CXMT Raises Up to 66.6 Billion Yuan in China's Largest Semiconductor IPO
ChangXin Memory Technologies begins trading on Shanghai's STAR Market on July 27, having priced 6.688 billion shares at 8.66 yuan each for gross proceeds of 57.92 billion yuan, expandable to 66.61 billion yuan via a greenshoe option. The offering surpasses SMIC's 2020 listing and draws strategic investors including the National Social Security Fund, Xiaomi, Alibaba Cloud, Tencent, and Nio, with lock-up periods ranging from 24 to 36 months. The deal illustrates how China is using public markets, state funds, and major domestic customers to finance semiconductor capacity as U.S. export controls limit access to advanced equipment.