CXMT Holdings' STAR Market IPO May Break ChangXin Memory's Record
Nashnova编辑部
YMTC parent CCSH has filed for a STAR Market IPO with a RMB 33 billion base fundraising target — already above CXMT's original plan — potentially setting a new record if the deal mirrors CXMT's oversubscription path.
How much is CCSH raising?
CCSH plans to issue 1.98–2.43 billion shares, representing 10%–12% of expanded share capital, with up to 15% over-allotment.
Of the RMB 33 billion base target, RMB 20.8 billion goes to production-line upgrades and RMB 12.2 billion to R&D.
This means → the bulk of proceeds targets capacity expansion; R&D takes roughly one-third. The priority is scaling output first.
Can it beat CXMT's record?
CXMT's STAR Market IPO in July raised RMB 66.6 billion — more than double its RMB 29.5 billion base plan — setting the board's all-time record.
CCSH's RMB 33 billion base already tops CXMT's original target, but the final size hinges on pricing and demand.
In plain terms = CXMT showed that the base target is just a floor; if the market is hungry, actual proceeds can far exceed the plan.
Is CCSH profitable?
2025 revenue hit RMB 63.2 billion, up from RMB 18.7 billion in 2023. Net profit swung from a RMB 19.2 billion loss in 2023 to a RMB 14.2 billion gain in 2025.
Momentum carried into Q1 2026: revenue RMB 47 billion, net profit RMB 33.4 billion.
This means → the company went from deep losses to strong profitability in two years, with Q1 profit alone exceeding the full-year 2025 figure. The pace is striking.
What is the technology edge?
YMTC — CCSH's core subsidiary — is China's only vertically integrated 3D NAND maker, a type of flash-memory chip that stacks storage cells in layers.
Its proprietary Xtacking architecture — fabricating the memory array and logic circuits separately, then bonding them together — advances process nodes without relying on EUV lithography.
As of March 2026, the company held over 5,611 granted patents. This reflects substantial accumulation on a self-reliant technology path.
What are the biggest risks?
YMTC was placed on the U.S. Commerce Department Entity List in 2022, restricting access to American semiconductor equipment. The Pentagon also designated it as linked to China's military.
The prospectus explicitly flags trade friction and supply-chain disruption as risk factors that could raise costs and limit overseas expansion.
NAND flash prices are historically volatile. Whether the current profit surge is sustainable remains a significant uncertainty.
CCSH's IPO — chase or stay cautious?
BULL
Turnaround speed
From a RMB 19.2 bn loss to RMB 14.2 bn profit in two years; Q1 alone topped full-year 2025.
Clear tech moat
Only vertically integrated 3D NAND maker in China; Xtacking bypasses EUV.
CXMT precedent
CXMT's double-oversubscription shows strong market appetite for domestic memory.
BEAR
Sanctions overhang
Entity List restricts equipment access; expansion ceiling unclear.
Flash-price cycles
NAND prices swing hard; today's margins may not last.
Oversubscription not guaranteed
Final pricing window and market sentiment are the real determinants.
In plain terms = fundamentals are improving fast, but sanctions and NAND-cycle volatility are variables no one can pre-judge — the final pricing window is the real test.
Content is for reference only, not financial advice.