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China’s CXMT eyes $4.2 billion Shanghai listing to fund DRAM expansion

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China’s leading dynamic random access memory (DRAM) chipmaker ChangXin Memory Technologies (CXMT) said on Tuesday it plans to raise 29.5 billion yuan ($4.22 billion) through an initial public offering in Shanghai, as it seeks to expand production and narrow the gap with global rivals.

According to its prospectus, CXMT will issue 10.6 billion shares, with proceeds earmarked primarily for upgrading production lines, improving manufacturing technologies and boosting research and development of advanced DRAM products. The listing follows the company’s unveiling last month of its latest DDR5 DRAM chips, directly challenging established competitors in South Korea and the United States.

Founded in 2016 with strong state backing, CXMT has become a cornerstone of China’s ambition to build a domestic memory chip industry. The global DRAM market is currently dominated by Samsung Electronics, SK Hynix and Micron Technology, which together control more than 90% of the market. CXMT held around a 4% global market share in the second quarter, according to data from Omdia cited in the prospectus.

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The company operates three 12-inch DRAM fabrication plants in Beijing and at its headquarters in Hefei, Anhui province. After nine funding rounds, CXMT counts major Chinese investors such as Alibaba and Xiaomi, and has developed four generations of DRAM technology.

CXMT is also investing heavily in high-bandwidth memory (HBM), a specialised form of DRAM essential for advanced processors such as Nvidia’s graphics processing units used in generative AI. The company plans to begin HBM production by the end of 2026 at a back-end packaging facility under construction in Shanghai.

Financially, CXMT expects strong growth. It projects revenue could rise by as much as 140% year-on-year in 2025, driven by higher memory prices and increased sales volumes since July. While the company has posted heavy losses in recent years, it said it could turn profitable as early as 2026, depending on wafer shipments and average selling prices. CXMT reported losses of 8.32 billion yuan in 2022, 16.3 billion yuan in 2023 and 7.1 billion yuan in 2024, and recorded a 2.3-billion-yuan loss in the first half of this year.

China’s CXMT Plans $42 Billion Shanghai IPO to Fuel AI Chip Ambitions

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ChangXin Memory Technologies (CXMT), China’s leading memory chipmaker, is preparing for a Shanghai initial public offering (IPO) as early as the first quarter of 2026, targeting a valuation of up to 300 billion yuan ($42.1 billion), according to sources familiar with the matter. The listing would mark one of China’s largest tech IPOs in years and a major step in Beijing’s drive for semiconductor self-sufficiency.

Founded in 2016 with state backing, CXMT is China’s main producer of dynamic random access memory (DRAM) chips — a market long dominated by Samsung, SK Hynix, and Micron Technology. The company aims to raise between 20 billion and 40 billion yuan, two sources said, while a third suggested about 30 billion yuan, with a prospectus possibly unveiled in November.

CXMT’s IPO plans come amid a surge in Chinese semiconductor stocks, with the CSI CN Semiconductor Index up nearly 49% this year. The firm has already begun pre-IPO “counselling” procedures with China International Capital Corporation and CSC Financial, both state-backed investment banks.

The proceeds will help finance CXMT’s aggressive push into high bandwidth memory (HBM) — an advanced form of DRAM critical for AI chips and data center processors such as those used in Nvidia’s GPUs. The company is building an HBM packaging plant in Shanghai, targeting initial production by late 2025 and mass output of HBM3 chips by 2026.

CXMT’s expansion is especially vital after U.S. trade restrictions cut off China’s access to advanced HBM chips last year. Analysts at TechInsights estimate the firm’s capital expenditure at $6–7 billion across 2023–2024, with a further 5% increase in 2025. The company’s initial HBM wafer capacity will reach about 30,000 per month, roughly one-fifth that of SK Hynix.

If successful, the IPO could attract heavy domestic investor demand, seen as both a financial opportunity and a patriotic play in China’s race to achieve technological independence.

China’s CXMT Corp Begins IPO Preparation Amid Push to Expand DRAM Chip Business

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CXMT Corporation, the parent company of Chinese DRAM chipmaker ChangXin Memory Technologies, has started the initial preparations for an initial public offering (IPO), according to a document released by China’s securities regulator.

Summary:

  • IPO Preparation:
    CXMT has entered the “counselling process” for an IPO, having hired state-owned investment banks China International Capital Corporation and CSC Financial to assist. However, details on the timing or location of the IPO remain undisclosed.

  • Company Profile:
    CXMT is a major player in China’s drive to develop a domestic dynamic random-access memory (DRAM) chip industry, a sector historically dominated by firms from the U.S., Japan, and South Korea. Founded in 2016 with state backing, CXMT oversees subsidiaries including ChangXin Memory Technologies.

  • Production Facilities:
    The company operates two semiconductor foundries in China—one in Hefei, Anhui Province, and a newer facility in Beijing, with production ramping up since September 2023. Monthly production capacity is estimated at around 200,000 12-inch wafers.

  • Regulatory Challenges:
    CXMT narrowly avoided being added to the U.S. Entity List in May but remains subject to U.S. export restrictions from October 2022, which limit China’s ability to manufacture advanced DRAM chips.

  • No Further Details:
    The document did not specify which assets will be part of the IPO or whether the CXMT subsidiary itself will be listed. The company did not immediately respond to requests for comment.