On July 27, 2026, CXMT Corporation (hereinafter referred to as "CXMT") was officially listed on the STAR Market of the Shanghai Stock Exchange (A-share stock code: 688825). Acting as legal counsel to China International Capital Corporation Limited, the sponsor (lead underwriter) of CXMT, Llinks provided comprehensive, end-to-end legal services for CXMT's listing on the STAR Market.
CXMT raised RMB 57.9 billion in this IPO prior to the exercise of the over-allotment option, with total proceeds potentially reaching RMB 66.6 billion if the over-allotment option is fully exercised. The IPO of CXMT represents the largest IPO on the STAR Market to date, one of the top five largest A-share IPOs in history, the first A-share IDM-model memory enterprise stock, and the pioneer deal completed under the A-share pre-review mechanism.
Company Profile
CXMT is China's largest, most technologically advanced, and most comprehensively positioned integrated DRAM design and manufacturing (IDM) enterprise. Since its inception in 2016, the company has consistently focused on the R&D, design, production, and sales of DRAM products. It has successfully achieved mass production spanning from first-generation to fourth-generation technology platforms, along with full product coverage and iterative upgrades from DDR4 and LPDDR4X to DDR5 and LPDDR5/5X. Currently, the company's core products and process technologies have reached internationally advanced levels. Measured by production capacity, shipment volume, and sales revenue, the company has established itself as the No. 1 DRAM manufacturer in China and No. 4 globally.
Adhering to accompanying partners' innovative development with professional services, Llinks has successfully assisted numerous outstanding enterprises in entering the capital markets. Some representative projects include: CATL, the No. 1 Hong Kong IPO by funds raised in 2025; Hua Hong Semiconductor, the No. 1 STAR Market IPO by funds raised in 2023; United Imaging Healthcare, the No. 1 STAR Market IPO by funds raised in 2022; Suzhou HYC Technology, the very first company listed on the STAR Market; Chipscreen Biosciences, the first enterprise to pass the review of the STAR Market listing committee; Suzhou HYC Technology Asset Restructuring, the first material asset restructuring project on the STAR Market involving the issuance of shares to purchase assets; UCloud, the first enterprise with a dual-class share structure to list on the STAR Market (as sponsor's counsel); and Shanghai Electric Wind Power Group, the first spin-off listing of a state-owned enterprise from the A-share market to the STAR Market... Serving as sponsor's counsel to assist CXMT in listing on the STAR Market marks another milestone project demonstrating Llinks' commitment to an innovative spirit and active engagement in innovation-driven development strategies. We sincerely wish CXMT continued leadership in driving industry development with the support of the STAR Market platform and capital markets!
