ChangXin Memory Technologies (CXMT) has priced its initial public offering on the Shanghai Star Market at 8.66 yuan per share, valuing the Chinese DRAM manufacturer at approximately $85 billion.
The pricing represents a dramatic escalation from earlier market expectations, which had pegged the deal closer to $4.3 billion, and positions the listing as one of the largest semiconductor IPOs in history.
5 billion through the offering, a figure that nearly doubles the capital originally earmarked for its investment projects.
The company aims to raise roughly $8.5 billion through the offering, a figure that nearly doubles the capital originally earmarked for its investment projects.
This substantial influx of equity capital underscores the strategic priority Beijing places on achieving self-sufficiency in critical memory components, particularly amid ongoing geopolitical tensions over technology exports.
The valuation jump reflects both investor appetite for domestic champions in China's tech sector and the broader policy drive to insulate the supply chain from external shocks.
CXMT, as the country's leading DRAM producer, stands at the center of this effort, competing directly with global giants like Samsung and SK Hynix.