Chinese memory chipmaker CXMT File Photo: VCG

CXMT Corp's IPO application for the STAR Market has passed review by the listing committee of the Shanghai Stock Exchange, the bourse's website showed on Wednesday. The Chinese memory chipmaker plans to raise 29.5 billion yuan ($4.35 billion), potentially making it the second-largest IPO in STAR Market history after Semiconductor Manufacturing International Corp (SMIC). 

The semiconductor industry is highly dependent on capital support, and CXMT Corp's successful passage through the STAR Market listing review represents the combined outcome of policy guidance, industrial efforts and coordinated support from the financial system, Dong Shaopeng, a senior research fellow at the Chongyang Institute for Financial Studies, Renmin University of China, told the Global Times on Wednesday.

According to the company's prospectus, CXMT Corp reported revenue of 61.799 billion yuan in 2025, up 155.60 percent year-on-year. In the first quarter of 2026, multiple indicators posted sharp gains from a year earlier, with revenue reaching 50.80 billion yuan, up 719.13 percent, while net profit surged 1,268.45 percent to 33.012 billion yuan. 

The company forecast first-half 2026 revenue of 110 billion yuan to 120 billion yuan, with net profit expected to reach 66 billion yuan to 75 billion yuan. 

The prospectus showed that based on production capacity, shipments and sales revenue, the company has become the largest dynamic random-access memory (DRAM) maker in China and the world's fourth-largest DRAM supplier. The company has established deep cooperation with key industry clients including Alibaba Cloud, ByteDance, Tencent, Lenovo, Xiaomi, Transsion, HONOR, OPPO and vivo.

Apart from CXMT Corp's latest progress, Yangtze Memory Technologies Co, another leading memory chip producer, has launched its pre-IPO tutoring, according to a document on the website of the China Securities Regulatory Commission.

Beyond A-share listings, a significant "southbound" trend to Hong Kong has emerged. As of Tuesday, 17 A-share semiconductor companies had announced plans for secondary listings in Hong Kong, with four already listed, chinastarmarket.cn reported.

In another cutting-edge technological sector, Chinese robotics maker Unitree Robotics is scheduled to have its IPO review on June 1, while Huawei has unveiled its semiconductor guideline principle "Tau Scaling Law," and DeepSeek's V4 large-language model ranked first in the global usage chart in the latest week. 

Dong said that the series of breakthroughs demonstrates that China's indigenous innovation capabilities across the semiconductor and artificial intelligence industrial chains are continuing to improve, while also reflecting growing recognition in the domestic market toward "hard-tech" enterprises.

He noted that China's manufacturing sector remains the world's largest in scale and is now upgrading from traditional manufacturing toward higher-end production. "Against this backdrop, continued breakthroughs in China's semiconductor industry could bring structural adjustments to the global chip market landscape," he said. 

Global Times