[News] China’s DRAM Maker CXMT to Debut Jul. 27; IPO to Raise RMB 57.9B, Largest on STAR Market Since Launch

China’s DRAM champion CXMT is set to make its STAR Market debut later this month. According to MoneyDJ, citing Securities Times, the company will list on Shanghai’s STAR Market on July 27, 2026. Based on its IPO price of RMB 8.66 per share, the offering values CXMT at approximately RMB 579.19 billion. The IPO is expected to raise RMB 57.919 billion, surpassing SMIC’s previous STAR Market fundraising record of RMB 53.2 billion to become the largest IPO on the STAR Market since its launch.

As the report notes, CXMT’s base offering is expected to raise approximately RMB 57.9 billion. If the underwriters fully exercise the overallotment option, total proceeds would increase to approximately RMB 66.6 billion. According to the Listing Announcement, the net IPO proceeds will be allocated across three major areas. RMB 7.5 billion will be used in full to upgrade memory wafer manufacturing production lines. Another RMB 13 billion will be invested in a DRAM technology upgrade project with a total planned investment of RMB 18 billion, while the remaining RMB 9 billion will be fully allocated to a forward-looking technology R&D program.

Meanwhile, according to the prospectus, CXMT reported first-quarter 2026 revenue of RMB 50.8 billion, up 719.13% year over year. Net profit rose 1,268.45% to RMB 33.012 billion, while net profit attributable to shareholders increased 1,688.30% to RMB 24.762 billion. The company also expects first-half 2026 revenue of RMB 110 billion to RMB 120 billion, representing year-over-year growth of 612.53% to 677.31%. Net profit attributable to shareholders is forecast to reach RMB 50 billion to RMB 57 billion, up 2,244.03% to 2,544.19% from a year earlier.

CXMT also disclosed lock-up periods for different shareholder groups. Shares held by pre-IPO shareholders will be subject to lock-up periods of either 36 or 12 months. Shares acquired by the sponsor’s affiliated subsidiary through the strategic investment program will be locked up for 24 months from the listing date. A dedicated asset management plan established for the company’s senior management and key employees participating in the strategic placement will be subject to a 36-month lock-up period, while other strategic placement investors will face lock-up periods ranging from 12 to 36 months. In addition, 70% of the shares ultimately allocated to offline institutional investors will be subject to a six-month lock-up period.

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(Photo credit: CXMT)