CXMT DRAM IPO Prices at ¥8.66 — ¥579B Market Cap, STAR Board's 2nd-Largest IPO Ever, July 16 Subscription
TL;DR
CXMT IPO priced at ¥8.66/share, total market cap ¥579.2B (~$81B), STAR Board's second-largest IPO ever; subscription July 16.
China's DRAM leader CXMT (ChangXin Technology) priced its STAR Board IPO at ¥8.66/share on July 14. Post-issue total share count (pre-greenshoe) is 66.88 billion shares, total market cap ~¥579.188 billion RMB (~$81 billion). Both institutional and retail subscription on July 16.
Raising ¥29.5B RMB, STAR Board's second-largest IPO since inception, and 2026's largest A-share IPO. From filing acceptance to committee approval: just 148 days — one of the fastest STAR Board semiconductor projects ever.
100% of proceeds go to technology: ¥7.5B for memory wafer manufacturing capacity upgrades, ¥13B for DRAM technology upgrades, ¥9B for frontier tech R&D. All hard capex, zero going to working capital.
Explosive performance: Q1 2026 revenue ¥50.8B RMB, non-GAAP net profit over ¥26.3B — year-over-year growth of 719% and 1,993% respectively. This scale of growth in a Chinese A-share semiconductor company is a first. The reason: Samsung and SK Hynix DDR5 capacity got squeezed out by HBM (see #204 Bank of Korea report), DRAM spot prices spiked, and CXMT as the top domestic-replacement candidate absorbed the orders directly.
Post #92 context: CXMT recently locked in a $3B three-year DRAM long-term contract with Tencent — the first ¥10B+ DRAM contract by a Chinese domestic producer. That contract is already flowing into Q1 numbers.
Strategic position: CXMT is #1 in China, #4 globally in DRAM. The top three are Samsung, SK Hynix, and Micron. As US export controls on DRAM to China tighten, Chinese data centers, phones, and auto OEMs increasingly have only CXMT and YMTC as options. The ¥13B DRAM upgrade line specifically targets next-gen DDR5 / LPDDR5X capacity parity.
If it works, CXMT becomes China's first true DRAM listed champion, breaks ¥800B market cap on day one, drags the entire domestic memory sector up. If it doesn't, DRAM spot prices soften in 2027, the Q1 quadruple-digit profit growth can't sustain, and ¥579B becomes the ceiling.
via Phoenix Finance / Phoenix Finance (pricing)
Raising ¥29.5B RMB, STAR Board's second-largest IPO since inception, and 2026's largest A-share IPO. From filing acceptance to committee approval: just 148 days — one of the fastest STAR Board semiconductor projects ever.
100% of proceeds go to technology: ¥7.5B for memory wafer manufacturing capacity upgrades, ¥13B for DRAM technology upgrades, ¥9B for frontier tech R&D. All hard capex, zero going to working capital.
Explosive performance: Q1 2026 revenue ¥50.8B RMB, non-GAAP net profit over ¥26.3B — year-over-year growth of 719% and 1,993% respectively. This scale of growth in a Chinese A-share semiconductor company is a first. The reason: Samsung and SK Hynix DDR5 capacity got squeezed out by HBM (see #204 Bank of Korea report), DRAM spot prices spiked, and CXMT as the top domestic-replacement candidate absorbed the orders directly.
Post #92 context: CXMT recently locked in a $3B three-year DRAM long-term contract with Tencent — the first ¥10B+ DRAM contract by a Chinese domestic producer. That contract is already flowing into Q1 numbers.
Strategic position: CXMT is #1 in China, #4 globally in DRAM. The top three are Samsung, SK Hynix, and Micron. As US export controls on DRAM to China tighten, Chinese data centers, phones, and auto OEMs increasingly have only CXMT and YMTC as options. The ¥13B DRAM upgrade line specifically targets next-gen DDR5 / LPDDR5X capacity parity.
If it works, CXMT becomes China's first true DRAM listed champion, breaks ¥800B market cap on day one, drags the entire domestic memory sector up. If it doesn't, DRAM spot prices soften in 2027, the Q1 quadruple-digit profit growth can't sustain, and ¥579B becomes the ceiling.
via Phoenix Finance / Phoenix Finance (pricing)
