Two employee share plans were completed before the IPO
According to Odaily, ChangXin Memory Technologies disclosed in its prospectus that it had carried out two employee share ownership plans before listing, with a total of 6,760 grants. The plans covered management personnel, business backbones, core technical staff, and employees in key frontline production roles. The filing describes it as one of the largest pre-IPO equity incentive programs in the semiconductor industry.
The two rounds were carried out over four years. The first started in September 2021, with shares granted to 3,596 employees at RMB 1.05 per unit of registered capital. It covered core staff involved in early production line construction and technology research and development. The second began in June 2023, when the company was in a low period marked by heavy losses from large-scale capacity expansion and severe erosion of net assets. The per-share cost in that round was reduced to RMB 0.108.
Plan covered 35% of the workforce before listing
Before the IPO, the two plans had covered 6,760 grants, equal to 35% of the company’s 19,298 employees. More than 30% of the participants were R&D staff, and nearly 40% held a master’s degree or above.
The prospectus says the shares held by employees will be distributed gradually over 10 years after the company has been listed for 36 months. Distribution may be made in shares or cash proceeds, and the final return depends on the company’s long-term value.
STAR Market filing targets RMB 29.5 billion
ChangXin Memory Technologies formally disclosed its intention to list on Shanghai’s STAR Market on July 9. Its securities code is 688825 and its online subscription code is 787825. The IPO plans to issue 6.688 billion shares, accounting for about 10% of the company’s total share capital after the offering, and aims to raise RMB 29.5 billion. The filing says the deal would be the largest A-share IPO since the start of 2026.