ChangXin Memory Technologies (CXMT; 长鑫存储), listed as Changxin Technology Group, is a Chinese DRAM maker headquartered in Hefei, Anhui. Founded in 2016 as Innotron Memory, it is mainland China's largest domestic DRAM manufacturer and the only one at mass production, shipping DDR4, LPDDR4, DDR5 and LPDDR5X for PCs, smartphones and consoles. Backed by Hefei state entities, the National IC Fund, Alibaba and GigaDevice, it held 7.67% of the global DRAM market in 2025, ranking fourth worldwide and first in China. It listed on Shanghai's STAR Market in July 2026, raising CNY 66.6 billion (~$9.9 billion) including the over-allotment.
Changxin Memory Technologies is publicly traded
This company is no longer available on our private secondary market. Shares can be traded publicly under its listed ticker.
Company data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.
Founded
2016
Employees
10,000+
Total Funding
$6.2B
7 rounds
Last Private Valuation
$14.5B
Overtook Tencent to become China's most valuable listed company, market cap ~$524B, ~17 days after its IPO debut.
Confirms post-IPO valuation strength is sustained, not a one-day pop; raises the bar for any secondary marks…
Listed on Shanghai exchange after pricing IPO at 8.66 yuan/share; shares opened up 471.59% on debut
Now publicly traded; private secondary pricing superseded by market price
Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.
Rounds in grey italics are unconfirmed.
Total raised $6.2B across 7 rounds
Last updated 10-14-2026
| Date | Round | Amount Raised | Valuation | Lead Investors |
|---|---|---|---|---|
| Sep 2025 | Pre-IPO / IPO (rumored / planned) | $4.2B | — | Public market investors (target Shanghai STAR Market) |
| Jun 2025 | Pre-IPO strategic financing | Not disclosed | $22.1B *estimated | Zhejiang Alibaba Cloud Computing |
| Mar 2024 | Strategic financing | $1.5B | $20.9B *estimated | Hefei Changxin Integrated Circuit |
Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.
Entry · Strategic financing
$20.9B
Mar 2024
Changxin Memory Technologies today
$22.1B
Jun 2025 · latest mark
Changxin Memory Technologies multiple
1.1x
valuation uplift since first round
Y-axis is logarithmic. Hollow dots = estimated valuations. Does not represent realized investor returns.
Zhu Yiming
Chairman & Chief Executive Officer
Competitor list is illustrative and may be incomplete, stale, or erroneous.
Samsung Electronics
World's largest DRAM manufacturer and the incumbent CXMT's prospectus benchmarks itself against; also leads HBM and NAND.
SK hynix
Second-largest DRAM maker globally and the current leader in HBM for AI accelerators.
Micron Technology
US-based third-largest DRAM maker; the direct comparable CXMT's post-IPO profitability has been measured against.
Yangtze Memory Technologies (YMTC)
China's leading domestic NAND flash manufacturer and CXMT's counterpart in the national memory-self-sufficiency programme.
CXMT's listing vehicle, Changxin Technology Group Co., Ltd., completed its IPO on the Shanghai Stock Exchange's STAR Market on 27 July 2026 under code 688825, selling 6.688 billion shares at CNY 8.66 to raise CNY 57.92 billion; the underwriters then exercised the over-allotment option in full, with the exercise period closing on 25 August 2026, adding 1,003,213,000 shares and taking the offering to 7,691,301,608 shares and CNY 66.61 billion gross (CNY 66.31 billion net, roughly $9.9 billion) - the largest STAR Market listing to date and the largest mainland Chinese IPO since Agricultural Bank of China in 2010. Shares closed their first day at CNY 49.00, up 465.8%, for a market capitalisation of about CNY 3.28 trillion (~$487 billion), making CXMT the most valuable company listed on mainland China's exchanges; total share capital after the offering is 67,884,099,077 shares. Roughly CNY 29.5 billion of the proceeds is earmarked for DRAM production-line technical upgrades and forward-looking process R&D, the over-allotment portion is restricted to working capital and loan repayment rather than new capacity, and the prospectus contains no HBM programme.
Changxin Memory Technologies shares can be purchased through any standard brokerage account — including Fidelity, Charles Schwab, TD Ameritrade, and online platforms like Robinhood or E*TRADE. Search for the ticker to place an order.
Changxin Memory Technologies had a valuation of approximately $14.5B at the time of its public offering. Current market capitalization fluctuates with the share price.
Changxin Memory Technologies raised $6.2B across 7 disclosed funding rounds prior to its public listing.
Changxin Memory Technologies is headquartered in Hefei, Anhui, China.
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