CXMT set for Shanghai debut after Asia’s biggest IPO raises $8.6 billion

China’s top domestic memory chipmaker just pulled off the kind of IPO that makes Wall Street bankers weep into their spreadsheets. CXMT Corp raised 57.92 billion yuan, roughly $8.6 billion, ahead of its debut on Shanghai’s STAR Market. That makes it Asia’s largest IPO of 2026 and the biggest semiconductor listing China has ever seen. The company is set to begin trading on July 27 under what’s expected to be ticker 688825. With an implied post-IPO valuation of approximately 579 billion yuan, or about $85 billion, CXMT lands squarely in mega-cap territory before its first day of trading even begins. The numbers behind the hype CXMT offered roughly 6.69 billion shares at 8.66 yuan each, representing about 10% of its enlarged share capital. Retail investors didn’t just show up. They stampeded, oversubscribing by more than 200 times. Institutional appetite was even more aggressive. Some tranches saw oversubscription exceeding 500 times. To put the size of this deal in perspective, it ranks as China’s second-largest domestic IPO in history. The only bigger one was the Agricultural Bank of China’s listing back in 2010. Revenue growth at CXMT has reportedly surpassed 700% in recent periods...