China’s second-largest IPO in history! ChangXin Memory Technologies (CXMT) raised $9.8 billion, while retail investors are wildly抢ing oversubscription of 212 times

China’s DRAM leader CXMT (Changxin Storage) is set to launch an IPO of up to $9.8 billion, setting a record for the second-largest IPO in China’s history. Not only do institutional investors show strong confidence, but retail subscriptions are even more frenzied, oversubscribed by as much as 212 times. With the dual themes of a surge in AI demand and domestic substitution, CXMT’s performance after listing will not only affect the trend of China’s technology stocks, but will also mark an important milestone in China’s semiconductor self-sufficiency strategy.
(Background: China’s AI giant DeepSeek says it will have its IPO listed by the end of this year at the fastest, seeking a new round of financing valuation targeting $71 billion)
(Additional background: Reports say Beijing is considering regulating DeepSeek and Moonshot, because China’s AI models are being aggressively scraped for cheap in Silicon Valley.)

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• Retail investors fall into frenzy, with subscriptions oversubscribed by as much as 212 times
• Pioneer of domestic substitution, benefiting from AI-driven memory demand
• Highly attractive valuation, with the first-day gain becoming a market focus

China’s stock market is gearing up for a long-awaited capital celebration. According to a report by Bloomberg on July 16, 2026 (Taipei time), CXMT Corp., a China memory-chip heavyweight headquartered in Hefei, is planning to raise up to $9.8 billion (about RMB 69.5 billion) through an initial public offering (IPO).

This is not only the most indicative event in China’s capital markets this year, but also the largest listed deal in China’s history after the 2010 Agricultural Bank IPO of $10 billion—China’s second-largest IPO ever by scale.

Retail investors fall into frenzy, with subscriptions oversubscribed by as much as 212 times

This once-in-a-century IPO has ignited investors’ immense enthusiasm. Data show that during the subscription period on July 16 (Thursday), the number of orders from individual investors reached 9.4 million. Even after the share-price rollback mechanism was triggered, the retail portion still set the astonishing record of “212x oversubscription.”

According to the issuance details, CXMT will issue 7.69 billion shares this time (including 1.0 billion shares of over-allotment), with the offering price set at RMB 8.66 per share. Based on this, the company’s initial market value after listing will reach about RMB 580 billion, roughly equivalent to large financial institutions such as China Postal Savings Bank.

Pioneer of domestic substitution, benefiting from AI-driven memory demand

CXMT has already ranked among the world’s fourth-largest DRAM (dynamic random-access memory) manufacturers. With the surge in demand from smartphones and AI servers—especially as high bandwidth memory (HBM) has become a key component for AI data centers—driven by rising memory prices, CXMT’s performance has shown substantial growth.

More importantly, in the current complex geopolitical environment, Beijing views CXMT as the “best hope” to reduce reliance on foreign suppliers such as Samsung (Samsung), SK Hynix (SK Hynix), and Micron (Micron). It is a core player in China’s push for a domestically self-sufficient semiconductor strategy.

Highly attractive valuation, with the first-day gain becoming a market focus

The market widely holds an optimistic view of CXMT’s profit outlook. The company is expected to achieve net profit of about RMB 100 billion this year (2026). Compared with the market consensus of a 20x P/E ratio, the IPO pricing in this deal is only 5.9x the estimated profit for 2026, indicating significant upside potential.

Wang Zhongyuan, Chief Investment Officer at Shenzhen Prosperity Capital, said: “This is an IPO that will definitely surge 100%, because the issuance multiple is extremely low.” However, he also issued a warning, saying he is concerned that if there is excessive hype on the first trading day, it could become a signal that China’s technology stocks may have topped in the short term. Market analysis notes that if CXMT rises by about 330% on its first day, its total market value would jump past Industrial and Commercial Bank of China to RMB 2.5 trillion, becoming China’s largest listed company. Meanwhile, in the derivatives market on the Hyperliquid blockchain, CXMT’s perpetual futures contracts have already jumped sharply first, suggesting its implied valuation could be as high as $500 billion.

This unprecedentedly successful IPO is also expected to provide strong momentum for other China tech giants that are lined up to list, including its competitor Yangtze Memory (YMT), Kunlunxin (Kunlunxin), the chip division under Baidu, and DeepSeek, a hot AI unicorn that is expected to apply for an IPO this year.