CXMT Prices IPO on Shanghai Stock Exchange, Valuation Hits 579 Billion Yuan Setting A-Share Chip Record
Taylor Wilson
CXMT priced its STAR Market IPO at ¥8.66 per share, raising ¥57.9 billion (~$8.5 billion) for a post-listing valuation of ¥579 billion (~$85.2 billion) — the largest semiconductor IPO in A-share history, with proceeds nearly double the stated project funding need.
How big is this IPO?
CXMT (长鑫存储) plans to issue roughly 6.7 billion shares, representing 10% of its enlarged share capital, raising ¥57.9 billion (~$8.5 billion).
This means → it surpasses SMIC's (中芯国际) ¥53.2 billion STAR Market listing in 2020, making it the largest semiconductor IPO in A-share history.
If the 15% over-allotment option is exercised in full, the offering expands to ~7.7 billion shares with a fundraising ceiling of ¥66.6 billion (~$9.8 billion).
Is a ¥579 billion valuation expensive?
At the ¥8.66 offer price and post-issue share count, CXMT's total valuation lands at roughly ¥579 billion (~$85.2 billion).
In plain terms = before a single trade on the exchange, the company already ranks among the most valuable chip firms on the A-share market.
Online and offline subscription opens Thursday; the company has not yet announced its first trading date.
Why is the raise nearly double the funding need?
The prospectus lists project-level capital requirements of ¥29.5 billion — yet the actual raise is ¥57.9 billion, an over-subscription of nearly 100%.
This means → the market's willingness to fund domestic memory-chip capacity expansion far exceeds the company's own initial financing plan.
This reflects a broader capital push to back homegrown memory substitution amid geopolitical and supply-chain pressures — CXMT's pricing will serve as a key valuation anchor for subsequent A-share semiconductor listings.
Content is for reference only, not financial advice.