CXMT Corp., a Hefei-based memory-chip maker focused on DRAM used for real-time data processing in AI models, is moving into the final stage of its closely watched public offering as investor subscriptions are set to open next week. The company, which competes with Samsung Electronics Co. (SSNLF), a South Korean electronics and memory-chip producer, and SK Hynix Inc. (HXSCL), a South Korean memory-chip maker, plans to offer 6.688 billion shares, with half reserved for cornerstone investors. If the overallotment option is exercised, the offering could rise to 7.69 billion shares, representing 11.3% of total shares.
CXMT is seeking to raise at least 29.5 billion yuan, or $4.3 billion, on Shanghai's chip-heavy STAR Board, with the deal potentially exceeding $5 billion if the overallotment option is used. At that scale, investors may view the listing as China's biggest mainland IPO since Cnooc Ltd., a Chinese oil and gas company, raised $5.1 billion in 2022, and Asia's largest since CATL, a Chinese battery maker, completed a $5.3 billion share sale in May 2025. The company plans to use the proceeds to expand wafer fabrication capacity and upgrade its DRAM technology, reinforcing its role as the world's fourth-largest DRAM producer at a time when AI-related chip demand remains a major market focus.
The offering may provide one of the strongest near-term tests of investor confidence in China's semiconductor sector as Beijing continues to support strategic technologies amid U.S.-China technology tensions. Apple Inc. NASDAQ:AAPL, a U.S. consumer-electronics and technology company, has reportedly asked White House officials for approval to source chips from CXMT despite the company's presence on a Pentagon blacklist, a request that appears to reflect tightening global memory-chip supplies and growing recognition of CXMT's technology. Preliminary book building is scheduled to begin on July 13, with the offering announcement and pricing details expected on July 15, while institutional and retail investors will have until July 20 to prepare funds if they win the subscription lottery.