Overview
- On Wednesday, July 15, CXMT set the IPO price at RMB 8.66 per share to raise about RMB 57.9 billion with a 15% overallotment that could lift proceeds to RMB 66.6 billion and a planned Shanghai STAR Market debut around July 27.
- The company says it will use the proceeds to scale HBM wafer output and total monthly wafer capacity, backing targets such as moving HBM from roughly 5,000 wafers per month in 2025 to tens of thousands by 2026–27 and a 350,000‑wafer monthly goal by end‑2026.
- CXMT has reported explosive recent growth, with first‑quarter 2026 revenue near RMB 50.8 billion, roughly 700% year‑on‑year, and it held about 7.7% of global DRAM market share in 2025.
- Regulatory and trade risk is elevated: the U.S. Department of Defense has designated CXMT a 'Chinese Military Company' and press reporting says an interagency recommendation for Entity List addition was approved though it has not been implemented.
- The deal has drawn strong domestic demand and strategic subscriptions from Chinese tech and auto firms, while speculative derivative markets have priced far higher valuations, a development that could shift global DRAM supply, pricing and the competitive balance with Samsung, SK Hynix and Micron.