CXMT STAR Market IPO: Pricing and Subscription Details Finalized

ChangXin Memory Technologies (CXMT), a key player in China's semiconductor sector, has reached a critical milestone in its listing process. The company has officially set the price for its initial public offering on the STAR Market at 8.66 yuan per share.

Subscription Schedule and Method

The subscription window for investors will open on July 16, 2026 (T Day). The offering will be conducted through both online and offline channels:

  • Offline Subscription: Available from 9:30 AM to 3:00 PM.
  • Online Subscription: Available from 9:30 AM to 11:30 AM, and from 1:00 PM to 3:00 PM.

Investors are not required to pre-pay funds at the time of subscription, which aligns with standard A-share market procedures.

Offering Size and Fundraising Target

The initial offering involves approximately 66.881 billion shares, representing about 10% of the company's total share capital after the listing. The lead underwriter, China International Capital Corporation Limited (CICC), has been granted an over-allotment option (a "greenshoe") of up to 15% of the initial offering size.

Based on the offering price, the IPO is expected to raise approximately 57.919 billion yuan before the exercise of the greenshoe option. After deducting offering expenses, the net proceeds are estimated to be around 57.638 billion yuan.

Valuation Metrics Spark Market Debate

The valuation implied by the offering price has become a major point of discussion. The price-to-earnings (P/E) ratio, calculated based on the lower of the company's 2025 net profit before or after non-recurring items, stands at 308.92 times (prior to any greenshoe exercise).

This valuation significantly exceeds market benchmarks. It is substantially higher than the average P/E ratio of approximately 76.32 times for its industry and also surpasses the average of about 134.62 times for comparable listed companies. This high multiple underscores strong market expectations for the company's future growth, while simultaneously introducing uncertainty regarding its post-listing stock performance.