On July 16, CXMT Technology Group Co., Ltd. (stock code: 688825), China's leading domestic DRAM chipmaker, officially opened its online and offline subscription. As the largest A-share IPO of 2026 and one of the biggest in STAR Market history, CXMT's debut has attracted widespread attention.
CXMT priced its shares at 8.66 yuan per share, initially issuing 6.688 billion shares, representing 10% of total share capital post-issuance. Joint sponsor CICC was granted an overallotment option of up to 15% (greenshoe mechanism). Before exercising the overallotment option, the expected total fundraising amount is approximately 57.919 billion yuan; if fully exercised, it would reach approximately 66.607 billion yuan. This would surpass the 53.2 billion yuan record set by SMIC in 2020, making it the largest IPO in STAR Market history.
Founded in 2016 and headquartered in Hefei, Anhui Province, CXMT is China's only integrated IDM enterprise capable of DRAM design, R&D, manufacturing, and sales. The company operates three 12-inch DRAM wafer fabs in Hefei and Beijing. According to Omdia data, CXMT has become China's largest and the world's fourth-largest DRAM manufacturer by capacity, shipments, and revenue.
All funds raised will be allocated to three major projects: 13 billion yuan for DRAM storage technology upgrades, 9 billion yuan for advanced R&D of dynamic random access memory, and 7.5 billion yuan for wafer manufacturing production line renovation, all dedicated to expanding domestic storage chip capacity and iterating core manufacturing technologies.
In terms of performance, CXMT has achieved a dramatic turnaround. During the 2022-2024 storage industry downturn, the company accumulated losses exceeding 30 billion yuan over three consecutive years. In 2025, as the storage cycle recovered, the company turned profitable with a non-recurring net profit of 5.316 billion yuan. In Q1 2026, revenue reached 50.8 billion yuan, up 719.13% year-on-year, with net profit of 24.762 billion yuan, averaging approximately 275 million yuan in daily profit. The company guided H1 2026 revenue between 110 billion and 120 billion yuan, with net profit between 50 billion and 57 billion yuan.
A total of 30 institutions and products received strategic placement allocations, including 36 investment portfolios under the Social Security Fund and Basic Pension Insurance Fund, several major insurance companies, and over a dozen upstream and downstream partner companies. Total strategic placement amounted to 14.437 billion yuan, representing 24.93% of the initial offering.
Online subscription ran from 9:30-11:30 and 13:00-15:00, with offline subscription from 9:30-15:00. Lottery results will be announced on July 20, with the expected listing date of July 27.