Chinese memory chipmaker ChangXin Memory Technologies (CXMT) is reportedly planning an initial public offering (IPO) in Shanghai as early as the first quarter of 2026, with a target valuation of up to 300 billion yuan (about US$42 billion), according to people familiar with the matter.

Sources cited by the South China Morning Post said CXMT aims to raise 20 to 40 billion yuan (US$2.8–5.6 billion) through the listing. The company reportedly appointed China International Capital Corporation (CICC) and CSC Financial—both state-owned investment banks—as lead advisors in July to begin the preparation process. The IPO prospectus could be released to investors as soon as November 2025, though CXMT has not commented publicly on the matter.

The China Securities Regulatory Commission (CSRC) website shows that CXMT's parent company, ChangXin Technology Group, completed its IPO guidance process on October 10, 2025. The firm launched the program in July, with CICC and CSC Financial serving as advisors. During the process, the company elected an employee representative to its board and obtained official approval for its state-owned shareholder identity.

CXMT, founded in 2016, has grown into China's leading DRAM manufacturer and a key player in Beijing's semiconductor self-sufficiency drive. The company achieved a pre-financing valuation of about 140 billion yuan during its strategic fundraising round in March 2024 — the highest valuation for a non-listed semiconductor company in China at the time.

The company is currently building an HBM (high-bandwidth memory) back-end packaging plant in Shanghai, which is expected to begin commercial operations by late 2026. The initial wafer output is projected to reach 30,000 units per month, roughly one-fifth of SK hynix's current capacity. CXMT reportedly plans to begin mass production of its HBM3 chips in 2026, making it one of only three domestic companies developing HBM products for China's AI chipmakers.

CXMT's IPO plans come amid a surging AI-driven demand for memory and storage, which has tightened global supply and pushed prices higher. The U.S. export ban on advanced HBM chips to China in late 2024 further accelerated the shift toward domestic suppliers. With Micron reportedly scaling back its operations in China after being banned from critical infrastructure projects, CXMT is viewed as a strategic replacement within the local market.

The offering also coincides with a strong rally in Chinese semiconductor stocks — the CSI China Semiconductor Index has climbed 49% since January 2025. Investors are increasingly betting on local chipmakers positioned to benefit from China's industrial policies and the ongoing tech decoupling between Beijing and Washington.

Despite rapid expansion, CXMT still trails leading global memory manufacturers such as Samsung, SK hynix, and Micron, which have decades of experience and are already advancing to HBM4 and next-generation memory modules. Still, analysts view CXMT's progress as a milestone for China's semiconductor ambitions, marking its emergence as a serious contender in the global memory market.