Memory Chipmaker CXMT to Launch $4.3 Billion China IPO Next Week

Memory giant CXMT Corp. will open investor subscriptions for its public offering next week, kicking off the final stage in the year’s most highly anticipated listing of the year.

The firm, which competes with Samsung Electronics Co. and SK Hynix Inc., is offering 6.688 billion shares in the transaction, with half earmarked for cornerstone investors. An overallotment option would increase the total offering to 6.788 billion shares, or representing 11.3% of total shares.

The Hefei, Anhui-based company plans to raise at least 29.5 billion yuan ($4.3 billion) on the chip-heavy STAR Board, according to its prospectus, which could rise to more than $5 billion if the over-allotment option is exercised. At that size, it would be the biggest IPO in mainland China since Cnooc Ltd. raised $5.1 billion in 2022 and the largest in Asia since CATL’s $5.3 billion share sale in May 2025.

China’s homegrown chipmakers have drawn fervent investor interest as they drove a recent wave of IPOs. Companies across the artificial intelligence supply chain, from circuit-board manufacturers to AI model makers, are raising funds to keep up with demand and gain an edge against the backdrop of the US-China tech rivalry.

CXMT is one of the crown jewels of China’s high-tech industry as the world’s fourth-largest maker of dynamic random access memory, or DRAM, which is critical for the real-time processing of data by AI models. The company aims to deploy the IPO proceeds to expand capacity of its wafer fabrication lines and to upgrade its DRAM technology.

Apple Inc. is appealing to White House officials for approval to source chips from the company, despite its presence on a Pentagon blacklist, Bloomberg reported. The request underscores the growing strain on global memory-chip supplies, which has left consumer-electronics manufacturers scrambling. It also represents a significant validation of the firm’s technology, and would mark success in its effort to compete with established global players.

Against that backdrop, the flagship IPO will provide one of the clearest readings yet on investor confidence in China’s semiconductor sector. As Beijing channels billions of dollars into strategic technologies and seeks to insulate its chip industry from geopolitical tensions, CXMT has become a symbol of the country’s ambitions. It’s debut is expected bring one of the largest companies by market value to trade onshore, with its size and clout reviving fears of earlier market tops that coincided with mega IPOs.

Preliminary book building will start on July 13, with the offering announcement and pricing details to be published on July 15. Institutional and retail investors will have until July 20 to ready funds once they win the subscription lottery. About 10% of the offering will go to retail investors, prior to the overallotment, according to the filing.

The announcement comes less than a month after CXMT secured approval from China‘s securities regulator, capping an IPO process that took just over seven months. The company benefited from a newly introduced pre-review mechanism for companies developing critical technologies and seeking listings on Shanghai’s Star board. CXMT is the first known company to complete the listing process under the program, with humanoid maker Unitree Robotics the second.

China International Capital Corp. and CSC Financial Co. are serving as joint sponsors for the offering. Joint lead underwriters are Guotai Haitong Securities Co., Guoyuan Securities Co., and Huatai Securities Co.