China's leading DRAM manufacturer, ChangXin Memory Technologies (CXMT), has officially filed for an IPO on Shanghai's STAR Market, aiming to raise a massive 29.5 billion yuan (approximately $4.1 billion). The funds are earmarked for upgrading its memory wafer manufacturing lines, advancing DRAM technology, and funding next-generation research, targeting a larger global market share.
Founded in 2016, CXMT has played a critical role in China's drive for semiconductor self-sufficiency. It has successfully broken the over 90% monopoly held by Samsung, SK Hynix, and Micron in the DRAM market by achieving the commercialization of key technologies. It is now the largest and most advanced integrated device manufacturer (IDM) for DRAM in mainland China.
The company offers a comprehensive product line spanning DDR and LPDDR series, from DDR4 and LPDDR4X to the latest DDR5 and LPDDR5/5X. These chips are used in critical sectors like servers and smart vehicles. Its milestones include the first domestic mass production of an 8Gb DDR4 chip, and its latest LPDDR5X and DDR5 products achieve speeds of 10,667 Mbps and 8,000 Mbps, respectively, with capacities up to 24Gb, placing them on par with international leaders.
Operating three 12-inch wafer fabs in Hefei and Beijing, CXMT ranks as China's largest and the world's fourth-largest in terms of DRAM production capacity. It has secured partnerships with major domestic tech firms like Alibaba Cloud, Tencent, Lenovo, and Xiaomi. In Q2 2025, its global market share reached 3.97%.
Benefiting from the AI-driven memory supercycle, CXMT's financial performance has surged. Its revenue has grown from 8.29 billion yuan in 2022 to 24.18 billion yuan in the first half of 2025, representing a CAGR of 72.04%. The company projects its 2025 annual revenue to reach 55-58 billion yuan, turning profitable for the first time with a net income of 2-3.5 billion yuan, potentially hitting 8-9.5 billion yuan in the fourth quarter alone.
This progress is backed by massive R&D investment. From 2022 to H1 2025, CXMT spent a total of 18.87 billion yuan on R&D, accounting for 33.11% of its revenue—a rate that far exceeds the industry average.
ICgoodFind's Insight
CXMT's massive IPO filing arrives at a pivotal moment, leveraging both the favorable market cycle and its proven technological breakthroughs. Its successful listing and anticipated profitability will provide crucial capital to accelerate China's domestic DRAM substitution efforts, fundamentally strengthening the resilience of its semiconductor supply chain.
