China’s biggest memory chipmaker is about to test the public markets. ChangXin Memory Technologies, known as CXMT, has priced its Shanghai IPO at 8.66 yuan ($1.28) a share, the South China Morning Post reported. The sale will raise about 57.9 billion yuan, or $8.5bn.
That would make it the largest listing by a Chinese semiconductor company on a mainland exchange. It beats the record set by SMIC, which raised 53.23 billion yuan in Shanghai in 2020.
CXMT is selling nearly 6.7 billion shares, about 10% of the company. At that price the Hefei-based firm would be worth 579 billion yuan, or roughly $85bn, when it debuts on Shanghai’s Star Market. A 15% overallotment could push the raise to 66.6 billion yuan ($9.8bn). Subscriptions open on Thursday, and CXMT has not set a trading date.
A memory champion built by the state
Founded in 2016 with government backing, CXMT is China’s answer to Samsung, SK Hynix, and Micron. It makes DRAM, the working memory inside phones, PCs, and servers. It now holds an estimated 7.7% of the global DRAM market.
