TL;DR
ChangXin Memory Technologies (CXMT) has submitted a prospectus for a STAR Market IPO seeking about CNY 29.5 billion (~USD 4.22 billion) to expand DRAM production, advance process technology and fund next‑generation R&D. The company, founded in 2016 and now China’s largest DRAM maker, reports rapid revenue growth but cumulative losses tied to heavy investment and expects to return to profitability in 2025.
What happened
On December 30 CXMT filed a prospectus with the Shanghai Stock Exchange to list on the STAR Market, with sponsorship from CICC and CSC Financial. The company is targeting up to CNY 29.5 billion (about USD 4.22 billion) to support three priorities: upgrading mass‑production DRAM wafer lines, pushing process‑technology advances and financing forward‑looking DRAM research. CXMT, founded in 2016, operates three 12‑inch fabs in Hefei and Beijing and says it ranks first in China and fourth globally by capacity. Its portfolio includes DDR4/DDR5 and LPDDR4X/LPDDR5/5X products for servers, mobile, PCs, vehicles and AI systems. From 2022 through H1 2025 CXMT reported nearly CNY 57 billion in cumulative revenue alongside cumulative net losses exceeding CNY 40.86 billion, driven by depreciation, R&D and inventory effects. The company projects full‑year 2025 revenue of CNY 55–58 billion and net profit of CNY 2–3.5 billion.
Why it matters
- The IPO would supply capital for capacity and technology upgrades that could strengthen China’s domestic DRAM manufacturing capability.
- A larger CXMT could affect global DRAM supply dynamics dominated by Samsung, SK Hynix and Micron, though it currently remains much smaller than those leaders.
- Proceeds aim to accelerate products for AI and mobile markets, areas driving stronger memory demand and price recovery.
- The filing is the first STAR Market application processed under China’s new pre‑review route for critical technology firms, signaling regulatory prioritization.
Key facts
- Filed prospectus on Dec. 30 for a STAR Market listing; sponsors are CICC and CSC Financial.
- Target raise: up to CNY 29.5 billion (≈ USD 4.22 billion).
- Planned use of funds: upgrade mass‑production wafer lines, advance DRAM processes, and next‑generation R&D.
- Operates three 12‑inch DRAM fabs located in Hefei and Beijing; claims No. 1 capacity in China and No. 4 globally.
- Product lineup includes DDR4, DDR5, LPDDR4X and LPDDR5/5X; LPDDR5X speeds up to 10,667 Mbps, DDR5 up to 8,000 Mbps with single‑die 24Gb capacity (company figures).
- Omdia estimated CXMT’s global DRAM market share at about 3.97% in Q2 2025; Samsung, SK Hynix and Micron together held the majority in 2024.
- From 2022 through H1 2025 cumulative revenue ~CNY 57 billion and cumulative net losses > CNY 40.86 billion.
- R&D spend totaled CNY 18.87 billion over 2022–H1 2025; R&D headcount 4,653 and 5,589 patents held as of June 30, 2025.
- Top five customers accounted for more than 60% of revenue; named end customers include Alibaba Cloud, ByteDance, Tencent, Lenovo, Xiaomi, OPPO and vivo.
- Shareholder mix includes state-backed Big Fund Phase II, regional government investment vehicles and strategic partners such as Alibaba and Tencent.
What to watch next
- Final regulatory approval, IPO pricing and timing on the STAR Market — not confirmed in the source.
- Whether CXMT achieves its 2025 revenue and profit forecast and sustains margins amid DRAM price volatility — not confirmed in the source.
- Progress in reducing unit costs and advancing process nodes after the planned investments — not confirmed in the source.
- How CXMT’s global market share and customer diversification evolve as capacity scales — not confirmed in the source.
Quick glossary
- DRAM: Dynamic Random‑Access Memory, a common type of volatile memory used in servers, PCs, mobile devices and AI systems.
- STAR Market: A science and technology focused board of the Shanghai Stock Exchange intended to support listings of technology and innovation‑driven companies.
- IDM: Integrated Device Manufacturer — a company that designs, develops and fabricates semiconductor products in‑house.
- Wafer fab: A fabrication facility where semiconductor wafers are processed into chips through multiple steps such as lithography, etching and deposition.
- LPDDR: Low‑Power Double Data Rate memory, a DRAM variant optimized for mobile and energy‑sensitive applications.
Reader FAQ
How much is CXMT seeking to raise in the IPO?
Up to CNY 29.5 billion, roughly USD 4.22 billion according to the prospectus.
What will the IPO proceeds be used for?
To upgrade mass‑production DRAM wafer lines, advance process technologies and fund next‑generation DRAM R&D.
Is CXMT currently profitable?
The company reported cumulative net losses exceeding CNY 40.86 billion through H1 2025 but forecasts a net profit for full‑year 2025.
Who are CXMT’s major customers and investors?
End customers named include Alibaba Cloud, ByteDance, Tencent, Lenovo, Xiaomi, OPPO and vivo; major investors include the state‑backed Big Fund Phase II, regional government vehicles, and strategic partners such as Alibaba and Tencent.
Will the IPO date and listing be immediate?
Not confirmed in the source.
Home / IC News China's Leading DRAM Maker CXMT Targets $4.2 Billion IPO as It Takes On Samsung, SK Hynix and Micron Jan 02,2026 On the evening of December 30,…
Sources
- China DRAM Maker CXMT Targets $4.2B IPO as It Takes on Samsung, SK Hynix, Micron
- Chinese memory maker CXMT prepares $4.2 billion USD …
- DIGITIMES archived news
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