CXMT is seeking to raise nearly $10bn in mainland China’s largest initial public offering since 2010, aiming for a market value of at least Rmb579.2bn (Rmb66.7bn in proceeds) according to a filing with the Shanghai Stock Exchange.

The chipmaker plans to use the funds to expand DRAM production and R&D, capitalising on soaring AI‑driven demand that has created a supply squeeze for consumer electronics makers; Apple has reportedly lobbied the US for clearance to buy memory chips from CXMT, despite the Pentagon’s blacklist over alleged ties to the People’s Liberation Army.

The listing signals a revival of Chinese capital markets, with mainland IPOs raising Rmb198bn this year, the most since 2023. Rival YMTC also plans a listing for NAND chips, while SK Hynix recently raised over $26bn in a US offering. Analysts warn the CXMT deal could cause a short‑term liquidity drain on Shanghai’s Star Market.

CXMT will issue 6.6bn shares at Rmb8.66 each, with a 1bn‑share overallotment option that could lift proceeds to Rmb66.7bn. The company posted a Q1 net profit of Rmb33bn, giving a price‑to‑earnings ratio above 300× on 2025 earnings. Investor subscriptions open Thursday.