US lawmakers call for probe into ChangXin Memory Technologies IPO
US lawmakers are calling for an investigation into ChangXin Memory Technologies (CXMT) after its massive IPO on July 27, 2026.
The Chinese chipmaker raised $8.6 billion in Shanghai, with shares jumping 466%, making it mainland China's most valuable company at nearly $500 billion.
Washington is worried the IPO, reportedly backed by Beijing, could boost CXMT's ties to China's military.
Bipartisan lawmakers seek classified Beijing briefings
Congress fears CXMT's chips could be used for spying or cyberattacks against US supply chains and defense systems.
A bipartisan group has asked for classified briefings on Beijing's involvement, and the probe might be folded into upcoming US defense policy.
With strong state backing, CXMT is a major supplier of chips used in AI and military tech, showing just how serious China is about becoming self-reliant in technology.