Asia’s Largest IPO of 2026: China’s CXMT Makes a Historic Debut

China’s memory chip titan, CXMT Corp. (formerly known as ChangXin Memory Technologies), made a grand entrance on Shanghai’s STAR Market on July 27, 2026. This marked the largest initial public offering in Asia for the year. The Hefei-based chipmaker raised a whopping 57.92 billion yuan (approximately $8.6 billion) by selling shares at 8.66 yuan each, breaking SMIC’s previous STAR Market fundraising record of RMB 53.2 billion.

With a post-listing valuation of approximately 579 billion yuan (~$85 billion), CXMT is set to become one of China’s most valuable listed companies. The investor demand was overwhelming — the retail portion of the offering was oversubscribed by nearly 244 times, while institutional interest exceeded 500 times the number of shares offered. If underwriters fully exercise the overallotment option, total proceeds could rise to 66.6 billion yuan ($9.8 billion).

Currently, CXMT stands as the world’s fourth-largest DRAM manufacturer, holding roughly 7.7% of the global market in 2025. This puts them in direct competition with giants like Samsung, SK Hynix, and Micron. The company reported a staggering 719% year-over-year revenue surge in Q1 2026, reaching 50.8 billion yuan. The IPO proceeds will be directed towards upgrading DRAM production capacity, advancing technology, and funding R&D. This blockbuster listing highlights China’s state-led push for semiconductor self-sufficiency amid ongoing U.S. export restrictions.

Source: Reuters via Yahoo Finance – Chinese chipmaker CXMT to list in Shanghai on July 27