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China Memory Chip Champion ChangXin Clears Key IPO Hurdle

Published: Jun. 12, 2026 11:51 p.m. GMT+8

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ChangXin’s planned listing is part of a broader wave of mega-IPOs. Photo: VCG

China’s securities regulator has approved memory chip maker ChangXin Memory Technologies Inc.’s initial public offering registration, clearing the way for what would be the largest-ever listing on Shanghai’s STAR Market.

The blockbuster share sale underscores Beijing’s drive to accelerate funding for domestic semiconductor champions. It comes as a wave of multibillion-dollar technology listings in China and the U.S. threatens to absorb liquidity from global equity markets.

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China approves ChangXin Memory Technologies' IPO on STAR Market, aiming to raise 29.5 billion yuan ($4.3 billion), the largest listing on that board.
The company reported Q1 net profit of 33 billion yuan, reversing a 2.8 billion yuan loss, with revenue surging 719%.
The IPO is part of a wave of mega-tech listings, including SpaceX and Anthropic, which analysts warn could compress valuations in some sectors by 5-10%.

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Who’s Who

...: China's securities regulator approved ChangXin Memory Technologies' IPO on the STAR Market, targeting 29.5 billion yuan ($4.3 billion) – the largest-ever on the board. The company, reversing losses, plans to fund DRAM upgrades and research. Its listing is part of a global wave of tech mega-IPOs.

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What Happened When

First quarter 2026：: ChangXin reported net profit of 33 billion yuan and revenue of 50.8 billion yuan.

May 19, 2026：: Yangtze Memory Technologies Co. Ltd. formally began IPO tutoring registration.

June 1, 2026：: AI startup Anthropic confidentially filed for an IPO.

June 12, 2026：: China Securities Regulatory Commission cleared ChangXin's listing.

First half of 2026：: ChangXin projects revenue between 110 billion yuan and 120 billion yuan, and net profit between 50 billion yuan and 57 billion yuan.