Chipmaker CXMT eyes US$42 billion Shanghai listing, sources say
IPO plans come as China’s semiconductor stocks surge, with the benchmark CSI CN semiconductor index rallying 49 per cent year-to-date
Chinese memory chipmaker ChangXin Memory Technologies (CXMT) plans an initial public offering (IPO) in Shanghai as soon as the first quarter of next year, eyeing a valuation of up to 300 billion yuan ($42.12 billion), according to two sources briefed on the matter.
Founded in 2016 with government backing, CXMT leads China’s strategic push to build a foothold in a global DRAM market long dominated by companies from Japan, South Korea and the United States.
China’s leading manufacturer of dynamic random access memory (DRAM) aimed to raise between 20 billion and 40 billion yuan from the offering, the two sources said.
A third source said it aimed to raise about 30 billion yuan and could unveil its prospectus to investors as early as November.
The sources, who sought anonymity because the plan is not yet public, cautioned that IPO details such as timeline, offer size, and valuation, could change depending on market demand.
The IPO plans come as China’s semiconductor stocks have surged, with the benchmark CSI CN semiconductor index rallying about 49 per cent year-to-date.