By Yang Jie and Sherry Qin
China's securities regulator has cleared an approximately $4 billion share offering by a leading memory maker, bringing the highly anticipated listing a step closer following the company's recent technological breakthroughs.
The Shanghai Stock Exchange said Wednesday that ChangXin Memory Technologies, also known as CXMT, had cleared a listing review for the exchange's Nasdaq-like STAR Board.
CXMT's listing could become China's largest IPO this year and the second-largest debut in the history of Shanghai's tech-focused board.
Founded in Hefei in 2016, CXMT is China's current only homegrown competitor and the world's fourth-largest company capable of full-process DRAM production. It operates in a critical sector dominated by global giants Samsung, SK Hynix, and Micron, which collectively control more than 90% of the market.
Expanding domestic DRAM production has long been a priority for Beijing as it pushes to build a self-reliant semiconductor supply chain, despite the enormous capital requirements and steep technical barriers that define the advanced memory-chip industry.
The regulatory decision comes on the heels of explosive first-quarter financial results in 2026.
The company reported a nearly 17-fold increase in first-quarter profit, while revenue rose more than sevenfold to 50.8 billion yuan, benefiting from the AI-driven surge in memory prices.
CXMT's current product lineup includes advanced memory chips, and the company is targeting high-bandwidth memory products for AI applications. Its rapidly growing output is supported by a strong domestic client base that includes Alibaba, ByteDance, Tencent and Xiaomi.
Write to Yang Jie at jie.yang@wsj.com and Sherry Qin at sherry.qin@wsj.com
(END) Dow Jones Newswires
May 27, 2026 06:37 ET (10:37 GMT)
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