Changhsin Memory IPO to Raise $8.55B Triggers 8-9% Collapse in U.S. Memory Chip Stocks

According to Barron's, Chinese memory chipmaker Changhsin Memory (CXMT), the world's fourth-largest DRAM manufacturer, announced it will launch its IPO on Thursday to raise $8.55 billion, with listing planned on Shanghai's STAR Market. The announcement triggered heavy selling pressure in U.S. memory stocks on Wednesday (July 15), with Micron falling 8.07% to $904.28 per share, SK Hynix ADR plunging 9% to $176.46, and SanDisk declining 8.12% to $1,615.

Market concerns center on Changhsin Memory using IPO proceeds to expand production capacity, which could increase global DRAM supply and intensify price competition. According to Counterpoint Research, Changhsin Memory's DRAM market share rose to 8% in the first quarter of 2026 from 3% a year earlier. The company also faces U.S. export controls on advanced chipmaking equipment and was recently listed as a Chinese military-affiliated enterprise by the U.S. Department of Defense.