China's CXMT Plans $42B Shanghai IPO to Boost DRAM Leadership

ChangXin Memory Technologies (CXMT), China's leading DRAM chipmaker, is preparing for an initial public offering (IPO) in Shanghai as early as the first quarter of 2026, targeting a valuation of up to 300 billion yuan (approximately $42 billion). The company aims to raise between 20 billion and 40 billion yuan, with a prospectus expected to be released as soon as November. Founded in 2016 with strong government backing, CXMT plays a key role in China's strategy to build a self-reliant semiconductor industry amid U.S. export restrictions on advanced memory technology. CXMT is investing heavily in high-bandwidth memory (HBM) chips, targeting mass production of HBM3 and HBM4 by 2026 to compete with global leaders like Samsung and SK Hynix. The IPO coincides with a significant rally in China's semiconductor stocks, reflecting domestic investor confidence in the country's technological independence. While CXMT still lags behind top international rivals in technology, its expansion aligns with growing global demand for memory components powering smartphones, computers, and AI servers.