ChangXin Memory Technologies to raise $8.5B in STAR Market IPO
Business
ChangXin Memory Technologies (CXMT), China's top DRAM chipmaker, is gearing up for a massive IPO on Shanghai's STAR Market on July 27.
It is raising $8.5 billion, making it the biggest IPO ever by a Chinese chip company, and aiming to take on global heavyweights like Samsung, SK hynix, and Micron.
Valued about $85B, 4th-largest DRAM maker
The IPO values CXMT at about $85 billion.
Right now, it is the world's fourth-largest DRAM producer, but it still lags behind in tech and mostly sells to domestic buyers.
With the new funds, CXMT plans to boost production, develop advanced DDR5 chips, and double its capacity by 2030.
Analysts say grabbing at least 15% of the global market will be key if it wants to really compete worldwide.