China's CXMT plans $4.2B IPO to boost AI memory tech
ChangXin Memory Technologies (CXMT), China's biggest homegrown DRAM chipmaker, is looking to raise $4.2 billion through an IPO on Shanghai's STAR Market.
The money will help CXMT ramp up its DRAM wafer production and modernize its factories, as demand for AI-ready memory soars.
Right now, CXMT holds around 5% of the global DRAM market—making it the world's fourth-largest producer.
What does CXMT actually do?
Founded a decade ago and based in Hefei, CXMT makes memory chips like DDR4 and DDR5 that power everything from smartphones to servers.
Why does this matter?
CXMT is at the heart of China's push for tech independence—especially with US restrictions on advanced chipmaking gear still in place.
While they've built up their technology by acquiring patents from Qimonda, there have been bumps along the way: last December, some former Samsung employees were indicted in South Korea over alleged leaks of trade secrets to CXMT.
Still, this IPO signals that China is serious about growing its own chip industry for the future.