HONG KONG, July 14 (Reuters) – China’s ChangXin Memory Technologies (CXMT) expects to raise about 57.9 billion yuan ($8.55 billion) before any over-allotment option in its IPO on Shanghai’s Nasdaq-style STAR Market, the chipmaker said in a filing on Tuesday.
The initial public offering will be Asia’s largest so far this year and the biggest Chinese A-share semiconductor offering ever, surpassing chipmaker SMIC’s share sale in 2020.
If an over-allotment option is fully exercised, gross proceeds would rise to about 66.6 billion yuan, Tuesday’s filing showed. CXMT said the IPO price was set at 8.66 yuan per share.
The company is scheduled to list on July 27 on the Shanghai Stock Exchange, two people familiar with the matter said.
The price setting has seen the company double its original fundraising target of 29.5 billion yuan ($4.35 billion).
CXMT and the Shanghai Stock Exchange did not immediately respond to requests for comment.
CXMT, the world’s fourth-largest DRAM (dynamic random-access memory) chipmaker with approximately a 7.7% market share in 2025, has ridden the upcycle to explosive growth.
DRAM is a critical component for servers that power cloud computing, databases and AI workloads.
CXMT’s mega IPO comes amid rising volatility in global memory-chip shares. It could also weigh on liquidity in China’s stock market, where a surge in tech shares appears to be losing steam.
Some analysts said the offering would not drain market liquidity.
“Memory supply is still not enough,” said Donnie Teng, a Greater China semiconductor analyst at Nomura, citing unprecedented demand from the AI industry.
As long as AI demand is structurally positive and hyperscalers continue to spend their capex, the whole market can eventually absorb the liquidity drain from this IPO, he said.
CXMT has long been seen as a technological laggard compared with global leaders Samsung Electronics and SK Hynix.
SK Hynix’s U.S.-listed shares jumped 14% in their Nasdaq debut last Friday following its $26.5 billion share sale, although the shares have lost some of those gains this week.
Hefei-based CXMT said in its prospectus that it will use the listing proceeds to upgrade production lines and technologies.
($1 = 6.7817 Chinese yuan renminbi)
(Reporting by Summer Zhen and Beijing newsroom; Additional reporting by Kane Wu and Shanghai newsroom; Editing by Sonali Paul, Muralikumar Anantharaman and Susan Fenton)
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