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Financial Times
Chipmaker CXMT seeks $10bn in largest China IPO since 2010
CXMT, a Chinese chipmaker, is gearing up for a massive initial public offering, seeking nearly $10 billion, which would be the largest in China since 2010. This move aims to take advantage of the booming demand for AI memory chips, particularly DRam, which has faced a supply shortage due to increased consumption. The IPO reflects a revival in Chinese capital markets following recent years of sluggish activity.
MonitorConfidence: HighShort term horizonRegulatory risk: High
Published 16 Jul 2026, 18:40 UTC2 min read
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Summary
TL;DR
- CXMT seeks to raise up to $10 billion, the largest IPO in China since 2010.
- The IPO is driven by high demand for AI memory chips, specifically DRam.
- The company's market value could reach Rmb579.2 billion post-IPO.
- Investor subscriptions for the IPO are scheduled for Thursday.
- CXMT reported a net profit of Rmb33 billion for the first quarter of 2023.
Interesting facts
- This IPO marks a significant recovery for Chinese capital markets, with Rmb198 billion raised in 2023.
- CXMT's pricing reflects high earnings expectations, with a projected P/E ratio exceeding 300.