Good morning. It’s market debut day for China’s CXMT, which just raised $9.8 billion for its Shanghai IPO.
You may not be familiar with ChangXin Memory Technologies, but device makers surely are. The Hefei-headquartered company, founded in 2016, makes memory chips for customers including Alibaba, ByteDance, Lenovo, Oppo, Tencent, Vivo, and Xiaomi—and reportedly soon Apple, for its devices sold in China.
CXMT remains on the Pentagon’s list of Chinese military organizations, so don’t expect to find its wares in your goods anytime soon. But the company’s success or failure in the markets—and its arrangement with Apple—should give us another data point into where this global memory shortage is headed next.
More tech news below. —Andrew Nusca
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