China’s Leading High-Bandwidth Memory and Physical AI Companies Prepare for IPO on Shanghai’s STAR Market

Several of China’s most prominent artificial intelligence hardware and semiconductor firms, including Unitree Robotics, CXMT, and YMTC, are preparing for initial public offerings on the Shanghai Stock Exchange’s STAR Market. These listings signal a significant expansion of China’s physical AI and memory infrastructure, positioning domestic champions to capture global demand for compute and storage. As these companies move up the value chain, their public debuts are expected to reshape investor perspectives on China’s role in the global semiconductor and robotics ecosystems.

Unitree Robotics, a leader in the physical AI space, has emerged as a dominant force in the global robotics market, commanding nearly 70% of the quadruped robot sector in 2023. The Hangzhou-based company delivered more than 5,500 humanoid robots in 2025, marking the highest shipment volume globally, and reported revenues approaching RMB 2 billion with gross margins near 60%. Unitree’s integration of advanced AI capabilities through a partnership with Nvidia highlights its strategic position at the intersection of hardware and intelligence. Having already received regulatory approval from the China Securities Regulatory Commission, Unitree is poised for a near-term listing that underscores the commercialization of next-generation automation.

ChangXin Memory Technologies (CXMT) is seeking to raise approximately RMB 29.5 billion on the STAR Market to expand its production of DRAM products, including DDR5 and LPDDR5/5X. As a foundational layer of AI infrastructure, CXMT’s leapfrog R&D strategy has allowed it to scale across multiple process generations, ranking it among the world's largest DRAM suppliers by capacity. While global competitors focus on high-margin AI memory, CXMT is building scale by serving mainstream applications in PCs and mobile devices, which are currently facing supply tightening due to the broader AI buildout. This expansion is critical for China’s goal of semiconductor self-sufficiency and provides a domestic alternative for memory components essential to everyday computing and AI workloads.

Yangtze Memory Technologies (YMTC) further strengthens China’s AI hardware ecosystem as a leading producer of 3D NAND flash memory, utilizing its proprietary Xtacking architecture to improve performance and manufacturing efficiency. By early 2026, YMTC reached a global NAND market share of 13% to 16%, making it the world’s fourth-largest producer with a monthly capacity of approximately 200,000 wafers. The company achieved a significant milestone by licensing its technology to Samsung, a rare instance of a Chinese firm generating royalty revenue from a major Korean chipmaker. As NAND remains essential for data storage in AI and cloud applications, YMTC’s growth and upcoming IPO reflect the increasing relevance of Chinese innovators in the global memory market.