China's CXMT to start book-building on July 15 for 29.5 billion yuan Shanghai IPO

China's top memory chipmaker Changxin Memory Technologies (CXMT) said on Thursday it will start book-building on July 15 for its Shanghai initial public offering as it seeks to raise 29.5 billion yuan (HK$33.99 billion).

CXMT, long seen as a technological laggard compared with global leaders Samsung Electronics and SK Hynix, will take investor subscriptions on July 16 for its IPO, according to a stock exchange filing.

CXMT's mega IPO comes amid rising volatility in global memory chip shares. It could also weigh on China’s stock market, where a blistering surge in tech shares appears to be losing steam.

The company, blacklisted by the U.S., said in its prospectus that it will use the listing proceeds to upgrade production lines and technologies.

CXMT, the world's fourth-largest DRAM maker with approximately 7.7 percent market share in 2025, has ridden the upcycle to explosive growth.

Its first-quarter revenue hit 50.8 billion yuan, up 700 percent year-on-year, while it recorded a net profit of 25 billion yuan, compared with a 1.6 billion yuan loss a year earlier.

Reuters

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