ChangXin Technology Launches IPO on the Science and Technology Innovation Board, with an Estimated Market Capitalization of Approximately 29.5 Billion CNY

According to ME News, on July 9 (UTC+8), the chip manufacturer CXMT has received approval from the China Securities Regulatory Commission for registration and has officially launched its IPO process on the STAR Market. The company plans to raise RMB 29.5 billion; based on the fundraising amount and share issuance volume, the expected offering price is approximately RMB 4.41 per share, with an estimated total market capitalization of nearly RMB 295 billion after listing. The company anticipates revenue of RMB 110 billion to RMB 120 billion and net profit of RMB 66 billion to RMB 75 billion in the first half of 2026, marking a turnaround from losses to growth. Under the issuance arrangement, the initial strategic allocation ratio is 50%, and the offline allocation follows the “3+7” rule, with 70% of the offline-allocated shares subject to a six-month lock-up period. Calculations indicate that approximately 78% of the issued shares will be locked on the first day of trading, with an estimated tradable market value of about RMB 6.5 billion on day one. Additionally, online investors must activate STAR Market trading permissions and meet Shanghai Stock Exchange market value requirements. Certain major shareholders have committed to a 36-month lock-up period, and the lead underwriter, CICC, holds an over-allotment option of 15%, allowing for price stabilization operations within 30 natural days after listing. (Source: ODAILY)