China memory chipmaker CXMT set for Shanghai debut after Asia's biggest IPO

Only 6.73% of CXMT's enlarged share capital will be freely tradable at listing, as most shares are locked up. The small initial float could magnify price swings and attract strong turnover.

HSBC Qianhai Securities said in a note last week that the offering could drain liquidity from the wider Chinese market before and on its debut, though past technology listings suggested a rebound could follow the next trading day.

CXMT makes DRAM chips, a type of memory chip used in phones, computers and servers. It is the world's fourth-largest DRAM maker after Samsung Electronics, SK Hynix and Micron Technology.

The company's IPO is the biggest mainland Chinese semiconductor offering on record, surpassing SMIC's $7.5 billion Shanghai share sale in 2020.