CXMT raises 66.6 billion yuan ahead of blockbuster Shanghai debut

Chinese memory chip maker CXMT is set for a closely watched Shanghai trading debut after raising 66.6 billion yuan, or about $9.8 billion, in one of the country’s largest IPOs. The company, formerly known as ChangXin Memory Technologies, sold 6.688 billion shares at 8.66 yuan each and could become the biggest China-listed company on its first day if the stock jumps as investors expect. Based in Hefei, Anhui, CXMT is the world’s fourth-largest DRAM producer and is central to Beijing’s push to cut reliance on foreign chip suppliers, including in high-bandwidth memory used in AI data centers. The retail portion of the offering was 212 times oversubscribed, with individual investors placing 9.4 million orders for 7.07 trillion yuan of shares.