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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.

US approves Samsung, SK Hynix chipmaking tool shipments to China for 2026, sources say

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The U.S. government has approved annual licences allowing Samsung Electronics and SK Hynix to ship chipmaking equipment to their factories in China in 2026, according to two people familiar with the matter. The move offers temporary relief to the South Korean firms amid tightening U.S. export controls.

One source said Washington has introduced an annual approval system for exports of semiconductor manufacturing tools to China. The decision follows a U.S. move earlier this year to revoke licence waivers that had allowed certain technology companies to continue shipments with fewer restrictions.

Previously, Samsung, SK Hynix and TSMC benefited from exemptions under Washington’s broad chip export restrictions targeting China. That special status, known as validated end user (VEU), is set to expire on December 31. After that date, shipments of U.S.-origin chipmaking equipment to their Chinese facilities will require individual export licences.

Samsung and SK Hynix declined to comment, while TSMC did not immediately respond to requests for comment. The U.S. Department of Commerce was not available for comment outside business hours.

The policy shift reflects Washington’s broader effort to curb China’s access to advanced American technology. The administration of U.S. President Donald Trump has been reassessing export controls it considers overly permissive under the previous Biden administration, according to people familiar with the matter.

China remains a critical manufacturing base for Samsung and SK Hynix, particularly for legacy memory chips. Demand for such chips has surged amid rapid expansion of AI data centres and tighter global supply, underscoring why continued access to chipmaking tools for their Chinese plants remains strategically important for the South Korean companies.

Exclusive: China mandates 50% domestic equipment rule for chipmakers, sources say

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China is requiring chipmakers to use at least 50% domestically produced equipment when adding new manufacturing capacity, according to three people familiar with the matter, as Beijing intensifies efforts to build a self-sufficient semiconductor supply chain.

The requirement is not publicly documented, but companies seeking government approval to build or expand fabrication plants have been told in recent months that they must demonstrate—through procurement tenders—that at least half of their equipment will be sourced from Chinese suppliers, the sources said. Applications that fail to meet the threshold are typically rejected, although authorities may allow flexibility depending on supply constraints. For advanced production lines, where domestic tools are not yet fully available, the rules are applied more leniently.

The mandate represents one of the most significant steps China has taken to reduce reliance on foreign technology, a drive that accelerated after the United States tightened export controls in 2023, restricting sales of advanced AI chips and semiconductor manufacturing equipment to China. While those restrictions blocked access to the most advanced tools, the new rule is pushing Chinese chipmakers to choose local suppliers even in areas where foreign equipment from the United States, Japan, South Korea and Europe remains available.

“Authorities prefer it to be much higher than 50%,” one source said, adding that the long-term goal is for fabs to use entirely domestic equipment. China’s industry ministry did not respond to a request for comment.

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The policy aligns with President Xi Jinping’s call for a “whole-nation” approach to semiconductor self-sufficiency, involving thousands of engineers and researchers across companies and institutes. Reuters has previously reported that Chinese scientists are working on prototypes of advanced chipmaking machines—an area Washington has sought to restrict for years.

State-linked buyers have sharply increased orders for domestic tools. Public procurement data show that state-affiliated entities placed a record 421 orders this year for Chinese lithography machines and components, worth about 850 million yuan. Beijing has also poured hundreds of billions of yuan into the sector through the “Big Fund,” which launched its third phase in 2024 with 344 billion yuan ($49 billion) in capital.

The effects are already visible. China’s largest chip equipment maker, Naura Technology, is testing its etching tools on a cutting-edge 7-nanometre production line at SMIC, sources said, after successfully deploying tools on 14-nanometre lines. Etching equipment in China was previously dominated by foreign suppliers such as Lam Research and Tokyo Electron, but is now increasingly being replaced by domestic firms including Naura and AMEC.

Naura has also developed replacement components, such as electrostatic chucks, to keep foreign tools running after overseas suppliers curtailed services following export restrictions. Neither Naura, AMEC, SMIC, Lam Research nor Tokyo Electron responded to requests for comment.

Global competitors are watching closely as foreign suppliers are gradually squeezed out of the Chinese market. Naura filed a record 779 patents in 2025, more than double its filings in 2020 and 2021, while AMEC filed 259, according to data verified by Reuters. Stronger demand has translated into financial gains: Naura’s first-half 2025 revenue rose 30% to 16 billion yuan, while AMEC reported a 44% increase to 5 billion yuan.

Analysts estimate China has now reached roughly 50% self-sufficiency in photoresist-removal and cleaning equipment, a segment once dominated by Japanese firms. Industry sources say the domestic market is likely to be led by just a handful of major players, with Naura firmly among them.