CXMT Corp., a Hefei-based Chinese memory chip maker, began taking orders for an initial public offering in China on July 16, seeking to raise 71.2 billion yuan, or about US$9.8 billion.

If completed at that size, it would be China’s second-largest listing after Agricultural Bank of China in 2010.

The retail tranche was 212x oversubscribed after a clawback, with individual investors submitting 9.4 million orders.

CXMT sold 7.69 billion shares at 8.66 yuan (US$1.3) each, including a 1 billion-share overallotment option, implying an initial market value of 580 billion yuan (US$85.7 billion).

In its prospectus, the company said it had become China’s largest dynamic random-access memory maker and the world’s fourth-largest supplier by production capacity, shipments, and sales revenue.

Prospectus figures showed 2025 revenue rose 155.6% to 61.8 billion yuan (US$9.13 billion).

First-quarter 2026 revenue reached 50.8 billion yuan (US$7.51 billion), while consolidated net profit hit 33 billion yuan (US$4.88 billion).

In its prospectus, CXMT said 29.5 billion yuan (US$4.36 billion) of planned net proceeds would go to wafer production-line and DRAM technology upgrades, as well as DRAM research.

The prospectus did not disclose a dedicated high-bandwidth memory project.

🔗 Source: Bloomberg

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