On December 30, 2025, Changxin Memory Technologies, Inc. (CXMT) formally filed its prospectus with the Shanghai Stock Exchange, seeking a listing on the Science and Technology Innovation Board, commonly known as the STAR Market. The company intends to issue no more than 10,622,259,999 shares, aiming to raise approximately RMB 29.5 billion. The funds raised will be primarily directed towards projects focused on upgrading DRAM memory technology. Established in 2016, CXMT has emerged as China's foremost and most technologically sophisticated enterprise, comprehensively engaged in the research, design, and manufacturing of DRAM. Operating under an Integrated Device Manufacturer (IDM) business model, CXMT offers a diverse product range spanning two major series: DDR and LPDDR. These products find widespread applications across various sectors, including servers, mobile devices, personal computers, smart vehicles, and beyond. According to data from Omdia, CXMT has secured its position as China's leading DRAM manufacturer and ranks fourth globally in terms of production capacity and shipment volume. Financial data reveals that from January to September 2025, CXMT generated revenue totaling RMB 32.084 billion. Cumulatively, from 2022 to September 2025, the company's revenue reached RMB 73.636 billion. Notably, the compound annual growth rate of its main business revenue from 2022 to 2024 soared to an impressive 72.04%. CXMT is backed by a robust shareholder base, including prominent entities such as the National Integrated Circuit Industry Investment Fund Phase II, Anhui Provincial Investment Group, Alibaba, Tencent, and others.