CXMT Restarts Massive IPO as DRAM Profits Explode in 2026
China’s largest DRAM manufacturer, CXMT Corporation (ChangXin Technology), has officially resumed its STAR Market IPO process, positioning itself for what could become one of the largest semiconductor listings in Chinese capital market history.
The updated prospectus reveals extraordinary financial growth fueled by the ongoing global DRAM shortage and surging AI-driven computing demand.
🚀 Explosive Financial Growth #
Founded in 2016, CXMT operates as a fully integrated IDM (Integrated Device Manufacturer) specializing in DRAM research, design, and manufacturing. The company currently operates three 12-inch DRAM wafer fabs across Hefei and Beijing.
2025 Performance Highlights #
- Revenue: 61.799 billion RMB (+155.60% YoY)
- Net Profit: 7.144 billion RMB
- Previous-Year Net Loss: -9.051 billion RMB
- Cumulative Historical Deficit: -36.650 billion RMB
The turnaround was driven primarily by:
- Global AI and computing demand growth
- Tight DRAM supply conditions
- Capacity reallocations among global memory vendors
- Sharp increases in DRAM pricing since H2 2025
📈 Historic Q1 and H1 2026 Forecasts #
CXMT’s January–March 2026 results reached unprecedented levels:
| Metric | Q1 2026 |
|---|---|
| Total Assets | 388.1 billion RMB |
| Revenue | 50.800 billion RMB |
| Net Profit | 33.001 billion RMB |
| Operating Cash Flow | 4.257 billion RMB |
First-Half 2026 Guidance #
The company projects:
- Revenue: 110–120 billion RMB
- Net Profit: 66–75 billion RMB
This represents:
- Revenue growth: +612% to +677% YoY
- Net profit growth: +1714% to +1934% YoY
At the midpoint of guidance, CXMT would generate approximately:
360 million RMB in net profit per day
🧠 China’s DRAM Champion #
According to Omdia data, CXMT now ranks:
- #1 in China
- #4 globally
in terms of DRAM production capacity, shipments, and revenue.
The company has rapidly advanced through multiple DRAM generations, progressing from:
- DDR4 and LPDDR4X to:
- DDR5 and LPDDR5/5X
Its technology roadmap now approaches leading international standards.
🏭 Product Portfolio and Technology Strategy #
CXMT’s product lineup spans:
- DRAM wafers
- DRAM chips
- DRAM modules
Target markets include:
- Servers
- Smartphones
- PCs
- Smart vehicles
Revenue Composition #
Between 2022 and 2025:
- LPDDR products consistently contributed over 66% of total revenue.
- Domestic China revenue share rose to 42.79% in 2025.
R&D Investment #
As of the end of 2025:
- R&D Personnel: 6,259
- Share of Workforce: 32.43%
- Patent Portfolio: 5,589 patents
including:
- 3,929 domestic patents
- 3,043 overseas patents
The company is also investing in next-generation technologies including:
- Processing-in-Memory (PIM)
- Near-memory computing
- CXL (Compute Express Link)
💰 One of the Largest IPOs in STAR Market History #
CXMT plans to raise:
29.5 billion RMB
through its STAR Market listing.
The capital will fund:
- DRAM wafer manufacturing upgrades
- Advanced DRAM technology development
- Next-generation memory R&D
If completed, this would become:
- The largest semiconductor IPO since SMIC
- Potentially the second-largest IPO in STAR Market history
The listing would also establish CXMT as:
China’s first publicly traded pure-play DRAM IDM giant.
🤝 Major Strategic Investors #
CXMT’s shareholder base includes many of China’s most influential institutions and technology companies.
Key Shareholders #
- Big Fund Phase II
- Alibaba
- Tencent affiliates
- Xiaomi
- Midea
- GigaDevice
Major Customers and Ecosystem Partners #
The company maintains deep partnerships with:
- Alibaba Cloud
- ByteDance
- Tencent
- Lenovo
- Xiaomi
- OPPO
- vivo
- Honor
- Transsion
🏗 Stable Growth and Improving Profitability #
CXMT’s gross margin trajectory demonstrates the rapid improvement of its manufacturing scale and process maturity:
| Year | Gross Margin |
|---|---|
| 2022 | -34.25% |
| 2023 | -112.71% |
| 2024 | -4.03% |
| 2025 | 37.81% |
This profitability level now approaches major global competitors such as Samsung Electronics and exceeds some regional DRAM manufacturers.
🌍 Challenging Global DRAM Giants #
The global DRAM market remains highly consolidated.
According to Omdia, 2025 global DRAM market shares were:
| Company | Market Share |
|---|---|
| Samsung Electronics | 33.96% |
| SK hynix | 34.48% |
| Micron Technology | 23.41% |
Together, these three firms controlled over 90% of the global market.
However, CXMT’s rapid expansion is changing the competitive landscape.
By Q4 2025:
CXMT’s global DRAM market share reached 7.67%.
With continued process improvements and fab expansions, the company is expected to further strengthen its position within the global memory industry.
🔮 A Defining Moment for China’s Semiconductor Industry #
CXMT’s IPO restart comes at a pivotal moment for both the semiconductor industry and China’s domestic technology ambitions.
Backed by:
- Massive AI-driven memory demand
- Tight global DRAM supply
- Strong state and institutional support
- Rapid technology advancement
CXMT is emerging as one of the most important new players in the global memory market.
Its upcoming listing is likely to become one of the defining events in China’s semiconductor capital markets over the coming years.