China's DRAM giant CXMT plans US$4.2 billion IPO on Shanghai's Star Market

Core Viewpoint - CXMT Corporation aims to raise 29.5 billion yuan (US$4.2 billion) through an IPO in Shanghai to fund technology upgrades amid China's push for tech self-reliance [1] Group 1: IPO Details - CXMT has submitted its application for a listing on the Nasdaq-style Star Market, marking a significant step for China's largest DRAM designer and manufacturer [2] - The company plans to issue no more than 10.62 billion new shares as part of the IPO [2] - This IPO is set to become the second-largest on the Star Market since its inception in 2019, following the 53.2 billion yuan raised by Semiconductor Manufacturing International Corporation in 2020 [3][4] Group 2: Pre-review Mechanism - CXMT's listing is notable as the first "pre-review" project accepted on the Star Market, with the bourse conducting two rounds of pre-review inquiries on the same day the prospectus was received [4] - The pre-review mechanism, introduced by the China Securities Regulatory Commission, aims to protect information and technology security for companies in critical core technologies [5] Group 3: Company Overview - Founded in 2016, CXMT specializes in the design, research and development, production, and sales of DRAM chips, with products used in various applications including servers and mobile devices [6] - CXMT is recognized as China's largest and the world's fourth-largest DRAM manufacturer based on 2024 production capacity and shipment volume, with a global market share of 3.97% as of Q2 2025 [7]