IPO to ignite domestic memory sector

China's leading DRAM chipmaker ChangXin Memory Technologies has opened the final countdown to one of the world's most closely-watched IPOs, setting July 16 as the subscription date for a 29.5 billion yuan ($4.35 billion) share sale.

The market debut will be the biggest A-share IPO of 2026 and the second-largest listing since the STAR Market opened in 2019, surpassed only by Semiconductor Manufacturing International Corp.

The deal also underscores China's growing ambitions in one of the semiconductor industry's most strategically important segments. DRAM, the memory chips that power AI servers, smartphones and personal computers, has long been dominated by Samsung Electronics, SK Hynix and Micron Technology.

CXMT plans to issue 6.688 billion new shares, equivalent to about 10 percent of its enlarged share capital. A 15 percent over-allotment option could increase the offering to 7.691 billion shares, representing about 11.3 percent of the company.

The company received the Shanghai Stock Exchange's listing committee clearance in May and received registration approval from China's securities regulator in June.

Founded in 2016 and headquartered in Hefei, Anhui province, CXMT operates an integrated device manufacturer model, combining chip design and manufacturing. According to its prospectus, CXMT has become China's largest and the world's fourth-largest DRAM manufacturer by production capacity, shipments and revenue.

Based on fourth-quarter 2025 sales, its global market share had risen to 7.67 percent, behind only Samsung Electronics, SK Hynix and Micron.

Industry analysts say the IPO will strengthen China's domestic memory ecosystem by providing capital for advanced manufacturing capacity and next-generation technology development, while narrowing the country's dependence on imported memory chips as AI infrastructure investment accelerates worldwide.

Wang Peng, a researcher of the Beijing Academy of Social Sciences, said: "CXMT's listing marks China's arrival as a meaningful global competitor in DRAM at a time when AI is rewriting the economics of the memory industry. The company still trails the global leaders technologically, but the gap is narrowing faster than many expected."