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

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.

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.