China’s memory chip manufacturer CXMT Corp has raised an impressive 57.92 billion yuan, approximately $8.6 billion, ahead of its trading debut on Shanghai’s STAR Market. This fundraising marks the biggest semiconductor IPO in China’s history and the largest public offering in Asia so far in 2026.
Scheduled to start trading on July 27 under ticker 688825, CXMT’s post-IPO valuation stands near 579 billion yuan, about $85 billion. This places the company firmly in the mega-cap category even before it officially hits the market.
The company sold around 6.69 billion shares priced at 8.66 yuan each, representing roughly 10% of total shares after the offering. Investor interest soared with retail participation oversubscribing the shares by over 200 times. Institutional investors showed even greater enthusiasm, with certain allocations attracting demand exceeding 500 times the available shares.
To give some historical context, CXMT’s IPO ranks as China’s second-largest domestic listing ever, trailing only the Agricultural Bank of China’s 2010 IPO. The company’s revenue growth has reportedly surged over 700% in recent periods, reflecting its rapid expansion.
Now the world’s fourth-largest DRAM producer, CXMT follows market leaders Samsung, SK Hynix, and Micron. The timing of this IPO is significant given mounting US export restrictions aimed at limiting China’s access to advanced chipmaking technologies. Funds raised will be channeled into boosting manufacturing capacity and accelerating research and development efforts.
Although CXMT is not involved in cryptocurrencies and has no announced blockchain projects, some speculative activity around its shares has appeared in the form of meme coins and derivatives on related platforms. These remain detached from the company’s core operations.
