China’s CXMT edges closer to mainland IPO amid AI memory chip supply crunch

The listing of CXMT will be widely watched, as it is China’s best hope to break the memory chip dominance of SK Hynix, Samsung and Micron

ChangXin Memory Technologies (CXMT), China’s top DRAM chipmaker, is taking a step closer to a mega initial public offering (IPO) on the mainland, as the high-end memory chip market experiences supply shortages amid the global artificial intelligence frenzy.

CXMT had “resolved issues” related to the election of employee representative directors and the identification of state-owned shareholders, according to a statement on the website of the China Securities Regulatory Commission (CSRC).

The company would then conduct further reviews to advance the IPO process, the statement said.

The listing of CXMT, based in Hefei, the capital of eastern Anhui province, will be widely watched, as it is China’s best hope to break the memory chip dominance of South Korean firms SK Hynix and Samsung Electronics and US-based Micron Technology.