ChangXin Technology's IPO on the STAR Market has been approved, with a net profit of RMB 3.3 billion in Q1 2026.

ME News report: On May 27 (UTC+8), according to monitoring by Beating, the Shanghai Stock Exchange’s Listing Review Committee convened a meeting and approved the initial public offering (IPO) application of CXMT Group Co., Ltd. (hereinafter referred to as CXMT) for the STAR Market. As China’s largest and only integrated circuit design and manufacturing enterprise with large-scale mass production capability for general-purpose DRAM, CXMT’s IPO approval marks the first STAR Market project to successfully pass review under the “pre-review” mechanism. CXMT’s IPO prospectus disclosed its financial turnaround and path to profitability. The company incurred cumulative net losses exceeding RMB 28.2 billion in 2023 and 2024 due to heavy capital investment and a downturn in the industry cycle. However, it achieved profitability in 2025. In the first quarter of 2026, driven by surging global computing demand, tight DRAM supply, and rising contract prices, the company recorded quarterly revenue of RMB 50.8 billion—a year-over-year surge of 719.13%—and quarterly net profit of RMB 33.012 billion (parent company net profit of RMB 24.762 billion). CXMT forecasts that its revenue for the first half of 2026 will reach RMB 110–120 billion, with net profit ranging from RMB 66 to 75 billion. On the product technology roadmap, CXMT has completed its generational transition from DDR4/LPDDR4X to DDR5/LPDDR5X. High-margin DDR5 chips saw rapid volume growth in 2025, with demonstrated DDR5 chips achieving speeds of up to 8000 MT/s and a single-die capacity of 24 Gb, successfully entering the global high-end memory market. For this IPO, CXMT plans to raise RMB 29.5 billion to fund upgrades to its memory wafer manufacturing lines and advanced research and development. Additionally, the prospectus anonymizes its top five suppliers as “Supplier A,” “Supplier B,” etc., to protect supply chain confidentiality, while the proportion of sales to the top five customers has declined to 39.85%, reflecting continued reduction in customer concentration. (Source: BlockBeats)