Over 6,000 Employees to Receive Shares, CXMT IPO Set to Create Wealth for Many

Odaily reported that according to the prospectus, CXMT has implemented two phases of employee stock ownership plans (ESOP) before its listing, granting shares to a total of 6,760 people. These cover the company's management talents, key business personnel, core technical staff, and employees in critical frontline production positions, making it one of the largest pre-IPO equity incentive plans in the semiconductor industry.

CXMT's employee stock ownership plan was implemented in two phases over four years. The first phase, launched in September 2021, granted shares to 3,596 employees at a price of 1.05 yuan per registered capital unit, covering the core team involved in early production line construction and technological R&D. The second phase was launched in June 2023, during a low point when the company was suffering massive losses due to large-scale expansion and its net assets were severely eroded; as a result, the cost per share was compressed to 0.108 yuan. As of the IPO, the two phases have cumulatively covered 6,760 people, accounting for 35% of the company's total of 19,298 employees. Among them, R&D personnel account for over 30%, and nearly 40% hold a master's degree or higher. According to the prospectus, the shares held by employees need to be distributed over ten years, starting 36 months after the listing, and the distribution can be in the form of shares or cash proceeds, with the final return depending on the company's long-term value.

CXMT officially disclosed its prospectus for listing on the STAR Market on July 9th. The company's securities code is 688825, and the online subscription code is 787825. This IPO plans to publicly issue 6.688 billion shares, accounting for approximately 10% of the total share capital post-issuance. It aims to raise 29.5 billion yuan, setting a record for the largest IPO in the A-share market since 2026.