ChangXin Memory Technologies (CXMT), China’s largest DRAM chipmaker, is preparing for a major IPO on Shanghai’s STAR Market in the second half of 2026, aiming to raise 29.5 billion yuan ($4.3 billion), potentially China’s biggest listing this year.

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The company’s finances have transformed dramatically: Q1 2026 revenue soared over 700% YoY to 50.8 billion yuan, with net profit reaching 25 billion yuan versus a loss a year earlier. For the first half of 2026, CXMT guides revenue of 110–120 billion yuan and net profit of 57 billion yuan.

The surge is driven by a broader memory upcycle, with DRAM contract prices nearly doubling in Q1 2026 according to TrendForce, fueled by AI data-center demand. CXMT holds about 7.7% of the global DRAM market (fourth worldwide), and counts Alibaba, Tencent, and ByteDance among its customers. Backed by China’s national semiconductor fund and major state investors, the company is central to Beijing’s push for chip self-sufficiency, making its IPO a key test of investor appetite for China’s domestic semiconductor champions.