Cxmt Corporation, a leading domestic DRAM memory chip maker, officially listed on the Shanghai Stock Exchange's STAR Market on July 27. Its IPO aims to raise 57.919 billion yuan, marking the first pre-reviewed project on the STAR Market.
Behind Cxmt Corporation's listing, multiple insurance firms provided capital support through direct or indirect investments. According to its prospectus, six insurance institutions—Harmony Health, China Life Investment, PICC Capital, Sunshine Life Insurance, China Post Life Insurance, and PICC Ke Chuang—appear among its shareholders, with total subscribed contributions reaching 2.385 billion yuan.
Harmony Health directly holds 901 million shares, a 1.5% stake, ranking among the top ten shareholders. China Life Investment and PICC Capital participated via dedicated equity investment plans, holding 476 million and 467 million shares respectively, representing 0.79% and 0.78% stakes. Sunshine Life Insurance and China Post Life Insurance each hold 0.37%, while PICC Ke Chuang holds 0.15%.
DRAM high-end memory chips are core storage infrastructure for high-performance computing, AI servers, cloud computing, smart terminals, and autonomous driving. The sector has high technical barriers and has long been dominated by international giants. Cxmt Corporation is the only domestic high-tech company to achieve mass production of general-purpose DRAM with vertical integration manufacturing (IDM) capability. It has not only broken decades of monopoly but also stands as China's sole strategic, scarce asset in the mainstream DRAM supply chain.
According to CFM flash memory market data, in the first quarter of 2026, Cxmt Corporation's global production capacity market share reached 7.7%, ranking fourth worldwide and first domestically, cementing its status as a true "national heavy weapon."
A representative from China Life Investment stated that China Life adopted two distinct investment approaches—equity investment plans and third-party private equity funds—for Cxmt Corporation, mainly based on strategic considerations and risk-return balance. These dual paths complement each other, reflecting China Life's multi-layered product line strategy of "direct investment fund plus fund-of-funds plus S fund," achieving full lifecycle and multi-strategy coverage of the enterprise.
A China Post Life Insurance official noted that in 2021, when Cxmt Corporation had just achieved mass production of memory chips, the company made a strategic investment, using long-term capital to witness the historic breakthrough of China's mainland DRAM industry from "zero to one." In recent years, China Post Life Insurance has adhered to a long-termist philosophy, employing a "direct investment plus fund" dual-drive model to precisely deploy in hard-tech tracks, systematically building an investment landscape covering core areas such as chips, semiconductors, commercial aerospace, low-altitude economy, humanoid robots, artificial intelligence, and green energy.
The official added that the company will continue to leverage insurance capital's core advantages as patient, long-term capital, focusing on national strategic needs and cutting-edge technology fields. It aims to precisely match the long-term growth patterns of hard-core tech industries, using financial resources to support breakthroughs in key core technologies, promote deep integration and synchronized growth between financial capital and the real economy, and inject more stable, well-utilized, and sustainable financial strength to accelerate the achievement of high-level technological self-reliance and advance Chinese-style modernization.