CXMT hits $85B valuation in record Shanghai IPO for Chinese chipmaker

ChangXin Memory Technologies (CXMT), China's leading DRAM manufacturer, has set a new benchmark for domestic semiconductor listings by pricing its Shanghai IPO at 8.66 yuan ($1.28) per share. The offering of nearly 6.7 billion shares (10% of enlarged capital) is expected to raise gross proceeds of 57.9 billion yuan ($8.5 billion), implying a valuation of 579 billion yuan ($85.2 billion). If a 15% overallotment option is fully exercised, the deal could expand to 7.7 billion shares and raise up to 66.6 billion yuan ($9.83 billion). This surpasses Semiconductor Manufacturing International Corporation's 2020 record of 53.23 billion yuan, making CXMT's the largest A-share IPO by a Chinese chip company.

Online and offline subscriptions are set for Thursday, though no trading debut date has been announced. Notably, the fundraising haul is nearly double the 29.5 billion yuan CXMT had originally earmarked for investment projects in its prospectus. The strong investor demand reflects growing confidence in China's semiconductor self-sufficiency push, as CXMT competes with global DRAM leaders like Samsung and Micron. The Hefei-based firm's massive capital injection will likely accelerate its expansion in memory chip production, a critical component for AI and data center infrastructure.