ChangXin Memory Technologies (CXMT), China’s top DRAM chipmaker, plans to go public in Shanghai as soon as early 2026, seeking a valuation of up to 300 billion yuan ($42 billion), according to multiple sources. The state-backed firm aims to raise between 20 billion and 40 billion yuan, fueling its bid to catch up with global memory leaders and strengthen China’s semiconductor independence.
Founded in 2016, CXMT leads Beijing’s push to compete in dynamic random access memory (DRAM), a market historically ruled by Samsung, SK Hynix, and Micron Technology. The company’s IPO preparations began in July, hiring China International Capital Corporation and CSC Financial to handle the process.
The capital will support the construction of an HBM (high bandwidth memory) factory in Shanghai, with initial production expected by late 2025 and mass manufacturing of HBM3 chips by 2026. CXMT’s planned output of 30,000 wafers per month would represent about one-fifth of SK Hynix’s current capacity.
The listing comes amid strong momentum in Chinese semiconductor equities, with the CSI CN Semiconductor Index up nearly 50% year-to-date. Analysts say the offering will likely attract domestic investors eager to back China’s high-tech supply chain amid U.S. chip export restrictions.
TechInsights estimates CXMT spent about $6–7 billion on capital expenditures over 2023–2024, with spending expected to rise 5% in 2025 if no new U.S. curbs emerge. Analysts note that even if CXMT succeeds in launching its HBM3 chips by 2026, it would still trail SK Hynix’s HBM4 technology by several years.
