ChangXin Memory Technologies, China’s leading DRAM producer, will list its shares on July 27 on the Shanghai Stock Exchange, according to two people familiar with the plans. The company announced last week it will begin book-building on July 15 for its initial public offering on the STAR board, aiming to raise 29.5 billion yuan, or about 4.35 billion dollars. The offering is expected to become Asia’s biggest IPO so far this year and the largest Chinese semiconductor listing on the A-share market since SMIC went public in 2020. Senior government officials along with executives from related supply-chain companies are expected to attend the listing ceremony. CXMT and the exchange have not yet responded to requests for comment. The Hefei-based firm ranks as the world’s fourth-largest DRAM maker, holding roughly 7.7 percent of the market in 2025, and has grown rapidly during the current industry upcycle. DRAM chips are essential for servers used in cloud computing, databases, and AI applications. The large IPO arrives as global memory-chip stocks show increased volatility and as momentum in China’s technology shares appears to be slowing. Some analysts, however, believe the offering will not significantly reduce market liquidity. Nomura semiconductor analyst Donnie Teng noted that memory supply remains tight amid strong AI-driven demand. He added that continued capital spending by hyperscale data-center operators should allow the market to absorb any liquidity impact from the listing. CXMT has historically trailed industry leaders Samsung Electronics and SK Hynix in technology. In its prospectus the company stated that proceeds will fund upgrades to production lines and processes. One dollar equals 6.7817 yuan.
