Chinese memory chipmaker ChangXin Memory Technologies (CXMT) is preparing for a blockbuster initial public offering (IPO) on the Shanghai Stock Exchange as early as the first quarter of 2026, according to multiple sources familiar with the matter. The listing could value the company at up to 300 billion yuan ($42.12 billion) — a potential milestone for China’s fast-evolving semiconductor industry.
Founded in 2016 with strong government backing, CXMT is a centerpiece of Beijing’s strategic effort to secure technological independence in dynamic random access memory (DRAM) production — a market historically dominated by Samsung Electronics and SK Hynix of South Korea and Micron Technology of the United States.
Sources say the company aims to raise between 20 billion and 40 billion yuan, with one source indicating a midpoint target of around 30 billion yuan. CXMT could file its IPO prospectus as early as November, though insiders caution that the timing and valuation could shift depending on market sentiment.
The company’s IPO ambitions align with renewed investor optimism in China’s semiconductor sector. The CSI CN Semiconductor Index has soared nearly 49% year-to-date, as domestic investors rally behind the government’s broader “chip sovereignty” initiative.
To prepare for the offering, CXMT’s parent company began the formal “counselling process” in July, engaging state-backed investment banks China International Capital Corporation (CICC) and CSC Financial as lead underwriters. However, the official filing did not disclose the final venue or schedule for the listing.
Rising Symbol of China’s Tech Ambition
CXMT has become increasingly critical to China’s national technology ambitions, especially after the United States tightened export restrictions on advanced chips and semiconductor manufacturing equipment. The U.S. imposed new curbs in December 2023, limiting China’s access to high bandwidth memory (HBM) chips used in artificial intelligence (AI) processors.
In response, CXMT has been investing aggressively to close the gap with global DRAM leaders. Its focus on HBM technology — essential for powering advanced GPUs like those produced by Nvidia — could position the company as a key domestic supplier for China’s AI ecosystem.
Industry research firm TechInsights estimates CXMT’s capital expenditure at $6–7 billion for 2023 and 2024, with another 5% increase projected for 2025 if U.S. sanctions do not tighten further. The company is also constructing a new HBM packaging facility in Shanghai, expected to begin operations by late 2026, with an initial monthly capacity of 30,000 wafers — roughly one-fifth of SK Hynix’s output.
By 2026, CXMT aims to commence mass production of fourth-generation HBM3 chips, still several years behind the technological frontier but a significant leap for China’s domestic industry. For comparison, SK Hynix has already completed internal certification for HBM4 chips and plans to begin full-scale production by the end of 2025.
“If CXMT achieves HBM3 mass production in 2026, it will still be about four years behind SK Hynix in generation terms, but the technological and strategic leap will be enormous,” said Choe Jeongdong, senior analyst at TechInsights.
Global Market Context
The timing of CXMT’s IPO comes amid notable shifts in the global semiconductor landscape. Micron Technology recently announced plans to exit China’s server chip business, two years after Beijing banned its products from critical infrastructure. Meanwhile, the global AI boom is driving intense demand for memory chips, giving DRAM manufacturers a surprising windfall as data center and smartphone orders rebound.
With China doubling down on domestic innovation and self-reliance, CXMT’s listing could serve not only as a financial milestone but also as a symbolic statement of China’s determination to compete in the global chip race — on its own terms.