China's top securities regulator said on June 12 that it has approved the initial public offering (IPO) registration of CXMT Corporation, the country's largest manufacturer of dynamic random-access memory (DRAM).

The company has been approved to be listed on the Shanghai Stock Exchange's sci-tech innovation board, also known as the STAR market, the China Securities Regulatory Commission said in a statement.

According to CXMT Corporation's prospectus, the firm, established in 2016, is China's largest and most technologically advanced enterprise focused on the research and development, design and manufacturing of DRAM products.

The company plans to raise 29.5 billion yuan (about $4.33 billion) via the offering, which would make it the second-biggest IPO in the history of the STAR Market and the largest IPO on the A-share market this year.

The STAR market, inaugurated in June 2019 and designed to support companies in the high-tech and strategic emerging sectors, has eased its listing criteria but adopted stricter requirements for information disclosure.