According to Reuters, on July 15, ChangXin Storage (CXMT) set the stock IPO issue price at RMB 8.66 per share, valuing the deal at RMB 579.18 billion. This is the largest IPO in Asia so far this year and the largest public offering by a Chinese chipmaker in history. ChangXin Storage is currently the world’s fourth-largest DRAM manufacturer, behind SK hynix, Samsung Electronics, and Micron.
ChangXin Storage IPO Size and Subscription Timeline
Based on Reuters’ July 15, 2026 report, the key IPO data for ChangXin Storage are as follows:
Issue price: RMB 8.66 per share
IPO valuation: RMB 579.18 billion (about $85.4 billion)
Base fundraising size: about RMB 57.8 billion (about $8.6 billion)
Size after including over-allotment: about RMB 66.6 billion
Subscription window: Thursday, July 17, 2026; both retail and institutional investors are limited to subscribing for just one day
Expected listing date: Sources say July 27 (Shanghai). As of the report date, the company has not officially released the listing date
ChangXin Storage is also the world’s fourth-largest DRAM manufacturer. DRAM is widely used in smartphones, servers, computers, and other electronic devices.
Q1 2026 Financials: Revenue and Profit Performance Disclosed in the Prospectus
According to ChangXin Storage’s prospectus, its 2026 first-quarter financial results are as follows: revenue of RMB 50.8 billion, up 700% year over year from the same period in 2025; net profit of RMB 25.0 billion, compared with a net loss of RMB 1.6 billion in the same period of 2025, achieving a year-over-year turnaround.
The IPO issue price implies a price-to-earnings (P/E) ratio of more than 300 times the full-year 2025 profit, and about 5 times net asset value. Wu Zhou, a fund manager at Shenzhen Deyuan Investment Fund, said in an interview with Reuters that the bet is that ChangXin Storage will ultimately capture market share from global giants such as Samsung Electronics and SK hynix, and he expects the company’s full-year profit this year could reach RMB 100 billion.
Eddie Tam, managing director at Hong Kong Central Asset Investments, also said that even if CXMT still lags the world’s top players by about 2 to 4 years in DRAM and high-bandwidth memory (HBM) technology, the current IPO valuation remains very cheap. The above are personal views from analysts and investors and are not official statements by the company.
Background on the IPO Valuation: 300x P/E Ratio
The IPO valuation has prompted some investors to raise questions. After Semiconductor Manufacturing International Corporation (00981-HK) listed in Shanghai on July 2020, its share price fell to nearly half of the first-day listing price within just over two months, providing a historical reference point for the current subscription enthusiasm.
Yao Kai, a fund manager at Shanghai Zhuangyan Private Fund Management, said in a media interview that he worries a large-scale IPO could drain market funds and put pressure on other technology stocks.
Market concerns include whether semiconductor shares are already overbought, whether the pace of AI spending by major cloud providers can be sustained, and the technology gap between ChangXin Storage and the world’s top players of about 2 to 4 years in DRAM and HBM technology. These are views raised by market observers and are not official assessments.
FAQ
What are ChangXin Storage’s IPO offering size and pricing?
According to Reuters’ July 15, 2026 report, CXMT’s IPO issue price is RMB 8.66 per share, corresponding to a valuation of RMB 579.18 billion (about $85.4 billion). The base fundraising size is about RMB 57.8 billion (about $8.6 billion); after including over-allotment, it is about RMB 66.6 billion. This is the largest IPO in Asia so far this year and the largest public offering by a Chinese chipmaker in history.
How did ChangXin Storage perform financially in Q1 2026?
According to the prospectus, CXMT’s 2026 Q1 revenue was RMB 50.8 billion (YoY +700%), and net profit was RMB 25.0 billion, compared with a loss of RMB 1.6 billion in the same period of 2025. The IPO issue price corresponds to more than 300 times the P/E ratio based on 2025 earnings and about 5 times net asset value.
What are the subscription window and the expected listing date?
The subscription window for both retail and institutional investors is Thursday, July 17, 2026, and it is open for only one day. Sources say the company is expected to list on July 27 in Shanghai, but as of the report date the company has not formally announced the listing date; the official company announcement prevails.
