Chinese DRAM manufacturer ChangXin Memory Technologies priced its Shanghai IPO at 8.66 yuan per share, valuing the company at about $85 billion and setting up the largest tech listing in Asia this year.
CXMT aims to raise roughly 57.9 billion yuan ($8.5 billion) in the offering, nearly double the amount earmarked for its investment projects. Trading is expected to begin on the Shanghai Stock Exchange on July 27, according to sources familiar with the matter.
The IPO has drawn strong interest from institutional investors eyeing the company’s position as China’s leading domestic DRAM producer. CXMT has steadily ramped production of commodity DRAM chips used in PCs, servers, and mobile devices, narrowing the gap with Samsung, SK hynix, and Micron.
The record valuation underscores Beijing’s push for semiconductor self-sufficiency amid expanding US export controls on advanced chip technology. CXMT’s listing comes as global memory demand surges on AI-driven data center buildout, though the company remains years behind the three dominant memory makers in leading-edge process technology.
