ChangXin Memory Technologies has received approval from the Shanghai Stock Exchange for a STAR Market initial public offering.

The Hefei-based Chinese memory chipmaker is seeking at least 29.5 billion yuan (US$4.3 billion) to expand fabrication capacity and upgrade its memory technology.

The prospectus shows that 13 billion yuan (US$1.92 billion) will be used to fund phase II wafer fabrication capacity.

Another 7.5 billion yuan (US$1.11 billion) will be allocated to memory wafer production-line upgrades, while 9 billion yuan (US$1.33 billion) will support next-generation DRAM research and development.

The exchange’s approval is not final. STAR Market issuers must still register with the China Securities Regulatory Commission before listing.

If completed, the deal would be the second-largest STAR Market IPO since 2019, behind SMIC’s 53.2 billion yuan (US$7.85 billion) offering.

It could also become mainland China’s biggest listing since Cnooc Ltd’s US$5.1 billion float in 2022 if the over-allotment option is exercised.

CXMT is China’s largest DRAM maker and was the world’s fourth-largest in 2024.

It operates three 12-inch fabrication plants in Hefei and Beijing. Its most advanced publicly reported DDR5 product uses a 16nm process.

🔗 Source: Bloomberg

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