CXMT IPO Subscription Opens on July 16; H1 Net Profit Expected to Surge Over 22-Fold
Alina Collins
CXMT (长鑫科技) opens subscription on July 16 for its STAR Market IPO, projecting H1 2026 net profit of RMB 50–57 billion — a year-on-year jump of more than 22 times that signals a new scale for China's domestic DRAM sector.
Where does the IPO timeline stand now?
CXMT published its STAR Market prospectus on July 9, formally launching the offering process.
Both offline and online subscription are set for July 16 — the same day.
This means → just one week from disclosure to subscription, a tighter pace than most STAR Market IPOs, with market attention already front-loaded.
H1 profit up over 22×— where does that number come from?
The company guides H1 2026 net profit at RMB 50–57 billion, up 2,244%–2,544% year on year.
In plain terms = last year's base was extremely low; this year's profit expanded explosively, which is how you get a "22×–25×" headline number.
This reflects a shift in China's domestic DRAM — a type of memory chip used in virtually every computer and smartphone — from "able to manufacture" to "able to generate real profit."
What does this mean for domestic memory substitution?
CXMT is the undisputed leader in China's domestic DRAM space and has never been publicly listed until now.
This means → a STAR Market listing opens a direct capital-raising channel, accelerating capacity expansion and technology iteration.
Institutional views hold that the listing will further widen the domestic memory substitution opportunity — capital-market funding is critical ammunition for closing the gap with overseas giants.
Content is for reference only, not financial advice.