Global Market: CXMT set for July 27 Shanghai debut in Asia's biggest IPO of 2026

China's leading memory chipmaker, ChangXin Memory Technologies (CXMT), is scheduled to debut on the Shanghai Stock Exchange on July 27, according to two people familiar with the matter, Reuters reported.

The company said last week it will begin book-building for its initial public offering (IPO) on July 15 as it seeks to raise 29.5 billion yuan ($4.35 billion) through a listing on Shanghai's Nasdaq-style STAR Market.

The offering is expected to be Asia's largest IPO so far this year and the biggest semiconductor A-share listing in China since Semiconductor Manufacturing International Corp. (SMIC) went public in 2020.


According to Reuters, government officials, along with executives from companies across the semiconductor supply chain, are expected to attend the listing ceremony.

The Hefei-based company has emerged as the world's fourth-largest dynamic random-access memory (DRAM) chipmaker, with an estimated 7.7% global market share in 2025, Reuters reported. The company has benefited from a strong recovery in the memory-chip market, driven by surging demand linked to artificial intelligence.

DRAM chips are widely used in servers supporting cloud computing, databases and AI applications, making them a critical component of the expanding AI infrastructure.

Reuters reported that the IPO comes at a time of heightened volatility in global memory-chip stocks and could raise concerns about liquidity in China's equity market, where the recent rally in technology shares has begun to lose momentum.

However, some market analysts believe the offering is unlikely to significantly strain market liquidity. Analysts expect robust AI-related demand and continued capital spending by hyperscale cloud providers to support investor appetite for semiconductor stocks despite the large fundraising.

CXMT has historically trailed global memory leaders Samsung Electronics and SK Hynix in technology. According to its prospectus, the company plans to use the IPO proceeds to upgrade production lines and advance its manufacturing technologies as it seeks to strengthen its competitive position in the global memory-chip industry, Reuters reported.

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