Overview
- The Shanghai Stock Exchange recorded the listing application on its Star Market and disclosed that the project entered pre-review after two inquiry rounds in November.
- The IPO plans up to 10.6 billion new shares to raise 29.5 billion yuan, according to the company’s prospectus.
- CXMT intends to use funds for production line upgrades, advanced DRAM research, and a Shanghai HBM back-end packaging facility targeting initial output by end-2026.
- The prospectus shows losses of 8.32 billion yuan in 2022, 16.3 billion in 2023, and 7.1 billion in 2024, with revenue expected to rise as much as 140% in 2025 and profitability possible in 2026 depending on shipments and prices.
- CXMT held about 4% of the global DRAM market in the second quarter as Samsung, SK Hynix, and Micron controlled over 90%, and the deal would be the Star Market’s second-largest after SMIC’s 2020 listing.