CXMT Sets STAR Market IPO Price at RMB 8.66/Share, Targeting $4.1B in China's Biggest 2026 Listing长鑫存储科创板IPO定价8.66元/股，拟募资295亿元，问鼎2026年A股最大IPO
ChangXin Memory Technologies (CXMT) set its STAR Market IPO price at RMB 8.66 per share, targeting a CNY 29.5 billion (approximately $4.1 billion) raise — which would rank as the second-largest listing in STAR Market history. The Hefei-based DRAM maker received listing committee approval on May 27, 2026.
The financial backdrop is striking: CXMT's Q1 2026 revenue surged 719 percent year on year, and the company swung from a net loss of 2.83 billion yuan a year earlier to a net profit of 33 billion yuan, driven by soaring AI server memory demand. AI-related DDR products now exceed 30 percent of total revenue. CXMT holds approximately 7.67 percent of global DRAM market share, ranking fourth globally.
Proceeds are earmarked for upgrading 17nm production, expanding DDR5 capacity, and developing HBM for AI servers — though a separate Digitimes report noted HBM was notably absent from the formal use-of-proceeds filing, tempering some expectations around near-term domestic HBM supply. As of early 2026, the TSMC die bank supporting Huawei Ascend production is largely exhausted, making CXMT's HBM trajectory a binding constraint for the broader domestic AI hardware stack.
Changxin Memory Technologies (CXMT), China's leading DRAM manufacturer, set its STAR Market IPO price at RMB 8.66 per share on Thursday, according to exchange filings. The pricing completes the book-building phase and sets a concrete public-market valuation benchmark for a company at the center of China's domestic memory and high-bandwidth memory substitution effort.
CXMT's listing comes as the broader Chinese AI chip stack assembles its public-market profile: Cambricon this week reported RMB 2.89 billion in Q1 2026 revenue, up 160 percent year-on-year, while Dongfang Suanxin unveiled an HBM-free 14nm AI chip last week. Together the three events — a new IPO price, a revenue surge, a new architecture — sketch a domestic chip supply chain that is moving from prototype to production economics.
The memory piece is strategically sensitive: advanced DRAM and HBM remain subject to U.S. export controls, and CXMT's ability to raise public capital at a firm price directly funds the ramp that Beijing is counting on to reduce that dependency.