ChangXin Memory Technologies (CXMT), described by ChainCatcher as China’s leading DRAM storage IDM company, will officially list on Shanghai’s STAR Market on July 27 at an issuance valuation of about RMB 580 billion.
The company is set to raise RMB 29.5 billion. Of that total, about RMB 22.066 billion will go toward equipment purchases and installation.
Supply chain names highlighted ahead of listing
The report said industry participants view 2026 to 2027 as a key window for the introduction of domestic semiconductor equipment.
On the equipment side, NAURA has already shipped multiple categories of tools, including etch and thin-film deposition equipment, in large volumes. Advanced Micro-Fabrication Equipment Inc. China has continued verification work on its etch and thin-film tools and has moved into volume procurement. ACM Research’s CMP equipment has entered the core supply chain, while testing equipment makers Precision Measurement Electronics and Jztest were also cited as beneficiaries.
On the materials side, Yahc’s precursor products were said to cover demand for advanced process nodes. Guanggang Gases supplies specialty gases and bulk gases. Jinhong Gas has on-site gas production orders with terms reaching 15 years. Red Avenue New Materials has achieved mass production of ArF and KrF photoresists. Jingrui Electronic Materials has pushed its market share in high-purity hydrogen peroxide above 40%, though its high-end photoresist products are still in the verification stage. Debang Technology is currently in the sample testing stage.
In packaging, testing and modules, Huatian Technology was identified as a packaging supplier. Longsys and Delingli have already completed procurement, while MaiJie Technology remains in the introduction stage.
On the distribution side, Sunlord Electronics has received authorization, and the report said there is market expectation for supply strategy adjustments after the listing.
Indirect equity holdings
The report added that several listed companies hold indirect stakes in CXMT through industry funds. Among them, Shangfeng Cement held about 0.1517% of the company before the offering.