China’s CXMT-n skstabi birzha Jumat orin kaxux 8.6 miliard dolar

ChangXin Memory Technologies, China's largest memory chipmaker, is set to debut on the Shanghai Stock Exchange on Monday after raising 57.9 billion yuan ($8.6 billion) in Asia's biggest initial public offering this year. The listing on Shanghai's STAR Market marks the largest A-share semiconductor offering ever, surpassing SMIC's 2020 share sale, and values CXMT at approximately $85 billion.whbl+2

A State Bet Pays Off

The IPO represents a striking vindication of China's government-as-venture-capital model. CXMT was founded in 2016 by an investment vehicle tied to Hefei's economic and technology development zone with an initial funding of just 10 million yuan ($1.5 million), according to Reuters. Nearly a decade later, Hefei government-linked investors own 36.8% of the company — a stake worth roughly 213 billion yuan ($31.5 billion) at the IPO price of 8.66 yuan per share. Including Anhui provincial government-backed entities, state ownership rises to approximately half of the company.finance.yahoo+2

The price-setting process doubled CXMT's original fundraising target of 29.5 billion yuan. If a 15% overallotment option is fully exercised, gross proceeds could reach 66.6 billion yuan ($9.8 billion).finance.yahoo+1

China's AI Memory Play

CXMT bills itself as the world's fourth-largest DRAM maker, holding about 7.7% market share in 2025, as it seeks to challenge Samsung Electronics, SK Hynix, and Micron Technology ↘ 2.22%. The company has begun mass production of DDR5 and LPDDR5 memory and is working toward high-bandwidth memory (HBM3) production, a component critical for AI processors.inkl+2

The listing underscores Beijing's broader push for semiconductor self-sufficiency as U.S. export restrictions continue to limit Chinese access to advanced chips from foreign suppliers. Other backers include China's national semiconductor fund and several local private equity and venture funds.whbl

What Comes Next

Analysts and investors are watching closely for CXMT's first day of trading on Monday. STAR Market debuts have historically drawn strong demand from domestic investors eager to back national champions in strategic sectors. The offering's success will serve as a test of whether state-directed capital can reliably produce globally competitive technology firms — and whether investors believe CXMT can close the gap with its larger rivals in an industry shaped by geopolitical competition.reuters+1