CXMT Corporation

Samsung Electronics shares rose 3.25% to 285,500 won as Chinese rival CXMT began producing its fifth-generation DRAM platform, according to CXMT's announcement. CXMT has launched two 24-gigabit LPDDR5X products, giving them 50% more capacity than its previous versions, and claims its latest manufacturing process produces at least 50% more gross dies per wafer than the prior generation, though that comparison excludes final production yields. The pressure is most serious in commodity memory, where extra supply can quickly squeeze prices and margins, while Samsung's high-bandwidth memory business has greater protection because advanced packaging and customer qualification create higher barriers to entry. Samsung's GF Score of 84 out of 100 points to strong profitability, growth and financial strength, though weaker value and only moderate momentum remain visible. A downturn in conventional memory profits could limit the cash Samsung can deploy in the expensive race to lead AI memory.

China's ChangXin Memory Technologies said Sunday it has begun mass production using a fifth-generation DRAM technology platform, a step toward building a domestic rival to Samsung Electronics, SK Hynix and Micron Technology. The Hefei-based company said it reduced the spacing of key data-storage structures to 11.95 nanometers using a technique known as quadruple patterning, and that the platform can produce at least 50% more gross chip dies per wafer than its fourth-generation technology, based on an 8-gigabit chip. CXMT Vice President Luo Xiaodong told the 2026 World Manufacturing Convention in Hefei that the company's process capability is now comparable to advanced mass-produced technologies in the industry. CXMT also introduced two 24-gigabit LPDDR5X memory products built on the new platform, which it said are already in mass production, come in two package formats, and can hold 50% more data than its previous equivalent offerings. The company reported an 873.64% year-over-year jump in revenue for the first half of 2026, reaching 150.31 billion yuan, or $22.4 billion, for the six months ended June, and is reportedly preparing to expand into NAND flash memory after securing nearly 10% of global DRAM revenue.

On the morning of September 21, major A-share indices rose across the board, with the pharmaceutical and biotech sector showing strength. Huaren Pharmaceutical surged in a straight line during trading and sealed a 20cm limit up within 3 minutes. By the midday close, the Shanghai Composite Index stood at 3,933.37 points, up 0.55%, the Shenzhen Component Index rose 0.57%, the ChiNext Index gained 0.93%, and the STAR Composite Index added 0.40%. Combined turnover across Shanghai, Shenzhen and Beijing reached 1.339 trillion yuan in the half-day session. On the news front, on September 18, the Ministry of Industry and Information Technology, the National Development and Reform Commission and eight other departments jointly issued the 15th Five-Year Plan for the development of the pharmaceutical industry, explicitly proposing that during the 15th Five-Year Plan period, operating revenue of pharmaceutical industrial enterprises above designated size should exceed 3.5 trillion yuan, and the innovation drug industry should achieve an average annual growth rate of over 20%. The memory chip concept was also active. Changxin Technology announced on the evening of September 20 that its fifth-generation process technology platform had officially entered mass production, and simultaneously showcased a high-capacity LPDDR5X product built on that platform. This marks the first time a domestic 10,667 Mbps high-speed LPDDR5X memory chip has achieved mass production and application.

China's ChangXin Memory Technologies is preparing to enter the flash-memory chip market, expanding beyond its core DRAM business as a global memory shortage tightens supply and AI-related demand grows. According to a Reuters report citing sources familiar with the matter, CXMT plans to establish a research and development production line for NAND flash memory at its new plant in Beijing, and has also set up a research institute in the Chinese capital with NAND development among its projects. The move would put CXMT in direct competition with domestic rival Yangtze Memory Technologies, China's leading NAND manufacturer, and into a market dominated by Samsung Electronics, SK Hynix, and Micron Technology. CXMT has discussed its NAND plans with potential customers, including a newly established startup that plans to use its chips in storage products for AI systems and supercomputers, one source said, though it remains unclear when the R&D line will begin operating or whether CXMT will progress from trial production to large-scale commercial manufacturing. The expansion comes as strong AI-server demand has created a global memory shortage that industry executives expect to persist through at least 2027, with memory makers prioritizing DRAM and high-bandwidth memory capacity for AI applications and limiting additions to NAND production. CXMT and YMTC have traditionally focused on DRAM and NAND respectively, but are now expanding into each other's markets as tight supply supports pricing and strengthens their position with Chinese customers.

TechInsights chief strategy officer Dan Kim expects the AI-driven memory-chip supply crunch to intensify to a '10 out of 10' level of craziness and remain there through at least the end of 2027, according to a Financial Times report. Kim rated current conditions an eight out of 10, with DRAM prices projected to rise more than 200% year over year, a move he called historically unprecedented. Significant new supply is not expected until late 2027 or early 2028, leaving higher prices to balance surging demand against limited production. High-bandwidth memory used with AI accelerators has effectively sold out, and shortages have spread to other memory products, with automotive and medical-device customers facing allocation limits. Mainstream DRAM remains dominated by Samsung, SK Hynix, and Micron, while Chinese producers YMTC and CXMT are emerging challengers, with YMTC producing roughly 10% to 15% of global NAND bits and CXMT gaining share in Chinese smartphones despite lacking EUV lithography access.

China's premium smartphone market is heating up as Huawei and Xiaomi unveil new foldable devices just days before Apple is expected to release its first foldable iPhone. Huawei plans to introduce the Mate XT 2 on Monday, an ultra-premium trifold smartphone with two folding mechanisms that combines a conventional phone with a tablet-like display. Xiaomi will debut its Xiaomi 18 Fold later the same day, a passport-style device featuring its in-house Xring O3 processor and memory from China's CXMT. These launches underscore China's push for domestic technology and supply-chain independence, intensifying competition ahead of Apple's entry. Counterpoint analyst Ivan Lam believes Apple's large premium-device user base will help its foldable gain market share quickly, while also boosting broader consumer interest in the category.

On his final earnings call as Apple CEO, Tim Cook warned that memory chip shortages will persist, driving up costs and pressuring the company's margins under incoming CEO John Ternus. Apple expects to pay even higher memory costs in the September quarter, and management said rising prices could affect iPhone sales and reduce margins beyond the current quarter. CFO Kevan Parekh projected September-quarter margins of 46.5%, down from 48.1% in the June quarter, citing memory as the primary driver. Apple has tested DRAM chips from China's CXMT and is lobbying for broader use, but CXMT has already reached its annual production capacity. With Samsung, SK Hynix, and Micron controlling about 94% of the DRAM market and warning the crunch could last through 2027 or 2030, Apple faces a prolonged margin squeeze despite raising device prices.

Chinese memory-chip maker CXMT has begun small-scale production of HBM3E, an advanced high-bandwidth memory used in AI chips, according to a report from The Information. The company plans to expand production in 2027, and multiple Chinese chip designers, including Alibaba's T-Head and Cambricon Technologies, are testing the memory for potential use in products as early as next year. While CXMT's HBM3E lags behind leaders like SK Hynix and Micron in yield and technology, its progress indicates China is narrowing the gap in the AI-memory market, which could eventually increase competitive pressure on major suppliers such as Micron, Sandisk, and SK Hynix.

Today, the MSCI China Index adjustment takes effect after market close, with 33 new constituents added, including 31 A-shares such as Tongguan Copper Foil, Fenghua Advanced Technology, Huafeng Test & Control, Dingtai High-Tech, and KINGSEMI. Meanwhile, Inno Laser released its half-year report, with first-half operating revenue of 259 million yuan, up 19.02% year on year, and net profit attributable to the parent of 35.1507 million yuan, up 314.55% year on year. In addition, ChangXin Memory Technologies announced that its self-developed LPDDR6 memory has entered mass production and is first featured in the Xiaomi 18 Fold flagship foldable phone, marking the world's first commercial deployment of LPDDR6 products and breaking the monopoly of overseas manufacturers. China State Shipbuilding Corporation's wholly owned subsidiary Shanghai Waigaoqiao Shipbuilding, together with China Shipbuilding Trading, signed a contract with COSCO Shipping Assets for the construction of 12 21,700-TEU LNG dual-fuel container ships, with a total value of 2.688 billion US dollars, with delivery expected between 2028 and 2030. Shengyi Electronics' wholly owned subsidiary Ji'an Shengyi Electronics plans to invest 2.257 billion yuan to build a high-speed interconnect circuit board project, with a designed capacity of 445,900 square meters per year.

ChangXin Technology released its 2026 semi-annual report, achieving operating revenue of 150.31 billion yuan, up 873.64 percent year on year, and net profit attributable to shareholders of the listed company of 77.605 billion yuan, swinging from a loss to a profit. During the reporting period, the global DRAM market was in short supply, with product prices rising and sales volumes increasing significantly. The company expects the supply shortage to continue in the second half of the year. In addition, Youyan Silicon is planning to acquire 71.89 percent equity in Shandong Youyan Ace and 14.98 percent equity in Shandong Youyan Semiconductor through share issuance and cash payment, and its shares have been suspended. Fivotech plans to acquire 35 percent equity in Kesheng Electromechanical for 138 million yuan and sign a strategic cooperation agreement.

Reports that Shanghai Aishengna Electronic Technology Group has begun producing immersion DUV systems sent shares of ASML Holding (ASML) down sharply, but the immediate threat to Applied Materials (AMAT) is overstated. Applied Materials does not make lithography systems; a Chinese immersion DUV machine competes directly with ASML, not with Applied Materials' deposition, etch, and other systems. However, China's directive requiring semiconductor manufacturers to use at least 50% domestically produced equipment when adding new capacity pressures Applied Materials' $4.2 billion annual China revenue. In fiscal Q1 2026, China accounted for $2.095 billion, or 29.9% of total revenue, and in Q2, $2.087 billion, or 26.4%. Six major Chinese equipment suppliers saw combined sales surge from $748 million in 2020 to $7.608 billion in 2025, and CXMT, a key DRAM maker, sources an estimated 40% to 50% of its tools domestically, potentially overtaking Micron in physical wafer capacity by 2030. While five initial DUV systems are too few to impact 2026 earnings, the longer-term risk is that China's domestic equipment ecosystem reduces Applied Materials' addressable market over several years.

The General Office of the Shanghai Municipal People's Government issued the 15th Five-Year Plan for the Development of Strategic Emerging Industries in Shanghai, proposing to further comprehensively elevate the capability level of the integrated circuit industry, accelerate the research, development, and industrialization of high-end chips, and focus on developing high-end chips, AI-empowered design, advanced packaging, novel devices, and new-architecture chips. Meanwhile, CXMT announced that the over-allotment option for its initial public offering has been fully exercised, corresponding to an additional issuance of 1.003 billion shares, bringing total share capital to 67.884 billion shares. Hua Hong Semiconductor released its semi-annual report, with operating revenue of 9.574 billion yuan, up 19.41 percent year on year, and net profit of 399 million yuan, up 436.69 percent year on year. Lianxun Instruments saw net profit grow 903 percent year on year. In addition, MiniMax disclosed that its August annualized recurring revenue exceeded 800 million US dollars, and its token consumption in July reached 20 times the level at the start of the year.

The Direxion Daily Semiconductor Bull 3X Shares ETF fell 8% through 12:12 p.m. ET after reports that the Trump Administration will allow Apple to buy memory chips from Chinese suppliers ChangXin Memory Technologies and Yangtze Memory Technologies Corp. The decision threatens U.S. memory makers Micron and Sandisk, with Micron being the ETF's largest holding at 8.6%. Micron stock dropped about 5%, while Sandisk fell roughly 6%, and other top holdings including AMD and Nvidia also traded lower. The leveraged ETF had surged 32% in the first two weeks of August before reversing course.

Sandisk stock sank 7.5% through 11:40 a.m. ET Monday after WCCTech reported the Trump Administration will permit Apple to purchase memory chips from Chinese suppliers ChangXin Memory Technologies and Yangtze Memory Technologies Corp. Yangtze Memory Technologies competes directly with Sandisk in NAND memory chips, while ChangXin Memory Technologies focuses on DRAM chips but plans to produce high-bandwidth memory that would rival Sandisk's high bandwidth flash. The reported sourcing would only apply to Apple products sold in China, limiting the immediate threat. Lynx Equity Research analyst KC Rajkumar noted neither Chinese company has sufficient product certification or production capacity to seriously challenge Sandisk yet, though ChangXin Memory Technologies raised $8.6 billion in a Shanghai IPO and Yangtze Memory Technologies has filed for an IPO hoping to raise $4.9 billion.

Shangfeng Materials released its 2026 semi-annual report, with net profit attributable to shareholders of the listed company reaching 1.364 billion yuan, a substantial year-on-year increase. Against a backdrop of overall pressure on the cement industry, national output falling to a seventeen-year low, and roughly sixty percent of the industry operating at a loss, the company maintained a comprehensive gross margin of 25.84 percent, with multiple profitability indicators remaining in the industry's top tier. In the first half, the listing of SJSemi had an impact on fair value changes and contributed more than 1.1 billion yuan to company profit, and the semi-annual report has not yet included gains from the company's holding of 91.1531 million shares of CXMT following its listing on the STAR Market. The company also introduced a semi-annual cash dividend plan, proposing a cash dividend of 1.57 yuan per ten shares including tax, totaling nearly 150 million yuan in dividends including tax.

Meta Platforms CEO Mark Zuckerberg published a letter on August 10 arguing that artificial intelligence should be spread broadly rather than controlled by a few companies or governments, and announced that Meta will resume releasing open-source AI models. The company released the open-weight Muse Glimmer model on Monday, a 30-billion-parameter system small enough to run on a single consumer GPU, with plans to open the weights on Muse Spark 1.2 soon. Separately, the Wall Street Journal reported on August 9 that Apple has been testing memory chips from China's CXMT for use in iPhones and MacBooks as it seeks to ease a costly memory supply crunch. CXMT is now the most valuable company listed in mainland China at a $520 billion market cap, though U.S. export rules prevent Apple from ordering custom chips and any deal carries political risk. Meta also launched a $1 billion "Future is for Everyone Fund" aimed at data center host communities, while hedge fund data shows Meta had 262 holders as of Q1 2026, up from 256, and Apple had 170, up from 169.

The U.S. government is not in favor of Apple buying memory chips from Chinese companies, Commerce Secretary Howard Lutnick said in an interview, according to The Wall Street Journal. Amid an AI-driven supply crunch in computer memory, Apple and other device makers such as HP are increasingly looking at China for supplies as demand keeps rising, sending prices for the critical component sharply higher. This week, the Journal reported that Apple has been testing memory chips from Chinese semiconductor maker CXMT with plans to use them in its product lines, including iPhones and MacBooks. While federal rules require U.S. firms to obtain a license before transferring product information to Chinese chipmakers CXMT and Yangtze Memory Technologies, Apple is not barred from buying their off-the-shelf components and engaging in pricing talks with them. Lutnick said the Trump administration is not in favor of that, and there should be other solutions to the memory issue, but it's not great American companies using Chinese memory. He added that the White House continues to urge Apple to boost its U.S. manufacturing footprint, saying the company has built its supply chains on low-cost labor and now needs to build a supply chain on advanced manufacturing.

China's CSI 300 Index risks losing its appeal as the nation's key benchmark until it includes memory giant CXMT Corp., an event that's unlikely to happen until the end of 2027, according to Bloomberg Intelligence. The CSI 300's rules bar companies listed on the Shanghai Stock Exchange's tech-heavy STAR market from joining the index during their first year, and unless waived, this rule would apply to CXMT, which had a blockbuster debut last month on STAR to become China's largest listed company. Exchange-traded funds tracking the CSI 300 may suffer outflows until CXMT is added, Bloomberg Intelligence analysts including Rebecca Sin wrote in a note, adding that until then the index won't include the market's biggest stock, resembling the S&P 500 stripped of Nvidia. The issue is coming to the forefront as China leans on AI and tech to power the economy and a lasting stock rebound, and institutional investors risk missing out on early gains of some of the nation's most consequential companies, potentially pushing them toward gauges like the Star 50 Index, which offers greater exposure to emerging technology. The situation may worsen as other high-profile tech firms, such as chipmaker Yangtze Memory Technologies Co., plan initial public offerings, potentially on STAR, while Unitree Robotics has already confirmed that it plans to list on that board, and AI developer DeepSeek is also eyeing an IPO. CXMT's absence in the benchmark, given its market value of about 3.5 trillion yuan ($524 billion), would be conspicuous, and the firm will eventually enter the CSI 300 with a weighting of around 7.8%, commanding roughly the same weight as Nvidia Corp. has in the S&P 500, according to BI. China Securities Index, which runs the CSI 300, could grant CXMT an exemption for faster entry, but that's unlikely, BI analysts said, noting that SpaceX was similarly fast-tracked in the US, only to fall below its IPO price by early August, and such an outcome for CXMT could drag the CSI 300 down and cause reputational damage to the market. Meanwhile, CXMT is likely to enter the Star 50 Index in the coming months with a weight of around 9%, they said, and the STAR 50 Index has climbed 28% this year, while the CSI 300 has edged up by 0.7%. Societe Generale analysts including Manish Kabra wrote in a note that China's AI capex cycle is where the US was in 2023, and the Star 50 Index provides the highest exposure to the winners of that spending boom.

As of August 14, 17 companies have issued new shares on the STAR Market this year, raising a combined 88.845 billion yuan in initial public offerings, averaging 5.226 billion yuan per company. Among them, ChangXin Memory Technologies raised 57.919 billion yuan, the largest amount among STAR Market companies, with funds mainly going to projects such as DRAM memory technology upgrades. Unitree Robotics raised 6.099 billion yuan, mainly for projects such as intelligent robot model research and development. The average price-to-earnings ratio at issuance was 95.18 times, with the highest being ChangXin Memory Technologies at 308.92 times. By region, Anhui, Zhejiang, and the Cayman Islands led in funds raised, at 61.036 billion yuan, 7.498 billion yuan, and 5.028 billion yuan respectively.

The People's Bank of China announced it will conduct a 1 trillion yuan outright reverse repurchase operation on August 14, with a term of six months. Meanwhile, as of the Hong Kong stock market close on August 13, CXMT's market value reached 3.54 trillion yuan, surpassing Tencent Holdings' 3.44 trillion yuan. US memory chip stocks surged, with SanDisk up more than 13 percent, and Western Digital and SK Hynix up more than 7 percent. DeepSeek announced API price adjustments using peak and off-peak pricing, with off-peak prices set at half the peak rate, effective August 17. SMIC reported second-quarter revenue of 3.006 billion US dollars, up 36.1 percent year on year, and net profit attributable to shareholders of 479 million US dollars, up 261.7 percent year on year.

Yangtze Memory Technologies, or YMTC, became the world's third-largest shipper of NAND memory chips in the second quarter, with a 14% market share, trailing only Samsung and SK Hynix but overtaking Micron and Kioxia, according to data from Counterpoint Research released on Wednesday. MS Hwang, research director at Counterpoint, said YMTC had narrowly overtaken Kioxia a year earlier but fell behind again the following month, and is expected to pull further ahead in 2027 and 2028. A 15% market share is the minimum level needed for a memory maker to fund its own capital expenditure. YMTC is preparing for an IPO in mainland China, following CXMT, a Chinese memory chip company focused on DRAM, which debuted on the stock market last month and held a 7% share of the DRAM market in the second quarter. However, YMTC still trails Micron and Kioxia in NAND chip revenue because it sells more to consumer applications than to data centers, which are expected to use half of all NAND by the end of 2026.

ChangXin Memory Technologies, or CXMT, the world's fourth-largest DRAM memory chip maker from China, is scheduled to begin trading on the Shanghai Stock Exchange on 27 July 2026, following the largest IPO fundraising in Asia this year. The company was founded in 2016 in Hefei with investment from the local government and the Big Fund, acquiring patents and know-how from Qimonda, the former German DRAM maker that went bankrupt, and recruiting engineers from Elpida, Samsung and other leading companies. Despite facing US technology export restrictions, especially on EUV equipment, CXMT has developed multi-patterning techniques using older DUV machines and wafer-to-wafer hybrid bonding technology, rapidly narrowing the technology gap. Meanwhile, major players Samsung, SK Hynix and Micron have shifted production capacity to HBM to meet demand from NVIDIA and AI data centres, reducing DRAM and NAND output for smartphones and computers. Memory prices have surged at their fastest pace in decades, creating a phenomenon known as the AI Memory Squeeze, which has opened an opportunity for CXMT to expand capacity in the general DRAM market and rise to become the world's fourth-largest player. Reports indicate that Apple is considering using DRAM chips from CXMT for devices sold within China to diversify supply chain risk and ease cost pressure. Although the plan still faces geopolitical resistance and US control measures, it reflects that CXMT is no longer an unknown player. This listing is a symbol of the rise of the fourth dragon in the global memory industry and could mark a key turning point in the global semiconductor war in the coming decade.

Apple is testing DRAM chips from China's ChangXin Memory Technologies across several product lines, including iPhones and MacBooks, as it deals with a tight memory supply market driven by strong AI demand. The company has also held early discussions with CXMT about supplying components for devices made and sold in China, though U.S. export controls and other regulatory requirements could complicate that option. CXMT has reached about 7% of global DRAM revenue after triple-digit year-over-year growth, but its production capacity remains constrained and much of its output goes to Chinese customers such as ByteDance, Tencent, and Xiaomi. CXMT is also on the Pentagon's list of Chinese military-linked companies, adding geopolitical risk to any potential relationship.

Micron Technology shares gained roughly 1.8% Monday morning even as Barron's reported that Apple is testing memory from China's CXMT for devices sold in China. The testing does not constitute an order, and any deal would face U.S. government scrutiny. Micron's quarterly revenue reached $41.46 billion, up from $23.86 billion sequentially and $9.30 billion a year earlier, with data-center revenue exceeding $25 billion and operating cash flow hitting $25.39 billion. GuruFocus notes the stock trades at $872.10, more than double its GF Value estimate of $434.54.

Apple is evaluating memory chips from Chinese manufacturer CXMT for use in iPhones and MacBooks, with early talks focused on devices sold in China. The company is also seeking White House approval to use the chips in China-market products, according to Semafor, as a global memory shortage driven by AI infrastructure demand squeezes component supply. A bipartisan group of U.S. senators urged Apple in July not to pursue Chinese chips, while an analyst cited by CNBC said CXMT's technology lags industry leaders SK Hynix, Samsung, and Micron by two to three generations. HP and Acer are already sourcing CXMT chips for products sold outside the United States to offset tightening supply, Reuters reported. Apple CEO Tim Cook announced price increases roughly two months ago, calling surging memory costs a "hundred-year flood" and saying the company was willing to use its balance sheet to help bring additional memory capacity to market.

China is redirecting its $28 trillion stock and bond markets to fund its technology competition with the United States, with memory chipmaker CXMT Corp.'s record Shanghai debut as the most visible example. CXMT closed its first trading day up 466% at 49 yuan after raising 57.92 billion yuan in the largest mainland Chinese semiconductor IPO on record, lifting its market capitalization to 3.3 trillion yuan and making it China's most valuable onshore-listed company. The listing used a new preliminary review pilot that cut the path from filing to market to under eight months, and its debut was a factor in Beijing's recent broad market rescue efforts amid a tech selloff. Chinese tech companies have pulled in roughly $217 billion from equity and debt markets over the past two years, though American counterparts outpaced them by a ratio exceeding six to one, and Chinese tech giants are paying an average coupon of just 1.9% on bonds this year, more than 300 basis points below U.S. rivals. More listings are on the way, with AI firms Z.AI, MiniMax, and Moonshot AI pursuing mainland debuts and DeepSeek laying groundwork for its own IPO.

The Chinese government has systematically deployed national team funds to support the stock market after concerns over AI stock valuations triggered severe volatility in recent weeks. China Reform Holdings and China Chengtong Holdings used 60 billion yuan, or 8.9 billion dollars, through a relending facility backed by the central bank to stabilize the market ahead of the IPO of CXMT, a memory chip maker, which is China's largest IPO this year. China Securities Regulatory Commission Chairman Wu Qing met with investors on July 20, while dozens of companies including CATL announced share buyback programs, sending CXMT's share price up more than fivefold after its first trading day on July 27. Data from Wind Information shows that ETFs tracking the Shanghai STAR 50 and Shenzhen ChiNext indices saw record combined net purchases of 73.7 billion yuan, or 10.9 billion dollars, in July, reflecting that the national team is rebalancing its portfolio by increasing its allocation to technology stocks. Analysts view this intervention as aimed at building long-term confidence rather than merely stemming falling share prices.

Equity fundraising in Asia Pacific hit an all-time high in July, with companies in the region raising more than 83 billion dollars combined through IPOs, follow-on offerings, and block trades. The main driver came from AI and semiconductor-related firms. SK Hynix raised 26.5 billion dollars through a US listing, marking the largest US stock market listing by a foreign company. Meanwhile, Chinese memory chip maker CXMT raised 66.6 billion yuan, or about 9.9 billion dollars, in its IPO, making it the second-largest IPO in mainland China. Zhongji Innolight raised nearly 7 billion dollars through a Hong Kong listing, the largest IPO in Hong Kong in seven years. The fundraising wave has continued into August, with Asia Pacific companies selling roughly 7 billion dollars in shares and related securities since the start of the month, mostly driven by a resurgent Indian market.