CXMT's Record-Breaking IPO: Full Timeline, Tencent Deal, and What It Means for the Global DRAM Market

ChangXin Memory Technologies (CXMT), China's largest and only domestic DRAM manufacturer, is on the verge of a landmark IPO that could reshape the global memory chip landscape. The company is seeking to raise 29.5 billion yuan ($4.34 billion) on Shanghai's STAR Market in what is poised to be China's biggest public offering since 2022 and the second-largest in STAR Market history . Backed by a $3 billion server DRAM supply agreement with Tencent, active testing by Apple, and a staggering 719% year-over-year revenue surge, CXMT is making the most credible challenge yet to the Samsung-SK Hynix-Micron oligopoly that has dominated DRAM for decades.

IPO Timeline: From Regulatory Approval to Subscription Dates

CXMT's path to the STAR Market has moved swiftly through China's regulatory framework. Key dates include:

• May 27, 2026 — The Shanghai Stock Exchange approved CXMT's IPO application, clearing a major hurdle .
• June 15, 2026 — The China Securities Regulatory Commission (CSRC) approved the IPO registration .
• July 9, 2026 — CXMT disclosed its preliminary prospectus and officially kicked off the final IPO stage, taking the first step toward pricing the deal .
• July 15, 2026 — Preliminary book-building begins, where institutional investors indicate demand and the final price is set .
• July 16, 2026 — Investor subscriptions open for retail and institutional participants .

If the overallotment ("greenshoe") option is fully exercised, the total deal size could exceed $5 billion . The offering represents at least 10% of CXMT's share capital post-issuance .

The Tencent Deal: A $3 Billion Endorsement

On June 29, 2026, CXMT signed a long-term server DRAM supply agreement with Tencent Holdings worth more than 20 billion yuan (~$2.94 billion) . Reuters first reported the exclusive deal, citing three people familiar with the matter .

The multi-year agreement covers DRAM chips for Tencent's server business. Sources differ on the exact duration: two sources said the deal spans up to three years, while a third said it could run as long as five years . The agreement does not appear to include high-bandwidth memory (HBM), the premium DRAM used in AI accelerators .

This deal is significant for two reasons. It provides CXMT with revenue visibility and a volume commitment from China's largest internet company ahead of the IPO, and it marks the first known instance of CXMT securing a large-scale, long-term contract with a major Chinese tech firm . Reuters noted the deal represents a "significant endorsement" of CXMT by Tencent .

Apple's Interest: Testing and Lobbying

CXMT has attracted interest from the world's most valuable company, but the relationship is complicated by U.S. export controls.

• June 26, 2026 — The Financial Times reported that Apple is lobbying the Trump administration for clearance to buy memory chips from CXMT, which the Pentagon has placed on a blacklist due to alleged connections to the People's Liberation Army .
• July 1, 2026 — Bloomberg reported that Apple is in talks to buy memory from CXMT and Yangtze Memory Technologies (YMTC), though no deal was finalized at that stage . Proposed use: CXMT chips in devices sold exclusively in China, freeing up other suppliers for the U.S. market .
• July 8, 2026 — The Financial Times reported that Apple has begun testing CXMT DRAM chips for devices sold in China . The testing appears to be early-stage qualification rather than near-term commercial adoption, according to SemiAnalysis analyst Ray Wang .

Key caveat: A final purchase agreement has not been reached, and U.S. regulatory approval remains pending and uncertain .

Revenue Explosion: 719% Growth in Q1 2026

CXMT's financial performance has been nothing short of extraordinary, driven by the global AI-driven memory supercycle and rising DRAM prices.

Metric	Q1 2026	Q1 2025	Change
Revenue	50.8 billion yuan (~$7.4B)	~6.2 billion yuan (estimate)	+719% year-over-year
Net Profit	~25 billion yuan	-1.6 billion yuan (loss)	Swing to profit of ~26.6 billion
Market Share	~7.7% (2025)	~3.3% (est. 2024)	Rapidly growing

For the first half of 2026, CXMT forecasts revenue between 110 billion and 120 billion yuan, with net profit expected between 66 billion and 75 billion yuan . The company's 2025 full-year revenue was 61.8 billion yuan, meaning Q1 2026 alone nearly matched the entire previous year .

Revenue grew at a compound annual rate of 160.78% between 2023 and 2025 . The company was the fourth-largest DRAM maker globally in 2025 .

Strategic Significance: Challenging the Oligopoly

CXMT's IPO is more than a corporate milestone — it is a centerpiece of Beijing's push for semiconductor self-sufficiency amid escalating U.S. export controls and the CHIPS Act-driven technology blockade .

The global DRAM market has been dominated for decades by a three-company oligopoly: Samsung Electronics, SK Hynix, and Micron Technology . Together, they control over 90% of the market. CXMT's 7.7% share and rapid capacity expansion — funded by this IPO — represent the first credible Chinese challenge to that dominance .

The company is also building an HBM back-end packaging facility in Shanghai, targeting production by the end of 2026, signaling intent to compete in the highest-margin segment of the memory market .

The IPO itself comes with geopolitical weight: CXMT is on the Pentagon's blacklist, meaning any expansion of customer relationships with U.S. companies like Apple requires explicit government approval . The Tencent deal, however, shows CXMT can secure anchor demand within China without waiting for Washington's blessing.

Key Takeaways

• CXMT is raising $4.34 billion on the STAR Market, with book-building starting July 15 and subscriptions opening July 16, 2026 — potentially exceeding $5 billion with the greenshoe option.
• A $2.94 billion DRAM supply agreement with Tencent provides commercial validation and revenue visibility ahead of the listing.
• Apple is testing CXMT DRAM chips for China-market devices but has not finalized a deal, and U.S. regulatory approval remains uncertain.
• Revenue surged 719% year-over-year to 50.8 billion yuan in Q1 2026, with net profit swinging from a 1.6 billion yuan loss to ~25 billion yuan.
• CXMT is China's only DRAM manufacturer and the first credible challenger to the Samsung-SK Hynix-Micron oligopoly, with ~7.7% global market share in 2025.
• The IPO is a milestone for China's semiconductor self-sufficiency push, but CXMT remains on the Pentagon's blacklist and faces ongoing geopolitical risks.