China's CXMT Raises $9.8 Billion in Landmark Shanghai IPO

Chinese memory chipmaker ChangXin Memory Technologies (CXMT) has raised $9.8 billion through its initial public offering (IPO) in Shanghai, further strengthening China's domestic semiconductor industry, Andrew Nusca reported for Fortune Tech.

CXMT raised $9.8 billion in its Shanghai stock market debut, highlighting China's growing semiconductor ambitions. [Photo: Xinhua]

Founded in 2016 and headquartered in Hefei, CXMT manufactures memory chips for major Chinese technology companies, including Alibaba, ByteDance, Lenovo, Oppo, Tencent, Vivo, and Xiaomi.

The company is also reportedly seeking to supply memory chips for Apple devices sold in China.

However, CXMT's products are unlikely to appear in devices sold in the United States. The company remains on the U.S. Department of Defense's list of Chinese military companies over allegations that it is under the control or direction of the People's Liberation Army (PLA).

Industry observers say CXMT's market performance and potential partnership with Apple could provide further insight into the evolving global memory chip market.