CXMT releases IPO prospectus as China accelerates tech sector listings

Chinese memory chipmaker CXMT released its initial public offering prospectus on Thursday as it moves toward a listing on the STAR Market of the Shanghai Stock Exchange, adding to a surge in Chinese technology firms going public domestically. The company said the IPO will help drive coordinated development across the industry chain and enhance the overall strength of China's integrated circuit sector. According to the prospectus, CXMT plans to sell 6.688 billion shares, accounting for about 10 percent of its total share capital, with offline and online subscription dates set for July 16. The company plans to raise 29.5 billion yuan via the offering, which would make it the second largest IPO in the history of the STAR Market and the largest on the A-share market this year, Xinhua News Agency reported. CXMT's IPO passed regulatory review on May 27. Hu Qimu, a professor at the Maritime Silk Road Institute of Huaqiao University, told the Global Times on Thursday that the listing marks the company's entry into the market-oriented issuance phase and will create spillover effects for supply chain companies. Other firms including XPHOR Co Ltd, Shanghai Enflame Technology Co, and Unitree Robotics have also advanced STAR Market listings recently. The China Securities Regulatory Commission rolled out upgraded institutional support for tech company listings on June 17.