CXMT Corporation, parent of Chinese memory chip giant ChangXin Memory Technologies (CXMT), plans to raise 29.5 billion yuan from an IPO in Shanghai to fund technology upgrades amid Beijing’s push for tech self-reliance.

The company aims to list on the Nasdaq-style Star Market, with plans to issue no more than 10.62 billion new shares.

CXMT’s IPO is set to be the second-largest on the Star Market, following Semiconductor Manufacturing International Corporation’s listing in 2020.

Founded in 2016, CXMT is an integrated memory manufacturer specializing in DRAM chips used in various devices with major clients including Alibaba Cloud, ByteDance, Tencent, and more.

CXMT reported a revenue surge in 2025 and projected a net profit in 2025 after a loss in 2024, thanks to the recovery of the DRAM market.

The company plans to allocate IPO proceeds to wafer fabrication, technical upgrades, and next-generation DRAM technology research and development.

Read more at Yahoo Finance: China’s DRAM giant CXMT plans US$4.2 billion IPO on Shanghai’s Star Market