ChangXin Memory Technologies (CXMT), a Hefei-based Chinese memory chipmaker, priced its initial public offering at 8.66 yuan (US$1.28) per share in a filing on July 14 and expects to raise about 57.9 billion yuan (US$8.55 billion) on Shanghai’s Nasdaq-style Star Market.

If the over-allotment option is fully exercised, gross proceeds would increase to about 66.6 billion yuan (US$9.83 billion). Two people familiar with the matter said CXMT is scheduled to begin trading on the Shanghai Stock Exchange on July 27.

The deal would be Asia’s largest IPO so far this year and the biggest Chinese A-share semiconductor offering ever.

CXMT said it will use the funds to upgrade production lines and technology.

The company is already the fourth-largest maker of DRAM, or dynamic random-access memory, in the world.

Separately, analysts estimate the company’s wafer capacity could reach about 350,000 wafers a month by the end of 2026.

That expansion could strengthen China’s domestic DRAM supply, although US export controls on advanced chipmaking tools could limit CXMT’s future access to equipment.

🔗 Source: Reuters