ChangXin Memory Technologies (CXMT), China’s leading DRAM chipmaker, is preparing for an initial public offering (IPO) on the Shanghai Stock Exchange, targeting a valuation of up to 300 billion yuan (approximately $42.12 billion). The listing is anticipated to occur as early as the first quarter of 2026, with the company aiming to raise between 20 billion and 40 billion yuan.
Founded in 2016 with state backing, CXMT has become a cornerstone of China’s strategy to achieve semiconductor self-sufficiency. The IPO comes at a time when China’s semiconductor stocks have surged, with the benchmark CSI CN semiconductor index rallying about 49% year-to-date.
The company has recently completed the “counselling process” for its IPO, a formal filing of pre-listing guidance with the China Securities Regulatory Commission (CSRC), a prerequisite for companies seeking to list on the mainland. CXMT has appointed China International Capital Corporation and CSC Financial as sponsors for the offering.
CXMT is investing heavily in high-bandwidth memory (HBM) technology, crucial for developing advanced processors used in artificial intelligence applications. The company plans to begin mass production of HBM3 chips by 2026, with an initial monthly wafer output of about 30,000, approximately one-fifth of SK Hynix’s capacity.
This move is particularly strategic following U.S. restrictions on HBM chip exports to China, impacting AI development. CXMT’s advancements in HBM technology are seen as a critical step in mitigating these challenges and enhancing China’s position in the global semiconductor market.
The IPO is expected to attract strong demand from domestic investors eager to support China’s quest for self-sufficiency in semiconductor manufacturing. CXMT’s progress is viewed as increasingly crucial to China’s technological ambitions, especially in the face of global supply chain constraints and geopolitical tensions.
As CXMT moves closer to its Shanghai listing, the semiconductor industry and investors worldwide will be closely watching the company’s next steps and its potential impact on the global memory chip market.
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