Chinese memory maker CXMT posts blistering 466% leap in Shanghai IPO

Chinese memory maker CXMT surged 466% on its Shanghai IPO debut, reaching 49 yuan and valuing the company at 3.3 trillion yuan, surpassing ICBC to become the mainland's top market cap. The company rai... Read original →

CXMT's massive fundraising and soaring valuation reflect China's urgent push to strengthen its memory chip supply chain. The IPO not only accelerates DRAM capacity but also reshapes global supply dynamics. Despite constraints from lacking EUV access, its deep ties with clients like ByteDance and Tencent will accelerate domestic server memory adoption. Global players such as Samsung and Micron may respond with increased investment or partnerships in China to counter rising local competition. In the short term, CXMT could squeeze smaller vendors through price wars, while long-term challenges include technological gaps and export restrictions. Without breakthroughs in EUV capabilities, its ability to compete in HBM remains limited, underscoring the need for sustained policy and capital support for China’s memory self-reliance.