ChangXin Memory Technologies Goes Public with Market Value Exceeding 3 Trillion Yuan: A Chinese Player Joins the Global

CXMT has pulled off the largest IPO in the history of the STAR Market, as well as the biggest tech‑stock IPO ever on the A-share market.

As disclosed in its prospectus, all funds raised in this offering will be deployed for its core business, focusing on three key areas: technical upgrading and renovation of memory‑wafer manufacturing production lines, DRAM memory‑chip technology iteration, and forward‑looking technology research and development. The proceeds will mainly expand advanced production capacity and push forward high‑end technologies such as AI‑oriented memory solutions.

In essence, the IPO equips CXMT with ample financial resources to seize opportunities amid the current strong market cycle. It delivers solid backing for the company to sustain technological breakthroughs and genuinely join the global industry’s top tier. Meanwhile, CXMT’s listing ripple effect is spreading across the industrial chain, directly driving coordinated growth among upstream and downstream sectors including semiconductor equipment, materials, and packaging‑and‑testing services.

CXMT’s successful listing would not have been possible without robust backing from a coalition of institutional shareholders providing patient capital. To break the global storage‑chip monopoly, CXMT endured a gruelling 10‑year stretch of sustained losses. Its ability to navigate this capital‑intensive, high‑threshold, long‑cycle and R&D‑heavy industry and finally reach a profitability inflection point hinges on long‑term companionship from patient‑capital investors.

Prior to its IPO, CXMT counted 60 institutional shareholders. Local state‑owned funds made initial investments, followed by continuous capital injections from national‑level industrial funds. Financial capital such as bank AIC funds and insurance capital, alongside industrial investors and market‑oriented investment institutions, were gradually brought in, forming a large‑scale patient‑capital consortium. Following the completion of CXMT’s subscription phase, the capital baton is being passed from primary‑market investors to secondary‑market institutional buyers. Serving as a core channel for exit and refinancing, the capital market delivers a closed‑loop liquidity system via platforms such as the STAR Market. This prolonged relay of patient capital has ultimately translated into tangible industrial competitiveness. In 2025, the company posted operating revenue of RMB 61.799 billion and swung to net‑profit profitability year‑on‑year.

From early‑stage equity investment and mid‑round strategic financing, through IPO sponsorship to secondary‑market placement, CXMT’s financing trajectory demonstrates full‑chain collaboration within China’s science‑and‑technology innovation finance ecosystem. It serves as a real‑world template for building a systematic sci‑tech‑finance framework and multi‑channel market‑oriented financing system, exerting immeasurable guiding influence in attracting more long‑term capital into hard‑technology sectors. CXMT’s development model also stands as vivid proof of China’s new‑type nationwide system applied to the semiconductor industry. Guided by national strategies, pooling strengths from enterprises and capital enables breakthroughs in core critical technologies and progressive end‑to‑end supply‑chain self‑reliance.

Listing is not a destination, but the starting line for CXMT’s new long‑distance race toward technological catch‑up. It is hoped that an increasingly institution‑inclusive capital market can deliver targeted momentum for China’s strategic emerging industries, enabling more hard‑technology champions like CXMT to emerge on the stage of China’s high‑quality development.