TECH

ChangXin Clears Key Hurdle for Record STAR Market IPO

Published: May. 28, 2026 2:36 a.m. GMT+8

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Changxin Memory Technologies in Hefei, Anhui province, on Nov. 25, 2025. Photo: VCG

China’s top memory chipmaker ChangXin Memory Technologies Inc. (CXMT) won regulatory approval on Wednesday for a record-breaking domestic initial public offering, as it seeks a valuation that could make it the country’s most valuable listed company.

The Shanghai Stock Exchange cleared the state-backed company to raise 29.5 billion yuan ($4.3 billion) on the STAR Market. The funds will bankroll the mass production and technological upgrade of its dynamic random-access memory chips.

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CXMT approved for record 29.5 billion yuan IPO on Shanghai STAR Market to fund DRAM chip production and upgrades.
First-quarter revenue surged 719% to 50.8 billion yuan; valuation could top 2 trillion yuan, making it China's most valuable listed firm.
Despite rapid growth and 7.67% global market share, CXMT carries 118.8 billion yuan debt and accumulated losses of 36.6 billion yuan.

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Who’s Who

ChangXin Memory Technologies Inc.: ChangXin Memory Technologies (CXMT), China’s top DRAM chipmaker, received Shanghai Stock Exchange approval for a record 29.5 billion yuan ($4.3 billion) IPO on STAR Market. Revenue surged 719% YoY to 50.8 billion yuan in Q1 2025. Valuation could exceed 2 trillion yuan, making it China’s most valuable listed company.

Samsung Electronics Co.: Samsung Electronics Co. is a traditional dominant player in the global DRAM market, alongside SK Hynix and Micron. The article notes that these companies exhausted their capacities serving North American AI data center demand, allowing Chinese rival CXMT to gain market share.

SK Hynix Inc.: SK Hynix Inc. is a traditional dominant player in the DRAM market, alongside Samsung and Micron. It faced capacity exhaustion while serving North American AI data center demand, allowing Chinese rival CXMT to capture market share.

Micron Technology Inc.: Micron Technology Inc. is a traditional dominant player in DRAM manufacturing, alongside Samsung and SK Hynix. The article notes these companies exhausted their capacities serving the North American AI data center boom, allowing China's CXMT to gain market share.

Xiaomi Corp.: Xiaomi Corp. integrates premium memory chips from China's DRAM maker CXMT into its flagship smartphones, highlighting the company's role in supporting China's semiconductor supply chain growth.

Tencent Holdings Ltd.: Tencent Holdings Ltd. is a Chinese internet giant mentioned in the article as validating advanced server chips from CXMT (ChangXin Memory Technologies). The chips are being tested for integration into Tencent's data centers. No further details about Tencent are provided in the article.

ByteDance Ltd.: According to the article, ByteDance Ltd. is validating advanced server chips from Chinese DRAM maker CXMT. The memory chipmaker's premium products are being integrated with major tech firms, including ByteDance, as it competes globally in the semiconductor industry.

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What Happened When

First quarter of 2026：: CXMT posted explosive growth: revenue surged 719% year-on-year to 50.8 billion yuan, with net profit of 33 billion yuan.

May 27, 2026：: China's memory chipmaker CXMT won regulatory approval from the Shanghai Stock Exchange for a record-breaking domestic IPO on the STAR Market.