ChangXin Memory Technologies (688825), described by the source as a leading domestic DRAM memory chipmaker, has formally opened subscriptions for its IPO. The source said the large issuance size has created a rare broadly distributed subscription setup.
Institutional forecasts cited by ChainCatcher put the online allotment rate at 0.3% to 0.7%, with a neutral estimate of about 0.45%. That would be around 10 to 20 times the level of a typical STAR Market IPO. Based on the calculations in the source, a single Shanghai account with an average daily market value of RMB 200,000 would have a winning probability of about 18%, while an account with RMB 1 million in average daily market value would theoretically be likely to secure one lot.
Offer price and key dates
The offer price is set at RMB 8.66 per share. One winning lot consists of 500 shares, requiring a payment of RMB 4,330. The official allotment rate is due to be disclosed on July 17, while the final allotment results are scheduled for July 20, which falls on a Monday. Investors allocated shares must make sure their accounts hold sufficient funds before 16:00 on July 20.
Valuation expectations and fundraising scale
Multiple institutions gave what the source described as a neutral outlook. Under that view, ChangXin Memory Technologies could reach a post-listing market capitalization of RMB 2 trillion to RMB 3 trillion, and the expected profit from one winning lot is estimated at about RMB 20,000.
If the company fully exercises the greenshoe option, total funds raised could reach RMB 66.607 billion. According to the source, that would set a new record for the largest IPO on the STAR Market and rank as the third-largest IPO in A-share history.
Financial data and strategic placement
Financial data cited in the source shows the company has fully returned to profitability. It is expected to post revenue of RMB 110 billion to RMB 120 billion in the first half of 2026, with net profit attributable to shareholders of the parent coming in at RMB 50 billion to RMB 57 billion.
The strategic placement in this offering totals more than RMB 14.4 billion. Investors brought into the placement include the national social security fund, pension funds, and 30 industry end-user giants such as Alibaba Cloud, Tencent, Meituan, and Xiaomi.