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Updates on Invested Projects
According to data published on the official website of the Shanghai Stock Exchange, the Listing and Issuance Review Committee approved the STAR Market IPO application of ChangXin Memory Technologies Co., Ltd. (hereinafter referred to as CXMT) at its review meeting held on 27 May 2026. The Company plans to raise RMB 29.5 billion via this IPO, marking the largest proposed fundraising amount among all STAR Market IPOs and the second-biggest IPO in the bourse’s history, only behind SMIC, which raised RMB 53.23 billion in its maiden offering.
CXMT’s IPO application was accepted on 30 December 2025. The prospectus was updated on 17 May 2026, followed by confirmation of the review hearing date on 20 May. The offering secured hearing approval on 27 May, wrapping up the whole review process in less than half a year and setting a new benchmark of "STAR Market efficiency".
Back in 2021, JUMBO SHEEN FUND completed its investment in CXMT through a structured investment vehicle arranged by CCB International. The Fund celebrates the Company’s successful IPO hearing clearance, representing a landmark milestone delivered from this forward-looking investment deployment.
Founded in 2016, CXMT is China’s largest and the world’s fourth-biggest DRAM manufacturer, trailing only Samsung Electronics, SK Hynix and Micron Technology in global rankings. Per Omdia statistics based on DRAM sales volume in Q4 2025, CXMT’s global market share climbed to 7.67% and is poised for further expansion alongside technological upgrades and capacity ramp-up.
As disclosed in its updated prospectus, driven by surging global computing power demand and other catalysts, CXMT posted annual operating revenue of RMB 61.799 billion in 2025, representing a year-on-year surge of 155.6%. Its compound annual growth rate (CAGR) of operating revenue from 2023 to 2025 hit 160.78%, showcasing robust high-speed expansion. The firm turned profitable for the first time on a full-year basis in 2025 with a net profit of RMB 7.144 billion alongside a notable jump in full-year gross profit margin.
As the largest supplier of L4-level autonomous driving solutions for commercial vehicles in airport and factory scenarios across Greater China, UISEE Technologies has been committed to the R&D and commercial application of truly driverless, full-scenario and all-weather L4 autonomous driving technologies since its founding in 2016. All core technologies are fully self-developed by the company, which owns nearly 700 domestic and overseas patents, and was awarded the title of National Specialized, Refined, Differential and Innovative "Little Giant" Enterprise in 2021.
CXMT plans to raise RMB 29.5 billion through its STAR Market IPO, to be allocated across three core investment initiatives: RMB 7.5 billion for technical upgrading of mass-production memory wafer fabrication lines, RMB 13 billion for DRAM product technology renovation, and RMB 9 billion for forward-looking R&D of next-generation DRAM technologies.
Jumbo Sheen Fund
Source of information: China Fund Journal;Unicorn IPO;
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