China’s Largest DRAM Maker CXMT Clears Shanghai STAR IPO Review; Alibaba Cloud Holds 3.85% Stake
Chinese memory-chip maker CXMT, the country’s largest DRAM producer, cleared its IPO review on Shanghai’s Nasdaq-like STAR Market on May 27. The offering could raise more than $5 billion, potentially making it mainland China’s biggest IPO since 2022.
Alibaba Cloud already holds a 3.85% stake in CXMT, making it the company’s sixth-largest shareholder. The listing push comes after a sharp earnings turnaround: first-quarter net income reached Rmb 24.8 billion, exceeding the company’s cumulative losses in 2023 and 2024 combined, while revenue surged 719% from a year earlier.
From the sources (6 posts)
@firstsquawkCHINESE CHIPMAKER CXMT GETS SHANGHAI BOURSE'S APPROVAL FOR IPO
@businessMemory giant CXMT got approval for an IPO that could raise more than $5 billion, the biggest in mainland China since 2022
@zerohedgeCHINESE CHIPMAKER CXMT GETS SHANGHAI BOURSE'S APPROVAL FOR IPO
@techmemeThe Shanghai Stock Exchange says memory maker CXMT cleared a listing review for the exchange's Nasdaq-like STAR Board, in what could be China's top IPO in 2026 (Wall Street Journal) (Visit Techmeme dot com for the link and full context!)
@poezhao0605CXMT, China’s largest DRAM maker, cleared its IPO review on May 27. One detail worth noting: Alibaba Cloud is already its 6th largest shareholder at 3.85%. The cloud giant is locking in memory chip supply through equity, not contracts. http
@poezhao0605CXMT just cleared its STAR Market IPO review. Potential valuation: up to Rmb 3 trillion. The financial reversal is stark. Q1 2026 net income of Rmb 24.8 billion exceeded the company’s cumulative losses across 2023 and 2024 combined. Revenu