Many of the stocks listed on China’s STAR Market have delivered solid total returns to investors this year. This has been reflected in the year-to-date (YTD) performance of our China technology ETF , the KraneShares ICBCUBS SSE STAR Market 50 Index UCITS ETF (Ticker: KSTR), compared to our broad China equity ETF, the KraneShares ICBCUBS S&P China 500 UCITS ETF (Ticker: CHIN).

We believe STAR Market-listed companies represent the vanguard of China’s technological innovation. Many are becoming technology leaders not only in the domestic market, but also on the world stage. The latest example of this is ChangXin Memory Technologies, which could serve a critical role in the global AI supply chain and has just filed to list on the STAR Market.

ChangXin Memory Technologies’ STAR Market IPO matters because it adds a credible fourth dynamic, rapid-access memory (DRAM) champion to the global publicly traded roster, just as AI-driven demand pulls high-bandwidth memory (HBM) and DRAM chips to the center of global compute infrastructure. For AI-enabled services to achieve full functionality, they rely on these complex memory systems to both “remember” information and continuously provide a stream of reasoning and information to the end user. The supply crunch for this key input has recently elevated the share prices of SK Hynix, Samsung, and Micron.

We believe ChangXin Memory could be well-positioned to capitalize on opportunities from a memory-starved world due to its technological trajectory, strategic timing, ability to serve as an anchor for China’s AI and memory stack, and its advantageous position as a much-needed fourth major global supplier.

Technological Trajectory: From domestic DRAM champion to HBM enabler.

• ChangXin is China’s largest DRAM maker and already the world’s fourth‑largest by capacity and shipments, with around 7–8% global DRAM market share as of late 2025.¹
• As AI accelerators consume ever more HBM alongside conventional DRAM, we believe a scaled fourth player with competitive technology is strategically positioned to extend into HBM and adjacent high‑performance memory.
• ChangXin has moved from a relative laggard in terms of its technology to being now within a generation or two of the leaders, according to industry analysts.²
• Its DRAM technology has progressed enough so that it can be repurposed into HBM stacks, if needed.³

Strategic timing amid an AI memory crunch.

• The global AI boom has created a memory crunch, with DRAM and HBM pricing and margins surging.
• ChangXin’s profits reportedly jumped more than 1,600% year‑on‑year in early 2026 on revenue growth above 700%.⁴
• As AI hyperscalers consume more HBM and DRAM chips, any incremental, technologically credible supplier that can ramp advanced nodes becomes systemically important to the ecosystem, potentially easing bottlenecks and diversifying supply away from Samsung, SK Hynix, and Micron, which represent the largest three memory chip suppliers.⁵

Anchor for China’s AI and memory stack

• U.S. export controls on advanced chips, including HBM for AI accelerators, have pushed Beijing to back domestic players like ChangXin as national champions in strategic memory.
• ChangXin already supplies major Chinese tech brands across cloud, smartphones, PCs, and autos, as China builds a homegrown AI stack with graphics processing units (GPUs), accelerators, and servers.

IPO Scale & Implications

The planned STAR Market IPO is expected to value the company between RMB 300 billion ($42 billion) and RMB 2 trillion ($290 billion).⁶ That would make it the second‑largest semiconductor listing since the launch of the STAR Market in 2019.⁷

Meanwhile, the significant capital raise would help finance the company’s move from “DRAM follower” to a definitive full‑stack HBM ecosystem participant. For investors, ChangXin’s IPO signals that China can now list deep‑tech, capital‑intensive memory champions onshore at scale, potentially driving a broader wave of domestic funding into AI‑linked memory, packaging, and equipment vendors feeding into the global HBM supply chain.

How To Invest

Even if valued at the low end of its estimated range, ChangXin would boast a market capitalization near that of Advanced Micro Fabrication, which is included in the SSE STAR Market 50 Index and the fourth-largest holding in our China technology ETF, the KraneShares ICBCUBS SSE STAR Market 50 UCITS ETF (Ticker: KSTR), as of 27 May, 2026.⁸

KSTR could be a convenient way for global investors to access this exciting IPO.

---

This is a marketing communication. Please refer to the UCITS Prospectus, the KIID, and the PRIIP before making any final investment decision. 

For KSTR standard performance, risks, and top 10 holdings, please click here.

For CHIN standard performance, risks, and top 10 holdings, please click here.

Top 10 Holdings as of 31/Mar/2026 Holdings are subject to change.	Ticker	%
CAMBRICON TECHNOLOGIES-A	688256	10.22
HYGON INFORMATION TECHNOLO-A	688041	9.64
MONTAGE TECHNOLOGY CO LTD-A	688008	7.07
ADVANCED MICRO-FABRICATION-A	688012	6.62
VERISILICON MICROELECTRONI-A	688521	4.10
BIWIN STORAGE TECHNOLOGY C-A	688525	3.81
PIOTECH INC-A	688072	3.44
SHANGHAI UNITED IMAGING HE-A	688271	3.05
BEIJING KINGSOFT OFFICE SO-A	688111	2.98
HWATSING TECHNOLOGY CO LTD-A	688120	2.37

Index Definitions:

SSE STAR Market 50 Index: The SSE STAR Market 50 Index (often called the “STAR 50 Index”) is designed to track the performance of the 50 largest and most liquid companies listed on the Shanghai Stock Exchange Science and Technology Innovation Board (the STAR Market), based on free‑float market capitalization and liquidity screens. The index was launched on July 23, 2020.

S&P China 500 Index: The S&P China 500 Index is a float‑adjusted, market‑cap‑weighted index that seeks to measure the performance of 500 of the largest and most liquid Chinese companies across all major Chinese share classes and listing venues. The index was launched on August 28, 2015.

Citations:

1. "China's DRAM giant CXMT plans US$4.2 billion IPO on Shanghai's STAR Market," South China Morning Post. 31 December, 2025.
2. Broersma, Matthew. "China Memory Maker CXMT Prepares Massive IPO," Silicon Technology Powering Business. 22 October, 2025.
3. Chen, Fred. "China's top memory chip maker CXMT narrows tech gap with leaders Samsung, Hynix, Micron," Semi Wiki. 30 January, 2025.
4. Ting-Fang, Cheng. "China chipmaker CXMT logs 1,688% profit surge amid global memory crunch," Nikkei Asia. 18 May, 2026.
5. Xu, Eunice. "Global memory chip crunch to persist even as Samsung, SK Hynix, Micron boost production," South China Morning Post. 21 January, 2026.
6. Gu, Zhaowei. "Changxin Clears Key Hurdle for Record STAR Market IPO," Caixin Global.
7. "CXMT's STAR Mkt IPO Approved by SSE Listing Committee; SMIC Soars ~6% Against Mkt; HUA HONG SEMI Leaps 12%," AA Stocks. 27 May, 2026.
8. Data from KraneShares and Bloomberg as of 27 May, 2026.