ChangXin Memory Technologies IPO becomes largest in mainland China since 2010

ChangXin Memory Technologies just pulled off something no mainland Chinese company has managed in 16 years. The Hefei-based DRAM chipmaker priced its IPO at 57.9 billion yuan, roughly $8.55 billion, making it the largest initial public offering in mainland China since Agricultural Bank of China went public back in 2010. The listing, scheduled for July 27, 2026, on the Shanghai STAR Market, also makes CXMT the biggest IPO in Asia this year. The numbers behind the hype CXMT priced its shares at 8.66 yuan each, involving 6.688 billion shares. That puts the company’s approximate valuation at 579 billion yuan, or about $85 billion. Demand for shares more than doubled the company’s initial fundraising target of around 29.5 billion yuan. An over-allotment option could push total proceeds to 66.6 billion yuan, approximately $9.8 billion. The company plans to funnel those proceeds into production expansion and technological upgrades. CXMT’s financial momentum makes the enthusiasm somewhat understandable. The company reported approximately 50.8 billion yuan in revenue for Q1 2026, an increase of over 700% year-over-year, driven by rising DRAM prices and surging sales volumes as AI workloads ...