SK Hynix's Debut, Shein's New Plan, and Logistics Companies from Uzbekistan: Key IPO Updates as of July 12

South Korean chipmaker SK Hynix raised $26.5 billion, setting a record for initial public offerings by foreign companies in the U.S. Centrum Holding, Uzbekistan’s largest private logistics group, is preparing for an IPO in London, which could take place as early as next year. Meanwhile, Chinese memory manufacturer CXMT will begin accepting applications next week for an IPO worth at least $4.3 billion. Check out our roundup of the week’s top events in the IPO market.

— Centrum Holding, Uzbekistan’s largest private logistics group, is preparing for an IPO in London within the next one to two years and intends to attract investors to scale up its business, said its founder and CEO, Abdulaziz Abdurakhmanov, in an interview with Bloomberg. Founded in 2019, the company operates logistics services on routes between Europe and Asia and is expanding its fleet of railcars, trucks, and multimodal terminals. In 2025, its revenue reached $1 billion, with a workforce of 5,000 employees, and in 2026–2027, it plans to invest more than $100 million in business development.

— Fast-fashion giant Shein is continuing to prepare for a potential IPO in Hong Kong, through which it plans to raise several billion dollars, according to sources cited by Bloomberg. According to the sources, Shein may attempt to go public in the coming months if approved by Chinese regulators. Shein declined to comment. The company previously attempted to list in the U.S. and London, but was unsuccessful. Its attempt to go public in the U.S. fell through due to concerns about its supply chain and labor practices, while its entry into the London market was blocked by Chinese authorities.

— Chinese memory manufacturer CXMT will begin accepting applications for its IPO next week, aiming to raise at least 29.5 billion yuan ($4.3 billion), Bloomberg reports, citing the prospectus. If the deal size exceeds $5 billion, including the over-allotment option, the offering will be the largest IPO in mainland China since 2022 and the largest in Asia since CATL’s IPO in 2025, the agency reports. The company will use the proceeds to expand production capacity and develop DRAM technologies. In late June, the Financial Times reported that Apple was seeking permission from the Donald Trump administration to purchase chips from CXMT, despite the Chinese company being on the Pentagon’s blacklist.

— Syntiant, an American developer of AI chips and software backed by Intel and Microsoft, has filed to go public in the U.S. The company develops energy-efficient chips for AI computing in headphones, wearable electronics, and industrial systems. In the first quarter of 2026, Syntiant reported revenue of $64.5 million and a net loss of $26.2 million.

— Csquare, a U.S. data center operator backed by Brookfield, plans to raise up to $1.35 billion in a U.S. IPO by offering 50 million shares at a price of $23–27 per share, valuing the company at up to $4.18 billion, Bloomberg reports, citing documents filed with the U.S. Securities and Exchange Commission (SEC). In the first quarter, the company’s revenue rose to $270.5 million, while its net loss amounted to $66 million. The proceeds are planned to be used primarily to repay debt, and Brookfield will retain control of the company after the IPO.

— South Korean chipmaker SK Hynix raised $26.5 billion through an offering of American Depositary Receipts (ADRs), marking the largest initial public offering by a foreign company in U.S. history, according to Bloomberg. The company sold 177.9 million ADRs at $149 each, with demand exceeding supply by nearly seven times and reaching approximately $200 billion. The proceeds will be used to expand AI infrastructure amid high demand for HBM memory, a market in which SK Hynix holds a 57% global market share by revenue.

— Momenta, a Chinese autonomous driving technology developer, raised 5.9 billion Hong Kong dollars ($752 million) in its Hong Kong IPO, after which its shares rose more than 6% in debut trading, according to Bloomberg. The company followed the lead of other autonomous driving technology developers, including Pony AI and WeRide, which also raised capital on the Hong Kong Stock Exchange to fund their business expansion. The company will allocate about 40% of the proceeds to developing AI infrastructure, and anchor investors in the offering include GIC, Fidelity International, BlackRock, and Mercedes-Benz. Momenta’s revenue in 2025 grew by 82% to 2.4 billion yuan, but the company remains unprofitable and expects to become profitable by 2028.

— Shares of Luxshare Precision, a Chinese supplier to Apple, fell on their first day of trading in Hong Kong following the city’s largest IPO of the year, worth 24.27 billion Hong Kong dollars ($3.1 billion), according to Reuters. The shares fell 9.6% to 57.2 Hong Kong dollars from the offering price of 63.28 Hong Kong dollars and closed at 60 Hong Kong dollars. Luxshare, which is already listed in Shenzhen, is raising funds in Hong Kong to finance overseas expansion, R&D, plant expansion, and debt repayment.

— Bank of America has extended a $520 million credit line to OpenAI after previously refusing to finance the company, Bloomberg and Reuters reported, citing sources. According to the agency, the bank changed its decision as OpenAI prepares for an IPO: participating in the financing increases its chances of securing a role in one of Wall Street’s most anticipated offerings. The new credit line has increased the total amount of bank financing available to OpenAI to more than $5 billion.

— California officials have proposed increasing the state’s maximum reserve fund from 10% to 20% of tax revenue to build a larger cushion against economic downturns, according to Bloomberg. Governor Gavin Newsom supports the initiative, pointing to a sharp rise in tax revenue driven by the AI company boom and the expected IPOs of OpenAI and Anthropic, as well as SpaceX’s recent public offering. Officials expect that additional revenue from the tech giants’ IPOs will allow them to increase their financial “safety net,” as employee stock awards become taxable after an IPO. The amendment will be put to a vote in November.

— Record spending on AI infrastructure and power grids has sparked a surge in share offerings by publicly traded companies in Europe, offsetting the slowdown in the IPO market, according to Bloomberg. In the first half of 2026, the volume of share offerings in the region rose 35% year-over-year to $88.7 billion, with more than half coming from secondary offerings. Companies are raising capital to build data centers, modernize power grids, and finance M&A deals, while the IPO market remains under pressure from geopolitical uncertainty and volatility in the technology sector.

This article was AI-translated and verified by a human editor