ChangXin Memory Technologies (CXMT) has priced its initial public offering on the Shanghai Star Market at 8.66 yuan per share, aiming to raise approximately $9.8 billion.
The valuation places the deal among the largest semiconductor listings in recent history, underscoring the strategic priority Beijing places on domestic memory production.
The pricing comes as CXMT navigates a complex geopolitical landscape.
The company remains on the US Pentagon’s blacklist, a designation that has previously complicated its supply chain and customer relationships.
Reports indicate that Apple has lobbied the US government for permission to purchase memory chips from CXMT, highlighting the tension between US export controls and the practical needs of global tech giants.
For investors, the IPO represents a significant liquidity event for one of China’s key memory chip manufacturers.