple's Interest Adds Another Layer

CXMT's rise has drawn attention well beyond China's borders. Apple has reportedly begun testing the company's DRAM chips for devices sold in China and is said to be lobbying Washington for regulatory clearance to buy CXMT memory more broadly, as rising international component costs have forced price increases on some iPads and MacBooks. That interest isn't without controversy — CXMT reportedly has ties to the People's Liberation Army, and Apple faced significant pushback from U.S. policymakers, including current Secretary of State Marco Rubio, when it explored Chinese memory suppliers back in 2022.

Strategic Stakes Behind the Offering

The IPO is widely viewed as central to Beijing's broader push for semiconductor self-sufficiency amid ongoing U.S. export controls. At least 15 state-owned shareholders collectively hold roughly 36% of CXMT, with many of its private backers also tied to state-owned limited partners — reflecting years of patient, government-linked capital that helped the company survive early losses before the current memory boom turned it profitable. CXMT joins a broader wave of Chinese semiconductor companies tapping public markets, including memory rival YMTC and Baidu's AI chip unit Kunlunxin, as the industry shifts from state funding toward private capital to build out a more self-reliant chip ecosystem.

The Road Ahead

Despite its rapid ascent, CXMT still trails larger rivals in scale, R&D spending, product breadth, and high-bandwidth memory (HBM) capacity — the specialized memory increasingly critical to AI computing. The company has also reportedly faced yield challenges with DDR5, the newer memory standard used in PCs and servers, highlighting how much ground it still has to cover technologically. With book-building set for July 15 and subscriptions opening July 16, investors will soon get their first real signal of how the market values China's DRAM champion — and whether it can translate today's boom into lasting global relevance.