Chinese memory-chip manufacturer CXMT Corp.
has raised 66.6 billion yuan ($9.8 billion) in a heavily oversubscribed initial public offering on the Shanghai stock exchange, according to a Bloomberg report on July 26, 2026.
>>> Jamie Lee Curtis Opens Up About Mother Janet Leigh and Family Legacy
The Hefei-based company issued 6.688 billion shares at 8.66 yuan each, before any overallotment option.
The transaction is the second-largest domestic IPO in Chinese history, behind only Agricultural Bank of China's roughly $10 billion listing in 2010.
Market pricing values CXMT at approximately 580 billion yuan prior to trading.
If the stock surges about 330% on its first day, its market capitalization could surpass the 2.6 trillion yuan valuation of Industrial and Commercial Bank of China, making it potentially mainland China's most valuable publicly traded firm.
Retail demand drove the offering, with the individual investor segment oversubscribed 212 times. Prospective buyers submitted roughly 9.4 million orders totaling 7.07 trillion yuan.
The company was priced at about 2.4 times book value, a 56% discount compared to the average valuation of global DRAM competitors such as SK Hynix Inc., Micron Technology Inc., and Nanya Technology Corp.
>>> Apple iPhone 18 Pro Leaks Hint at Major Camera, Battery Upgrades
Newly listed shares on the Shanghai exchange are exempt from daily price limits during their first five trading sessions, allowing for significant opening price movements.
CXMT currently ranks as the world's fourth-largest manufacturer of dynamic random-access memory, which powers smartphones, computers, and AI servers.
The firm is also expanding into high-bandwidth memory production to supply AI data centers.
The offering provides investors direct access to China's national policy to expand domestic chip production and reduce dependence on foreign semiconductor vendors.
The debut could pave the way for prospective listings by other domestic technology firms, including Yangtze Memory Technologies and Baidu Inc.'s Kunlunxin chip unit.
>>> Lucas Glover Clarifies Shoe Removal Incident at 3M Open
Eligibility for the Stock Connect program could occur during the third-quarter review in late August, potentially granting Hong Kong investors access to the shares by mid-September.
