Chinese memory chip maker CXMT (ChangXin Memory Technologies) has pulled off one of the most dramatic financial turnarounds in recent memory — and it's using that momentum to revive its blockbuster IPO on Shanghai's STAR Market, China's Nasdaq-style tech board.
The company, the country's largest producer of DRAM, updated its IPO prospectus and resumed the review process after supplementing financial materials. It plans to raise 29.5 billion yuan ($4.2 billion) for production line upgrades and advanced technology R&D.
CXMT's prospectus reveals an extraordinary profit swing. The company lost a combined 28.3 billion yuan ($4 billion) in 2023 and 2024, then turned profitable in 2025. But the real reversal came in the first quarter of 2026: revenue hit 50.8 billion yuan ($7.2 billion), up 719% year-over-year, and net profit soared to 33 billion yuan ($4.7 billion), with 24.8 billion yuan attributable to shareholders.
The company attributes the boom to surging global demand for computing power, a DRAM supply shortage, and sharp price increases. CXMT forecasts first-half 2026 revenue of 110 billion to 120 billion yuan ($15.7–$17.1 billion) and net profit of 66 billion to 75 billion yuan ($9.4–$10.7 billion) — though these unaudited figures don't constitute a commitment.
On the product front, CXMT has transitioned from DDR4/LPDDR4X to DDR5/LPDDR5X, with high-margin DDR5 ramping up quickly in 2025. According to Tom's Hardware, CXMT demonstrated DDR5 chips reaching 8000 MT/s and 24Gb per die, putting it squarely in the global high-speed segment.
The prospectus also shows that CXMT's top five customers accounted for 39.85% of sales in 2025, down from previous levels, indicating lower customer concentration. For supply chain disclosure, the company masked its top five suppliers as "Supplier A," "Supplier B," and so on, providing only procurement content, amounts, and percentages. This, combined with the STAR Market's first use of a "pre-review" mechanism, adds layers of supply chain secrecy and regulatory innovation to the already dramatic IPO story.