Chinese memory chip manufacturer CXMT Corp announced Thursday that its shares will begin trading on the Shanghai stock exchange this coming Monday, following the completion of Asia’s largest initial public offering of the year so far.
The company raised 57.92 billion yuan — approximately $8.6 billion — by selling 6.69 billion shares at a price of 8.66 yuan per share. If underwriters fully exercise an over-allotment option, which allows additional shares to be sold when investor demand is strong, total proceeds could climb to 66.61 billion yuan.
Formerly known as ChangXin Memory Technologies, CXMT specializes in DRAM chips — the type of memory used in computers, smartphones, servers, and artificial intelligence systems.
The company said the funds raised through the IPO will go toward expanding chip production, supporting research and development efforts, and covering general operating costs.
The stock market debut draws attention to China’s broader, government-backed strategy to channel public investment into homegrown technology companies. Beijing has been pushing for greater independence in chip manufacturing and artificial intelligence development in response to export restrictions led by the United States.
