CXMT prices a record $8.5bn Shanghai IPO, valuing China’s memory champion at $85bn

ChangXin Memory Technologies (CXMT), China's largest memory chipmaker, has priced its Shanghai IPO at about $8.5 billion, valuing the company at approximately $85 billion. The IPO marks the largest listing by a Chinese semiconductor firm on a mainland exchange and comes amid rising DRAM demand and U.S. export restrictions. CXMT, backed by the Chinese government, aims to use the funds to expand capacity while navigating geopolitical challenges including potential U.S. trade blacklists.