ChangXin Memory Technologies, China’s homegrown DRAM champion, just got the green light for a $4.3 billion initial public offering on Shanghai’s STAR Market. If it goes through as planned, it would be the largest IPO the tech-focused exchange has ever seen.
The company aims to raise 29.5 billion yuan through the issuance of over 10 billion shares, with the proceeds earmarked for expanding DRAM production capacity and developing next-generation high-bandwidth memory technologies like HBM3.
Tencent deal and Apple testing signal real traction
In late June 2026, CXMT finalized a server DRAM supply contract with Tencent worth over 20 billion yuan, roughly $3 billion.
Then there’s Apple. As of early July 2026, Apple began evaluating CXMT’s DRAM chips for devices intended for the Chinese market. The company is also reportedly seeking US approval to deploy CXMT chips more broadly outside of China.
The broader semiconductor self-reliance play
CXMT’s IPO is part of China’s broader push toward semiconductor self-sufficiency, a campaign that has accelerated since the US began imposing export controls on advanced chipmaking equipment and high-end AI chips.
The STAR Market itself was created in 2019 specifically to help fund China’s technology ambitions. It operates with lighter listing requirements than Shanghai’s main board, designed to channel capital toward strategic sectors like semiconductors, biotech, and clean energy.
The listing approval came around May 27, 2026. CXMT, founded in 2016 with backing from the Chinese government, has positioned itself as the country’s primary answer to Samsung, SK Hynix, and Micron in the DRAM space.