China's ChangXin Memory Technologies (CXMT) is scheduled to list on July 27 on the Shanghai Stock Exchange, two people familiar with the matter said.
The country's top memory chipmaker said last week it will start book-building on July 15 for its initial public offering on Shanghai's Nasdaq-style STAR board as it seeks to raise 29.5 billion yuan ($4.35 billion).
The CXMT listing is set to be Asia's largest IPO so far this year and the biggest Chinese A-share semiconductor offering since chipmaker SMIC's market debut in 2020.
Government officials and supply chain upstream and downstream industry leaders will be the main guests attending the listing ceremony, one of the sources said.
CXMT and the Shanghai Stock Exchange did not immediately respond to a request for comment.
CXMT, the world's fourth-largest DRAM (dynamic random-access memory) chipmaker with approximately a 7.7% market share in 2025, has ridden the upcycle to explosive growth.
DRAM is a critical component for servers that power cloud computing, databases and AI workloads.
CXMT's mega IPO comes amid rising volatility in global memory-chip shares. It could also weigh on liquidity in China's stock market, where a surge in tech shares appears to be losing steam.
Some analysts said the offering would not drain market liquidity.
"Memory supply is still not enough," said Donnie Teng, a Greater China semiconductor analyst at Nomura, citing unprecedented demand from the AI industry.
As long as AI demand is structurally positive and hyperscalers continue to spend their capex, the whole market can eventually absorb the liquidity drain from this IPO, he said.
CXMT has long been seen as a technological laggard compared with global leaders Samsung Electronics and SK Hynix.
The Hefei-based firm said in its prospectus that it will use the listing proceeds to upgrade production lines and technologies. ($1 = 6.7817 Chinese yuan renminbi)
