Firms steer CXMT’s RMB57.9bn largest A-share IPO of 2026 | China
ChangXin Memory Technologies (CXMT), China’s leading memory chipmaker, has debuted on the SSE Star Market on 27 July in the largest A-share IPO of the year, raising RMB57.92 billion (USD8.6 billion). It also became the biggest Star Market fundraising to date. AllBright Law Offices, Llinks Law Offices, Commerce & Finance Law Offices and Haiwen & Partners advised on the transaction.
Priced at RMB8.66 each, CXMT issued around 6.69 billion shares. On debut, the stock opened at RMB49.5, up 471.59% from the offer price, giving the company a market capitalisation of RMB3.31 trillion and surpassing Industrial and Commercial Bank of China to become the largest listed A-share companyby market value.
Around an hour after trading began, turnover in CXMT shares exceeded RMB90 billion, setting a record for single-day trading value for an individual A-share stock.
AllBright counselled CXMT, with senior partner Wang Li leading the team. Support was provided by senior partners Zhu Linhai, Zhu Ming, Shen Cheng and Bao Fangzhou, together with partners Yang Jiwei, Lu Qingchuan, Wu Sha, Xu Jingjing, Zhong Hang and Tu Chongpeng participating. Haiwen & Partners acted as special legal counsel on CXMT’s strategic placement.Llinks and Commerce & Finance advised the joint sponsors, CICC and China Securities. Partners Wayne Chen, Chris Xia and Baker Chen led the Llinks team, while the Commerce & Finance team was led by partner Ying Xiaochen.
The IPO attracted a strong line-up of cornerstone investors, including portfolios managed by the National Social Security Fund and the Basic Old-age Insurance Fund, China Life Insurance and People’s Insurance Company of China, as well as companies across the semiconductor supply chain such as Advanced Micro-Fabrication Equipment, Montage Technology and ESWIN Material. Technology companies including Xiaomi, Meituan, Alibaba Cloud and Chery Automobile also participated.
The prospectus stated that the proceeds would primarily be used to upgrade the company’s memory wafer manufacturing production lines and advance dynamic random access memory (DRAM) technology and forward-looking R&D, further strengthening its technological capabilities and competitiveness.
Headquartered in Anhui province, CXMT was founded in 2016, and designs, develops, manufactures and sells DRAM products for servers, mobile devices, personal computers and smart vehicles.
Market researcher Omdia said the company ranked first in China and fourth globally in DRAM production capacity, shipments and sales.
The global DRAM market is dominated by Samsung Electronics, SK Hynix and Micron Technology, with other competitors including Nanya Technology and Winbond Electronics.
