CXMT readies $8.6 bn Shanghai IPO amid AI‑driven pricing power

China’s ChangXin Memory Technologies (CXMT), now the world’s fourth‑largest DRAM maker, is preparing a Shanghai IPO expected to raise about $8.6 billion, the biggest Asian listing this year. State‑backed investors in Hefei own roughly 37 % of the company, and the flotation could value CXMT at more than $70 billion, underscoring Beijing’s push for semiconductor self‑sufficiency.

The firm has leveraged soaring AI data‑center demand to hike prices, even out‑pricing South Korean rivals such as Samsung for high‑end DDR5 server modules. Recent disputes with Huawei‑linked equipment vendor SiCarrier show CXMT’s willingness to assert pricing power. In parallel, the company signed a five‑year supply deal with ByteDance worth over $7 billion and a similar agreement with Tencent. U.S. authorities are increasing scrutiny of CXMT’s growth, citing national‑security concerns, while the company remains dependent on deep‑ultraviolet lithography equipment that cannot be sourced from the West.