Changxin Memory Technologies, Inc. (CXMT) went public on Shanghai's STAR Market on July 27, trading under the symbol 688825. The IPO was priced at 8.66 yuan per share, and with a post-offering share count of 66.88 billion, the company's market capitalization stood at roughly 579.2 billion yuan.
The offering had captured strong market interest. Before any greenshoe option, gross proceeds reached about 57.9 billion yuan. If the full overallotment option is exercised, total funds raised are expected to hit 66.6 billion yuan — surpassing the 53.2‑billion‑yuan record set by SMIC in 2020 and marking the largest IPO since the STAR Market was launched.
On its first trading day, CXMT opened at 49.50 yuan, a 471.6% jump from the offer price, giving it a market value of 3.31 trillion yuan. Trade volume topped 100 billion yuan, setting a new single‑day record for any A‑share stock.
Founded in 2016 and based in Hefei, Anhui, CXMT is China's largest and most advanced integrated DRAM designer and manufacturer, covering both R&D and production. It runs three 12‑inch DRAM wafer fabs in Hefei and Beijing, making it the country's top producer by capacity.
In terms of financials, CXMT posted revenue of 9.09 billion yuan, 24.18 billion yuan, and 61.80 billion yuan for 2023, 2024, and 2025, respectively. Attributable net income swung from losses of 16.34 billion yuan and 7.15 billion yuan in the first two years to a profit of 1.88 billion yuan in 2025.
For the first quarter of 2026, the company generated 50.80 billion yuan in revenue, up 719.1% year on year, with attributable net profit of 24.76 billion yuan. It expects first‑half revenue of 110 billion to 120 billion yuan and net profit of 50 billion to 57 billion yuan.
The IPO attracted 30 strategic investors. In its prospectus, CXMT said the proceeds would primarily go toward upgrading manufacturing lines for memory wafers, enhancing DRAM technology, and funding forward‑looking R&D projects.