The Week Ahead (July 27-Aug. 2): CXMT Set for STAR Market Debut in Board’s Largest IPO

Published: Jul. 24, 2026 10:17 p.m. GMT+8

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July 27: CXMT debuts on the STAR Market

Domestic DRAM leader ChangXin Memory Technologies (CXMT) will officially list on the Shanghai Stock Exchange’s STAR Market. Raising roughly 57.9 billion yuan ($8.6 billion) at 8.66 yuan a share, it will become the largest IPO in the board’s history, valuing the company at approximately 580 billion yuan.

July 28-29: U.S. Federal Reserve holds interest-rate meeting

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This is an AI-generated English rendering of original reporting or commentary published by Caixin Media. In the event of any discrepancies, the Chinese version shall prevail.

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ChangXin Memory Technologies (CXMT) raised 57.9 billion yuan in its STAR Market debut; Zhongji Innolight’s Hong Kong listing may raise up to HK$55 billion.
China’s 12th drug-procurement bidding covers 65 medicines; new rules on power pricing, panda bonds, loan cost disclosure, and medical representatives take effect Aug 1.
U.S. Federal Reserve meets with lower likelihood of a rate hike; OPEC+ likely approves 188,000 bpd output increase for September.

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Who’s Who

ChangXin Memory Technologies: ChangXin Memory Technologies (CXMT), known in Chinese as 长鑫存储技术有限公司, is a domestic DRAM leader. It debuted on the STAR Market with a record IPO of 57.9 billion yuan ($8.6 billion) at 8.66 yuan per share, valuing the company at 580 billion yuan.

Zhongji Innolight Co., Ltd.: Zhongji Innolight Co., Ltd., a domestic optical-module giant, plans to list its shares in Hong Kong on July 30. It will offer 54.5 million H-shares to raise up to HK$55 billion ($7.1 billion), potentially becoming the city's largest IPO this year.

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What Happened When

July 27, 2026：: CXMT debuts on the STAR Market, raising approximately 57.9 billion yuan ($8.6 billion) at 8.66 yuan a share, becoming the largest IPO in the board's history, valuing the company at about 580 billion yuan.

July 28-29, 2026：: U.S. Federal Reserve holds its latest interest-rate meeting; following unexpectedly cool U.S. inflation data in June, traders expect the probability of a 25-basis-point rate hike at this meeting to have dropped from about 50% to roughly 15%.

July 30, 2026：: Zhongji Innolight Co. Ltd. plans to list its shares in Hong Kong, offering 54.5 million H-shares to raise up to HK$55 billion ($7.1 billion), potentially the city's largest IPO this year.

July 31, 2026：: The 12th batch of the national centralized drug-procurement program begins bidding for 65 types of medicines covering oncology, cardiovascular and other fields, with new rules adding a mechanism giving companies a second chance, now applicable to original drugs.

Aug. 1, 2026：: Power grid transmission pricing rules take effect: The National Development and Reform Commission's notification on provincial and regional power-grid transmission pricing for the fourth regulatory cycle sets prices for a three-year period, affecting commercial and industrial electricity costs.

Aug. 1, 2026：: Panda bond rating rules are implemented: A notice by the National Association of Financial Market Institutional Investors on standardizing panda-bond credit ratings takes effect; the association will no longer accept credit rating reports for panda bond registrations from agencies that fail to publish their rating-mapping relationships.

Aug. 1, 2026：: Loan cost disclosure rules begin: New regulations from the National Financial Regulatory Administration and the People's Bank of China require lenders to clearly display comprehensive financing costs for personal loans, aiming to ensure effective implementation of interest-and-fee disclosure requirements.

Aug. 1, 2026：: Medical-representative rules take effect: A newly revised management measure for medical representatives sets out nine prohibited behaviors, replacing previous trial measures from 2020.

Aug. 2, 2026：: OPEC+ members hold a ministerial meeting where seven core oil-producing countries are expected to approve an increase of 188,000 barrels a day in their September crude-production quotas, maintaining the same monthly production increase seen from June to August.

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